Deeply Negative Shareholders' EquityPersistently negative equity erodes the capital cushion needed to absorb losses and can constrain counterparty trust, regulatory headroom and strategic options. This structural balance-sheet weakness increases insolvency risk and limits ability to scale or withstand shocks.
Persistent Cash BurnMulti-year negative operating and free cash flow necessitate recurring external financing. Ongoing cash burn undermines self-sufficiency, risks dilutive capital raises or asset sales, and restricts durable investment in product development and institutional sales.
Near-zero Revenue And Large Net LossesLack of recurring revenue and sizable net losses point to weak commercial traction and poor operating leverage. Without structural revenue growth, margins cannot normalize and long-term profitability is unlikely, threatening the company's viability absent a clear revenue recovery plan.