No Revenue BaseZero reported revenue in 2024 shows the company has not yet established an operating cash engine; this structurally increases reliance on external funding or asset monetisation. Without revenue, long‑term viability depends on successful exploration results or continued financing.
Negative Shareholders' EquityPersisting negative shareholders' equity reflects accumulated losses and constrains financial flexibility. Over months, this condition can limit access to non‑dilutive credit, increase cost of capital and pressure the company to raise dilutive equity to fund exploration and development.
Sustained Cash BurnConsistent negative operating and free cash flows indicate the business is not self‑funding its activities. Continued cash burn requires recurrent external financing, which can be dilutive, delay projects if funding gaps occur, and raise execution risk on multimonth exploration plans.