Persistent LossesChronic negative operating results erode shareholder value and limit the company's ability to self-fund growth or exploration. Continued losses imply management must repeatedly seek external funding or asset disposals, constraining long-term strategic options and investment capacity.
Volatile/Minimal RevenueUnpredictable and near-zero revenue undermines visibility into future cash flow and makes it difficult to achieve scalable margins. Without stable sales or production, forecasting, budgeting, and long-term planning remain fragile, increasing execution risk over months to quarters.
Negative Cash GenerationConsistent negative operating and free cash flow indicate structural cash burn that cannot be sustained internally. Persistent outflows necessitate ongoing external financing or asset sales, raising dilution risk, constraining capital allocation, and threatening continuity if markets tighten.