Pre-revenue StatusBeing effectively pre-revenue means core earnings power is unproven and the business depends on converting project value into production. Over several months this sustains execution and commercial risk, making operating outcomes and funding needs highly binary and uncertain.
Deeply Negative Free Cash FlowPersistent, large negative free cash flow requires continued external financing or asset sales to fund development. This structurally elevates dilution and refinancing risk, constrains discretionary investments, and makes multi-month project timelines contingent on capital access.
Weak Earnings QualityNet income that depends on non-operating items and historically negative returns on equity indicate core operations are not yet generating sustainable profits. This undermines durable value creation and increases sensitivity to adverse operational or financing shocks.