Negative Equity / Balance-sheet DeteriorationNegative shareholders' equity is a material solvency red flag: it reduces financial flexibility, can complicate borrowing or partnership negotiations, and makes standard leverage metrics meaningless. Persisting negative equity raises the likelihood of dilutive recapitalisation.
Persistent Negative Free Cash FlowOngoing negative operating and free cash flow forces reliance on external financing, asset sales, or JV structures to continue development. This dependence introduces execution and dilution risk and can delay project timelines if capital access tightens.
Weak Profitability And Tiny Revenue BaseMinimal revenues combined with steep net losses indicate the business is not yet commercialized at scale. Sustaining operations and achieving margin recovery will require material revenue growth or cost transformation, exposing the company to execution and market-adoption risks.