Pre-/early-revenue StatusMinimal operational revenue means the company cannot self-fund development or demonstrate commercial scale. Absent a clear, near-term revenue ramp, the business remains reliant on external capital markets or partners, which is a structural constraint on sustainable growth and project delivery.
Persistent Profitability LossesSustained net losses and negative operating margins erode retained equity over time and undermine return metrics. Without a material change in revenues or project monetization, recurring losses will continue to require financing and limit ability to invest in value-accretive development steps.
Consistent Negative Cash GenerationOngoing negative operating and free cash flow create structural dependency on external funding for sustaining operations and moving the project to final investment decision. That funding reliance raises execution risk and can lead to dilution or slowed technical progress if markets tighten.