Deeply Negative Margins And Persistent LossesNet margins near -216% and persistent net losses indicate the core business is not currently generating sustainable returns. Over a multi-month horizon this raises dilution risk, the probability of additional capital raises, and challenges to achieving investor-aligned returns without material operational improvement.
Negative Operating And Free Cash Flow Across PeriodsConsistent negative operating and free cash flow mean the company cannot self-fund activities and depends on external capital. This structural cash shortfall elevates financing risk and could constrain exploration or development timelines absent sustained cash-flow improvement or new funding.
Small, Volatile And Declining Revenue BaseA small and shrinking revenue base suggests limited commercial traction and raises doubts about scaling operations. Over several months this can impede margin recovery, increase reliance on capital markets, and reduce the optionality to progress projects toward value-accretive milestones.