Persistent Operating LossesOngoing negative operating results indicate the core business cannot yet generate sustainable profits. Over several months this erodes shareholder value, limits reinvestment capacity, and forces management to prioritize cash conservation or external funding rather than growth or exploration initiatives.
Chronic Negative Operating And Free Cash FlowConsistent negative OCF and FCF create a structural funding gap that requires regular external capital or asset sales. This increases dilution and execution risk, constrains investment in projects, and makes the company vulnerable if market financing conditions tighten over the next several months.
Minimal, Volatile Revenue; Dropped To Zero In 2025Very low and inconsistent revenue undermines predictability and prevents operating leverage from materializing. A revenue base that can fall to zero signals structural demand or production issues, raising the probability that losses and cash burn will persist absent a durable revenue recovery or new business line.