Consistent And Worsening LossesOngoing multi-year losses and deteriorating EBIT undermine reinvestment capacity and erode shareholder equity. Persistent unprofitability reduces financial flexibility, increases reliance on external funding, and makes it harder to demonstrate returns on capital required to progress development projects.
Persistent Negative Operating And Free Cash FlowContinuous cash burn, capped by a large -64.8M outflow in 2025, signals insufficient internal funding to advance projects. This raises near-term financing needs, heightens dilution or refinancing risk, and shortens runway unless spending is cut or external capital is secured.
Sharp Increase In Leverage And Financing RiskA rapid jump in debt relative to equity produces a highly levered capital structure, increasing interest expense and refinancing vulnerability. Elevated leverage constrains strategic options, raises covenant/default risk, and amplifies the consequences of continued weak cash flow or further operational setbacks.