Persistent Net LossesSustained operating and net losses with extremely negative margins indicate the company is far from profitable. Over time this erodes equity, increases dependence on capital markets, depresses returns, and constrains the firm's ability to advance projects without continued external funding or substantial operational progress.
Chronic Negative Cash GenerationConsistent negative operating and free cash flow shows the business does not self-fund exploration and development. This structural cash-burn forces repeated financing, risks dilution, and makes long-term project timelines vulnerable to capital-market access and investor appetite.
Small, Declining Revenue BaseA very small and falling revenue base means core commercial activity remains immature. With revenue declining while costs remain high, the company faces structural scalability and profitability challenges that hinder progress toward operating breakeven absent new revenue streams or significant cost reduction.