No Reported RevenueAbsence of revenue indicates the business is pre‑commercial or failing to monetize its assets, preventing self-funding and obscuring core profitability. Over months this forces reliance on external capital and delays any path to sustainable operating cash flow.
Recurring Operating Losses; Widening Net LossPersistent operating losses that are worsening indicate structural cost or execution issues. Continued erosion of equity value makes long-term strategy execution harder, increases dilution risk, and undermines the company's ability to invest in growth without new funding.
Negative Operating And Free Cash Flow; Worsening Cash BurnChronic negative operating and free cash flow with accelerating outflows creates an ongoing financing requirement. Over several months this raises the probability of dilutive equity raises or costly financings, constraining capital allocation and strategic flexibility.