Negative Shareholders' EquityDeep negative equity (~-86.1M) is a structural solvency red flag that raises refinancing and creditor risk. It limits access to traditional funding, increases dilution risk if equity raises are required, and can force distressed financing terms—constraints that materially affect strategic flexibility over months.
Persistent Negative Operating Cash FlowConsistent and worsening negative operating cash flow (-19.3M in 2025) indicates the business cannot self-fund operations. This creates ongoing external financing needs, elevates refinancing and survival risk, and limits the company’s ability to invest or respond to market shifts in the medium term.
Shrinking Revenue And Widening LossesMulti-year revenue declines and a dramatic worsening of net margin (~-404% in 2025) signal loss of scale and pricing or demand pressures. Structural top-line shrinkage combined with high fixed costs makes margin recovery difficult without meaningful business-model or market-position changes.