No Reported RevenueZero revenue is a fundamental structural weakness: the business cannot self-generate operating cash and remains pre-commercial. Over 2–6 months this forces reliance on external funding or asset conversion, raising sustainability risk until a credible revenue path or commercial milestone is achieved.
Persistent Negative Operating Cash FlowSustained negative OCF (~-$3.2M TTM) demonstrates ongoing cash burn that directly pressures liquidity and requires repeated financing. Structurally, this increases the likelihood of dilution, credit dependence, or asset sales within months unless revenue or materially lower cash outflows emerge.
Eroding Equity And Asset BaseA decline in equity from ~4.8M to ~1.6M signals depletion of the balance-sheet cushion from ongoing losses. This gradual erosion reduces financial runway and bargaining leverage with investors or lenders, heightening structural funding risk and limiting capacity to scale or absorb setbacks over the medium term.