No Revenue GenerationThe absence of recorded revenue and widening net losses indicate the company has not yet demonstrated a monetizable business model. Structurally, lack of sales amplifies execution risk, forces reliance on finance raises, and means profitability remains a distant prospect without strategic change.
Persistent Negative Cash FlowConsistent negative operating and free cash flow demonstrates an inability to self-fund operations. Because free cash flow closely follows net losses, there are limited non-cash offsets, creating a durable need for external funding that raises dilution and liquidity risk over the coming months.
Eroding Equity And Balance-sheet VolatilityMaterial decline in shareholders' equity and previous episodes of negative equity signal structural balance-sheet fragility. This increases the probability of dilutive financing or unfavorable capital terms, constraining strategic options and raising long-term investor risk.