read early amazon shareholder reports. contain none of these. the leaders that matter talk about the product 5-8 years from the time of writing. what differentiates a CEO from a leader
Many startups likely downplay financials and instead focus on future innovation in their statements...that makes sense...but from an investor perspective if you are years into development and still not seeing financials that are consistent, that is a huge red flag.
Or more to the point of survivorship bias, what if there were things in the failed reports you could learn to address.