No Meaningful Revenue BaseThe company has generated little-to-no revenue across multiple years, leaving its business model unproven and dependent on financing. Without a sustainable revenue stream, the firm cannot self-fund operations or capex, making long-term viability contingent on successful commercialisation or continued capital raises.
Persistent Operating Cash BurnConsistently negative operating cash flow demonstrates the business is not generating internal cash and remains a cash consumer. This structural cash burn increases financing dependency, elevates dilution risk, and pressures liquidity unless operational revenues materialize or spending is permanently reduced.
Rising LeverageDebt has increased materially over recent years, raising leverage and financial risk. Higher indebtedness can constrain flexibility, increase interest and covenant exposure, and amplify downside if losses persist, making capital structure a lasting vulnerability until profitability or cash flow improves.