Pre‑revenue StatusRemaining pre‑revenue is a fundamental constraint: the firm must fund development and scale without product cashflows, prolonging execution risk. Long lead times to commercial production raise dilution and financing uncertainty, which can impair ability to deliver large industrial projects.
Sustained Negative Free Cash FlowPersistently negative free cash flow reflects capital intensity and current inability to self‑fund growth. Continued outflows necessitate recurring external financing, increasing dilution risk and potentially delaying project timelines or reducing investment in critical development milestones.
Limited Operational Scale / Execution CapacityA very small employee base raises durable execution and scaling concerns for complex, multi‑jurisdictional plant construction and commissioning. Reliance on external contractors or partners increases coordination risk and could slow delivery, increasing cost and timing uncertainty for commercialization.