No Reported RevenueZero reported revenue over multiple years means the company lacks a functioning revenue-generating operation. Without an established revenue base, long-term sustainability depends entirely on external funding or a clear operational turnaround, making the business model unproven.
Deepening LossesA sharp increase in annual losses materially erodes equity and accelerates cash depletion. Widening losses raise the frequency and magnitude of capital raises required, increase dilution risk, and make it harder to regain investor or creditor confidence absent a credible path to profitability.
Balance Sheet ContractionA dramatic fall in assets and shareholders' equity sharply reduces financial flexibility and operating capacity. This contraction limits collateral for financing, heightens counterparty concerns, and shortens the timeframe to secure new capital or restart meaningful operations.