No RevenueA six-year revenue absence shows the business has not yet achieved commercial product-market fit. This is a fundamental constraint on sustainable margins, cash generation and growth; until recurring revenue appears, the firm's viability depends on continued financing rather than operations.
Persistent Negative Cash FlowConsistent operating outflows and negative free cash flow indicate the company cannot self-fund operations. This creates structural dependence on external capital, risks dilution or lower bargaining power, and limits ability to invest strategically without recurring funding.
Negative Shareholders' EquityNegative equity reflects accumulated losses that have eroded the capital cushion, increasing solvency and counterparty risk. This weakens credibility with partners and lenders and can constrain strategic options, making long-term recovery contingent on material operational or financing improvements.