Pre-revenue With Persistent LossesA multi-year pre-revenue profile and ongoing net losses mean the company cannot self-fund operations or capex from operating profits. This structural lack of revenue prolongs dependence on external capital and extends uncertainty around the timing and economics of any future commercial hydrogen production.
Consistent Negative Operating & Free Cash FlowPersistent negative operating and free cash flow imply recurring cash burn that requires equity raises or other financing. Over the medium term this raises dilution and execution risk, pressures management to prioritize funding over development, and can delay or constrain exploration programs if capital access tightens.
Negative ROE And Equity ErosionNegative returns on equity and falling equity levels signal shareholder value erosion from ongoing losses. Structurally, this undermines investor confidence and can increase the cost of future capital, making it harder to raise non-dilutive funding and slowing progress toward proving commercial resources.