No Revenue / Persistent LossesThe absence of revenue and sustained large net losses mean the business remains pre-revenue and dependent on external capital. Over months to years this undermines self-sufficiency, delays path to profitable operations, and increases dilution risk as development spending continues.
Significant Cash BurnOngoing negative operating and free cash flow at multi-million-dollar annualized levels necessitates repeated financings or asset sales to sustain development. This structural cash burn constrains strategic options, shortens runway, and can delay critical development milestones.
Deeply Negative Shareholders' EquityNegative shareholders' equity reflects accumulated deficits and weak balance-sheet resilience. Structurally this limits access to debt financing, raises cost of capital, and increases likelihood of recapitalization or equity dilution to restore financial stability during the multi-year development cycle.