Pre-revenue And Persistent LossesThe company remains effectively pre-revenue and consistently loss-making, which is a fundamental constraint on value creation. Until projects convert to producing assets, the lack of revenue prevents margin development, hinders reinvestment from internal cash flows and keeps returns structurally negative.
Negative Operating And Free Cash FlowPersistent negative operating and free cash flow forces reliance on external capital for development and operating needs. This creates execution risk from potential funding gaps, increases dilution or debt exposure over time, and ties project progression to capital market access and investor sentiment.
Negative Returns Despite Larger Equity BaseAlthough equity has grown, continued negative ROE shows capital deployment has not generated profitable outcomes. If losses persist, retained equity could be eroded or future fundraising required, creating long-term dilution risk and uncertainty over whether invested capital will translate into shareholder value.