Revenue Collapsed To ZeroTop-line collapse to zero is a structural red flag: without revenue, operating recovery and margin normalization are impossible. Over 2–6 months this undermines predictability, limits cash generation prospects, and raises execution risk for any turnaround plan.
Persistent Negative EBITConsistent negative EBIT demonstrates the core operations fail to cover operating costs. This persistent operating loss erodes durable profitability, forcing reliance on balance-sheet measures or external funding unless structural cost or revenue improvements occur.
Weak, Inconsistent Cash GenerationNegative operating and free cash flow in consecutive years shows cash conversion is unreliable. Even with zero debt, poor cash generation constrains capital allocation, hampers investment and exploration, and increases the risk the company must seek external financing.