Cash BurnConsistent negative operating and free cash flow means the business cannot self‑fund development or sustain operations, forcing reliance on external capital. Over months this raises dilution and execution risk, and constrains the company's ability to fund capex or respond to project contingencies.
Persistent LossesDeep negative margins against a tiny revenue base reflect limited operating scale and a heavy cost structure. Without sustainable revenue growth and margin recovery, the company will struggle to achieve break‑even or attract long‑term partners, prolonging dependence on capital markets.
Weak Value CreationFalling equity and persistent negative ROE indicate destruction rather than creation of shareholder value. This trend increases cost of capital, makes future funding more dilutive or expensive, and limits strategic options for project financing or joint ventures over the medium term.