No Revenue And Recurring LossesAbsence of revenue and persistent operating losses indicate a non‑producing, exploratory/development entity with limited earnings visibility. This structural lack of cash generation increases execution risk and heightens dependence on external capital to fund ongoing project activity.
Consistent Negative Operating Cash FlowSustained negative operating cash flow means the company cannot self‑fund operations or development, forcing reliance on equity or debt raises. Over months this undermines execution certainty, increases dilution or refinancing risk, and constrains ability to invest in project advancement.
Worsening Free Cash Flow TrendA marked deterioration in free cash flow signals accelerating cash burn at a project stage where capital discipline matters. Even with strong equity backing, worsening FCF shortens runway, raises the probability of additional funding rounds, and can delay development milestones.