Deep Net LossesA very large net loss in 2025, driven by negative EBIT and likely significant non-operating charges, materially weakens retained capital and constrains reinvestment. Persistent heavy losses impair balance-sheet resilience and require external funding or dilution to sustain development initiatives.
High Leverage And Shrinking AssetsDebt at roughly 1.5x equity and a sharp decline in total assets indicate deteriorating capital structure. Elevated leverage raises refinancing and covenant risk, while a smaller asset base reduces collateral and flexibility to fund project completion or absorb operational setbacks.
Negative Operating Cash FlowConsistently negative operating cash flow shows the core business still consumes cash, forcing ongoing reliance on external financing. This structural cash deficit increases dilution or leverage risk and limits the company's ability to self-fund necessary capex for scaling the Yangibana project.