Pre-RevenueThe company remains pre-revenue across multiple years, meaning its business model is not yet commercially validated. Long-term fundamentals depend on successful project development and commercialization, creating structural execution risk and continuous funding needs until sustainable sales are established.
Persistent Net LossesWidening net losses reduce retained capital and drive negative returns on equity (about -33% in 2025). Persistent operating deficits strain the balance sheet over time, increase the probability of future equity or debt raises, and limit the company’s ability to self-fund growth or absorb project setbacks without dilution.
Negative Cash GenerationConsistent operating outflows and negative free cash flow force reliance on external financing to continue operations. Even with improved burn, sustained negative cash generation elevates refinancing and dilution risk, and any tightening in capital markets could materially constrain operational progress or project timelines.