Pre-revenue With Widening LossesPersistent pre-revenue status and materially wider losses indicate the business has not yet reached commercial cash generation. Over months this increases dependence on external funding, heightens dilution risk, and leaves business economics unproven for sustainable profitability.
Negative Operating Cash Flow And Rising BurnOngoing negative operating cash flow and rising burn directly pressure liquidity and force recurrent capital raises or asset sales. Structurally, this constrains development timelines, increases financing costs, and can dilute shareholders or delay projects absent new funding.
Negative Returns On EquityA persistently negative ROE shows the company is destroying shareholder capital rather than compounding it. Over a multi-month horizon this undermines investor confidence, limits access to attractive financing, and signals poor capital allocation unless operational performance reverses.