No Revenue BaseA trailing twelve-month period with zero revenue removes the core earnings engine and undermines durable value creation. Without recurring revenue, forecastability and operating leverage are weak, increasing dependence on capital markets to fund ongoing operations for months ahead.
Persistent Cash BurnMaterial and worsening negative operating and free cash flow signal structural cash-generation failure. Over a multi-month horizon this heightens funding and dilution risk, constrains strategic investment, and may force asset sales or spending cuts if external financing is limited.
Profitability VolatilityA swing from large profit to loss within a year indicates earnings are not structurally stable and may be driven by one-off items or volatile conditions. This volatility complicates multi-month planning, undermines credibility of recurrence, and raises forecasting risk for long-term cash generation.