No RevenueAbsent any reported revenue the company lacks a proven business model for organic cash generation. Over a multi-month horizon this means continued reliance on capital markets or asset sales to fund operations, making long-run sustainability contingent on external financing.
Persistent And Worsening LossesRecurring operating and net losses that intensified in 2024 accelerate capital erosion and increase the probability of further dilution or cost-cutting. Over 2–6 months, worsening losses constrain investment in projects, hinder hiring, and heighten financing pressure.
Eroding Equity BaseMaterial equity erosion reduces the firm's capital buffer and financial resilience. With less retained capital, the company has diminished capacity to absorb setbacks or self-fund initiatives, making future growth or weathering shocks dependent on external capital infusions.