Deep, Persistent LossesVery large negative net margins and continued negative EBIT/EBITDA indicate the company is far from profitability. Persisting heavy losses will erode capital, limit reinvestment capacity, and require sustained external funding unless operational profitability or meaningful margin improvements continue.
Ongoing Negative Cash FlowsChronic negative operating and free cash flow forces reliance on external financing or dilution. Over the medium term this constrains strategic options, increases funding risk if markets tighten, and makes the business sensitive to capital-raising cycles despite recent improvement in burn.
Equity Erosion / Weak ROEMaterial declines in shareholders' equity reduce the balance-sheet buffer and depress returns on equity. Continued erosion increases financial vulnerability, limits capacity for large investments, and can elevate perceived risk among lenders and partners over the medium term.