Severe Revenue ContractionA near-80% decline in revenue over the reported period indicates a collapse in scale that undermines unit economics and the ability to cover fixed costs. Persistent top-line shrinkage makes sustaining R&D, commercial investment, and progress toward profitability much harder over the medium term.
Negative Shareholders' Equity & Rising LeverageNegative equity and increasing debt signal elevated financial fragility and limited balance-sheet capacity to absorb shocks. This structure raises dependence on external funding, increases dilution or refinancing risk, and constrains strategic flexibility across a 2–6 month horizon and beyond.
Persistent Cash BurnConsistent, material negative free cash flow and near-zero operating cash flow demonstrate the business is not self-funding. Ongoing cash burn forces recurring financing, heightens dilution/default risk, and limits the company's ability to invest in growth or weather downturns without new capital.