Pre-revenue Operating ModelBeing pre-revenue means the business lacks operating cash inflows and must rely on financing to progress projects. Without a demonstrable revenue stream, profitability and margin sustainability remain untested, raising execution and funding risk over the coming months.
Persistent Cash BurnConsistent negative operating and free cash flow with an unfavorable TTM trend signals ongoing cash burn. Continued outflows will consume reserves or force dilutive financing, constraining project timelines and increasing the probability of capital raises within 2–6 months.
Equity Erosion RiskPrior declines in equity show the balance sheet is vulnerable to sustained losses. Even without debt, ongoing deficits can materially reduce the equity cushion, limiting future investment capacity and increasing dilution or strategic constraint risks for project development.