Persistent Negative Operating Cash FlowConsistent operating cash burn forces dependence on external capital, diluting shareholders or increasing leverage risk. Over several quarters this undermines ability to fund sustained exploration programs and heightens execution risk for discovery-to-development timelines.
Chronic Unprofitability And Very Negative MarginsDeep and recurring net losses indicate the cost base far exceeds current revenue, eroding equity and investor optionality. Structural unprofitability limits reinvestment, increases fundraising frequency, and weakens long-term viability absent a material change in revenue or cost structure.
High Revenue Volatility And Recent Sharp ContractionVolatile and collapsing revenue reduces predictability of project economics and raises the likelihood that operating scale cannot be sustained. This instability complicates partner engagement, planning for development expenditures, and multiplies execution risk over the medium term.