Declining Revenue And Deep Negative MarginsRevenue decline combined with very negative gross, EBITDA, and net margins indicates the core business does not cover costs. Persistently poor profitability undermines reinvestment capacity, impairs competitive positioning, and makes reaching self-sustaining operations difficult without structural change.
Negative Shareholders' EquityNegative equity signals accumulated losses and constrains access to traditional financing. It increases the likelihood of dilutive capital raises or covenant pressure, complicates M&A or partnership options, and materially raises insolvency risk if losses persist.
Sustained Cash Burn And Weak Cash GenerationLarge negative operating and free cash flows show the business is consuming cash rather than funding itself. Continued cash burn shortens runway, forces reliance on external funding, and limits the company's ability to invest in growth or withstand market shocks over the coming months.