Persistent Cash BurnConsistent negative operating and free cash flow forces reliance on external capital to fund development. Over the medium term this increases dilution risk, raises financing costs, and can delay project milestones if capital markets or project finance windows tighten.
Sustained Net Losses And Deep Negative MarginsLarge recurring losses and deeply negative margins reflect limited operating scale and high fixed or development costs. Without demonstrable, sustained profitability or materially higher revenues, the company faces an extended path to earnings power and lower internal cash generation.
Falling Equity And Potential DilutionDeclining shareholder equity signals value erosion and likely capital raises to fund development. Even with low debt, shrinking equity reduces the balance-sheet buffer, increases financing dependence, and can raise the cost and frequency of dilutive funding rounds over the project timeline.