Effectively Zero RevenueSustained absence of meaningful revenue undermines the company's ability to self-fund operations or demonstrate product-market fit. Without material top-line cash generation management must rely on external financing, which increases dilution and execution risk and limits the firm’s ability to invest in growth or pursue longer-term projects over the next several quarters.
Negative Equity And Rising DebtNegative shareholders' equity combined with meaningfully higher debt materially weakens financial flexibility and elevates recapitalization or refinancing risk. This structural balance-sheet weakness constrains strategic options, increases creditor reliance, and can force dilutive capital raises or asset sales if financing markets tighten over the medium term.
Persistent Negative Operating Cash FlowConsistent negative operating and free cash flow indicate ongoing cash burn and a lack of self-sustaining operations. This structural cash deficit pressures liquidity, raises the probability of repeated external funding, and hampers the company’s ability to execute multi-period projects or maintain investments without clear and durable improvements in cash generation.