Persistent Net Losses And Negative EquitySustained net losses and chronically negative shareholders’ equity materially weaken long-term solvency and limit strategic options. Negative equity constrains borrowing, increases refinancing risk, and typically forces dilutive capital raises that impede recovery and shareholder value.
Operating And Free Cash Flow Negative Each YearContinuous negative operating and free cash flow imply the business is not self-funding and will remain dependent on external financing. That structural cash deficit raises execution risk, limits reinvestment capacity, and increases vulnerability to capital market access shocks.
Very Small, Volatile And Declining RevenueLow and volatile revenue undermines scalability and margin leverage, making durable profitability unlikely without significant revenue stabilization. Declining top-line in 2025 signals continuing demand or execution issues that structurally hinder growth and recovery prospects.