Persistent Net LossesContinual net losses and deeply negative margins are structural concerns: they erode shareholder capital, depress returns on equity, and make organic funding impossible. Over months this forces reliance on external financing, increasing dilution risk and constraining strategic options.
Weak Cash Generation; Ongoing Cash BurnConsistent negative operating and free cash flow, with FCF worsening in 2024, means the business is not self-funding. This structural cash shortfall necessitates repeat capital raises or asset sales, raising financing risk and potentially delaying projects or exploration over the medium term.
Small, Volatile And Declining RevenueA small, volatile revenue base and a ~53% YoY decline in 2024 undermine scale economics and make margin recovery difficult. Structural revenue weakness limits the ability to leverage any gross-profit strength into operating profit, extending reliance on external capital for months ahead.