Pre-revenue OperationsNo reported revenue across multiple years means the business model remains unproven commercially. Over the medium term this elevates execution and market-adoption risk: long-term value depends on successful transition from exploration/development to consistent sales, which is uncertain.
Persistent And Widening LossesSteadily worsening net losses erode equity and indicate the company is not yet achieving operating leverage. Continued deterioration raises the probability of further capital raises, shareholder dilution, or cutbacks, creating structural challenges for long-term viability absent revenue.
Consistent Operating Cash BurnPersistent negative operating cash flow requires ongoing external financing and increases funding risk. Over a multi-month horizon, reliance on raises can constrain strategy, force asset sales or dilution, and limit ability to execute growth or development milestones without secured long-term funding.