No Reported RevenueAbsence of operating revenue is a core structural weakness: it prevents internal funding of operations, forces reliance on external capital, and means the business model has not yet demonstrated market monetization. This sustained gap increases execution and financing risk.
Persistent Cash Burn And Worsening FCFConsistent negative OCF and materially worsening FCF signal limited self-funding capacity. Over months this increases dependence on external financing, elevates dilution risk, and constrains the company's ability to invest or scale without securing new capital.
Negative Profitability And ReturnsOngoing net losses and negative ROE indicate the company is not generating shareholder returns and eroding equity. Structurally, this reduces internal reinvestment capability, heightens scrutiny from investors and lenders, and challenges long-term viability absent a clear path to profitability.