Persistent Losses And Cash BurnMaterial and ongoing negative operating and free cash flow (-1.55M and -1.66M TTM) combined with persistent net losses indicate the business currently destroys cash. This structural cash burn forces dependence on the balance sheet or external financing, limiting strategic flexibility and increasing long-term risk.
Declining Revenue And Negative MarginsSteep top-line decline and deeply negative margins signal weak product-market fit at scale and poor operating leverage. With revenue down ~38% TTM and net margins deeply negative, the company lacks a stable base to recover margins, limiting the durability of profitability without meaningful revenue stabilization or cost restructuring.
Negative ROE And Prior Leverage VolatilityPersistently negative ROE indicates ongoing value erosion and poor capital returns. Historical episodes of extreme leverage relative to equity (noted in 2024) show the balance sheet can swing materially, raising refinancing and solvency risk if cash burn continues or if market access tightens.