Negative Cash FlowPersistently negative operating and free cash flow indicates the business consumes cash to operate and grow. Weak cash generation forces reliance on external financing, increases dilution or covenant risk, and constrains the company's ability to self-fund exploration or sustain operations over months.
Ongoing UnprofitabilityNegative EBIT/EBITDA and net margins show the company has not yet converted revenue into sustainable profits. Continued losses deplete reserves, limit reinvestment capacity, and raise the structural risk that growth will not translate into long-term margin improvement without operational changes.
Negative Return On EquityA negative ROE indicates shareholders' capital is not producing returns, signaling inefficiency in capital deployment. Over a multi-month horizon this pressures investor confidence and typically necessitates either operational turnaround or continued external capital to fund operations and growth.