Persistent Cash BurnMaterial negative operating and free cash flows mean the business is still consuming capital to fund operations and development. Continued cash burn requires external funding or dilution, constraining execution flexibility and raising execution risk until revenues scale sustainably.
Very Low Revenue ScaleRevenue remains negligible relative to operating costs, leaving margins deeply negative. Until the company achieves meaningful production volume or higher-priced downstream sales, fixed costs will dominate results and delay sustainable profitability, pressuring capital needs.
Eroding Equity And Negative ReturnsNegative returns and declining equity indicate ongoing losses are eroding the capital buffer. If losses persist, the weakened equity base reduces capacity to absorb setbacks, limits borrowing headroom, and increases the likelihood of future capital raisings that dilute shareholders.