No Reported Revenue Since 2022A multi-year absence of revenue eliminates visibility into demand and product-market fit, preventing organic cash generation. Without durable revenue, the business model remains unproven, forcing reliance on financing and raising the risk of dilution, restructuring, or failure unless revenues recur.
Persistent Operating LossesDeep, sustained losses erode capital and limit reinvestment capacity. Continued negative profitability reduces strategic options, undermines credibility with partners and lenders, and means the company must execute material operational or commercial improvements to achieve sustainable margins.
Sharp Rise In Debt And LeverageA rapid increase in debt raises leverage and refinancing risk at a time when operating cash flow is negative and revenue is absent. Higher fixed obligations constrain flexibility, increase interest and default risk, and may force dilutive equity issuance or asset sales, impairing long-term recovery prospects.