No Revenue; Widening LossesThe absence of revenue combined with a sharp increase in losses is a structural risk: it accelerates capital depletion, forces reliance on financings, and makes it harder to validate the business model. Without a clear revenue path, fundamental viability is uncertain over months.
Chronic Negative Cash GenerationSustained negative operating and free cash flow erode liquidity and force repeated financing or asset sales. Even with lower peak outflows, ongoing cash burn increases dilution risk, restricts discretionary investment, and narrows strategic options over the medium term.
Negative Returns On EquityA deeply negative ROE signals capital destruction: it discourages new equity investment, raises the cost of capital, and means the sizable equity base is being depleted. Persisting negative ROE will materially impair financial flexibility within months if not corrected.