No Revenue BaseA five-year absence of revenue means the business lacks commercial validation and must rely on financing or asset revaluation to continue. Without revenue, sustainable profitability and self-funding of operations are unlikely within the medium term, raising execution risk.
Sustained Negative Cash FlowMulti-year negative operating and free cash flow indicates persistent cash burn and dependency on external capital. This erodes financial resilience, increases dilution or financing risk, and constrains the company's ability to fund development without new funding rounds.
Recurring Operating LossesRepeated negative EBIT/EBITDA shows the business is not generating operating profits from core activities. This undermines margin sustainability and means long-term viability depends on achieving production or transformative project milestones, which are uncertain.