No Revenue / Lack Of ScaleAbsent operating revenue, the company cannot demonstrate commercial viability or generate internally funded growth. This structural limitation forces reliance on capital markets or partners, raises execution risk for project development, and delays any durable margin or cashflow track record.
Persistent Cash BurnOngoing negative operating and free cash flow create structural dependence on external funding. Over months, this elevates dilution and timing risk, can slow exploration programs if capital is constrained, and forces trade-offs between expenditure, partner deals, and preservation of shareholder value.
Poor Profitability / Negative ROEA deeply negative ROE signals that invested capital has not delivered shareholder returns and underscores long lead times to commercial success. This persistent unprofitability hampers the company's ability to attract non-dilutive capital and raises the bar for demonstrating project economics to investors or partners.