No Reported RevenueAbsence of reported revenue is a fundamental constraint: without operating income the company lacks validated product/field cash generation. This creates structural dependence on external financing or a successful project sanction, raising execution and dilution risk over any multi-month investment horizon.
Persistent Negative Operating And Free Cash FlowConsistent negative operating and free cash flow means core activities do not generate self-sustaining liquidity. That structural cash burn necessitates ongoing funding, increases financing risk and potential dilution, and constrains the company's ability to invest or respond to setbacks over a 2–6 month horizon.
Sustained Net Losses And Negative Returns On EquityOngoing net losses and negative ROE indicate capital is not being converted into durable earnings. This undermines investor returns and makes it harder to attract patient capital or partners, leaving the company structurally exposed until it can demonstrate repeatable profitability or revenue generation.