No Reported Revenue; Widening Net LossesPersistent absence of reported revenue and materially widening losses indicate the company is not yet commercially self-sustaining. Over a multi-month horizon, lack of revenue undermines operational viability, increases reliance on external funding, and raises questions about core asset productivity.
Negative Operating And Free Cash FlowOngoing negative operating and free cash flow signal cash burn that cannot be covered by operations. This structural weakness forces dependence on financing, limits capital allocation for development, and increases execution and solvency risk if funding conditions tighten.
Eroding Equity BaseA sharply reduced and volatile equity base reflects accumulated losses or dilution, weakening the balance sheet cushion. This reduces the firm's ability to absorb shocks, constrains future funding options, and can pressure counterparties and lenders over a medium-term horizon.