Pre-revenue OperationsThe company remains pre-revenue with total revenue of zero and a trailing twelve-month net loss of about -4.2M. This lack of recurring sales and sustained operating losses create structural cash needs and very low earnings visibility, making long-term viability contingent on successful product commercialization or material financing.
Negative Cash GenerationOperating cash flow and free cash flow are persistently negative (TTM OCF ≈-0.6M; FCF ≈-1.6M), indicating the business consumes cash rather than generates it. Over a multi-month horizon this structural cash burn necessitates external funding, increasing dilution or creditor risk and constraining strategic optionality.
Rising Debt & Negative ReturnsAlthough leverage is modest, reported debt has stepped up materially (≈1.4M to ≈3.7M) while trailing ROE is about -17%. Higher absolute debt increases fixed obligations and, combined with negative returns on equity, signals the company’s capital is not generating value and heightens risk if losses continue.