Minimal RevenueWith essentially negligible reported sales and deeply negative margins, the business has not reached commercial scale. Persistent lack of meaningful revenue undermines the ability to prove product-market fit, generate operating leverage, or fund growth internally over the medium term.
Ongoing Cash BurnSustained negative operating and free cash flow signals ongoing funding needs and higher dilution or financing risk. Structural cash burn restricts investment in commercialization, regulatory validation, or scaling trials unless external capital is secured on acceptable terms.
Equity Erosion & Negative ROEMaterial declines in equity and persistently negative returns on equity reflect value erosion and likely dilution from financing. This undermines shareholder capital over time and makes future fundraising more costly, posing a structural impediment to long-term value creation.