No Revenue Across PeriodsZero reported revenue is a fundamental weakness: the company lacks operating cash inflows and cannot self-fund growth or cover fixed costs. Over months, absent a revenue-generating pivot this forces repeated external funding, increasing dilution and execution risk.
Consistent Negative Operating And Free Cash FlowRepeated negative operating and free cash flows signal ongoing cash burn and poor internal cash generation. This structural cash shortfall constrains organic investment, forces reliance on financing, and raises the probability of capital-raising or activity curtailment within months.
Declining Equity And Shrinking Asset BaseEroding equity and falling assets indicate the balance sheet is being consumed to cover losses. This reduces collateral capacity, limits strategic flexibility, and heightens vulnerability to adverse shocks; over a multi-month period it magnifies funding and solvency risk.