Steep Trailing Revenue DeclineA large, persistent revenue contraction undermines scale economics and reduces headline addressable revenue from licensing and services. Over several months this weak top-line trend pressures investment in sales, slows project pipeline conversion, and makes multi-project rollouts harder to self-fund.
Negative Operating And Free Cash FlowOngoing negative operating and free cash flow erodes the company's ability to fund plant support, R&D, and working capital internally. Over a 2–6 month horizon this increases dependency on external financing or partner-funded projects, delaying organic scaling of license and royalty income.
Negative Profitability And Weak Returns On EquitySustained negative EBIT and net margins, plus negative ROE, indicate the business currently fails to convert revenues into shareholder returns. This structural profitability gap hampers reinvestment capacity, weakens bargaining power with partners, and risks long-term viability absent margin recovery.