Persistent UnprofitabilityPersistent net losses and highly volatile results indicate the company has not established a stable, scalable revenue engine. Ongoing unprofitability erodes returns, constrains reinvestment capacity, and makes the company dependent on timely capital raises to sustain operations and growth.
Negative Operating And Free Cash FlowOperating and free cash flow have been negative in all reported periods, showing the business consumes cash rather than generates it. Persistent cash burn increases the probability of dilutive financing, limits the pace of project development, and reduces strategic flexibility over months.
Funding / Dilution RiskA step-down in equity from FY2024 to FY2025 signals that losses and/or capital raises have eroded shareholder cushions. With limited internal cash generation, the company is structurally reliant on external funding, increasing dilution risk and investor uncertainty over the medium term.