Persistent Operating Cash OutflowsConsistently negative operating cash flow indicates the core business is not self-funding and will likely require ongoing external capital. Over a 2-6 month horizon this persistent cash burn constrains project funding, elevates financing and dilution risk, and limits ability to scale without partner capital.
Materially Worsened Free Cash FlowA materially deeper negative free cash flow in 2025 shows rising cash absorption from investment or operations. This structural outflow reduces runway, increases dependency on equity or JV funding, and makes executing multi-step development plans more contingent on securing external financing.
Ongoing Losses And Minimal, Volatile RevenueSustained negative EBIT and net losses alongside minimal, inconsistent revenue undermines durable profitability prospects. Without stable revenue the company faces limited internal funding, recurring dilution risk, and continued erosion of returns even if balance sheet leverage remains low over the medium term.