Declining RevenuesA steep revenue decline of ~24% signals weakening project monetization or reduced sale volumes and directly erodes internal funding capacity. Over several months this strain impairs ability to progress projects, increases dependency on external capital, and raises execution risk for development timelines.
Structural UnprofitabilityDeep negative net margins and negative return on equity indicate the business is not generating returns on capital. Persisting losses drain equity, limit reinvestment, and make sustaining operations without dilution or asset sales difficult, weakening long-run shareholder value creation.
Weak Operating Cash GenerationNegative operating cash flow constrains the firm's ability to fund exploration and development internally. Even with some FCF growth metrics, ongoing negative OCF forces reliance on capital markets or partners, increasing dilution risk and potentially delaying project milestones over the 2–6 month horizon.