Persistent Large Net LossesDeep, persistent net losses and margins near -100% are a structural weakness: they erode equity, limit internal capital generation, and require external financing to sustain operations. Unless profitability reverses, losses will continue to constrain strategic flexibility and long-term viability.
Consistent Negative Cash FlowChronic negative operating and free cash flow indicate ongoing cash burn and dependence on financing or asset sales. Even with some improvement in 2025, without sustained positive operating cash generation the company faces persistent liquidity pressure and limited ability to self-fund growth.
Volatile, Contracting RevenueWide revenue swings and a steep contraction followed by flat top line point to unstable demand or contract execution risk. Structural revenue volatility undermines margin recovery, planning, and scale economics, making a durable path to sustainable profitability more uncertain.