Persistent Net LossesSustained net losses indicate the business is not yet generating operating profitability and will likely rely on external funding until production and steady sales commence. Continued losses impair equity, raise dilution risk, and weaken the company's ability to self‑fund necessary capital expenditure over the medium term.
Consistent Negative Operating & Free Cash FlowChronically negative OCF and FCF show the company consumes cash rather than generates it, forcing repeated capital raises or financing. This structural cash burn increases execution risk for the multi‑year Mackay build and limits strategic optionality until positive cash generation is demonstrated.
Small, Volatile Revenue BaseA tiny, volatile revenue base undermines ability to achieve economies of scale and stable margins. Until the business secures sustained, larger sales volumes, fixed project and development costs will keep margins depressed and make consistent cash generation and profitability unlikely.