Pre-revenue With Widening Net LossesBeing pre-revenue with materially widening losses means there is no operating economics to validate the business case yet. Continued losses erode capital and increase dependence on external funding; until production/sales commence, commercial viability and timeline execution remain key risks.
Persistent Negative Operating & Free Cash FlowConsistently negative operating and free cash flows force reliance on financing, and though FCF improved, volatility and deep negative levels constrain flexibility. This pattern raises dilution or refinancing risk and limits the firm's ability to self-fund downstream build-out or respond to project delays.
Rising Debt BurdenDebt growth from zero to material levels increases fixed obligations and refinancing risk for a pre-revenue developer. Combined with negative ROE and cash burn, rising leverage tightens the funding runway and raises the likelihood of future dilution or costly financing to complete project milestones.