Zero Reported RevenueReporting no revenue across multiple years is a fundamental structural weakness: it means the company currently lacks an operating sales engine to fund operations. Without durable revenue, margins, scalability and organic cash generation remain unattainable until business model changes occur.
Persistent Negative Operating & Free Cash FlowSustained negative operating and free cash flow erodes liquidity and equity, increasing reliance on external financing or asset sales. Over a 2–6 month horizon this raises refinancing and execution risk and constrains the firm's ability to invest in growth or withstand demand shocks.
Eroding Equity Base Since 2022A materially shrinking equity cushion reduces the firm's ability to absorb further losses and weakens credit standing. Continued erosion limits strategic options, increases the probability of dilutive capital raises, and raises long-term solvency concerns if loss trends do not reverse.