Pre-revenue Profile With Persistent LossesAbsence of revenue over multiple years means the business lacks operating cash generation and remains dependent on external financing. That structural profile raises execution and financing risk and delays any path to positive margins or selfsustaining operations.
Growing Negative Cash Flow / Higher Cash BurnPersistent negative operating and free cash flow with rising burn increases the frequency and size of capital raises required. Structurally, this exacerbates dilution risk, limits ability to make long‑term investments, and constrains project advancement absent new funding.
Material Equity Contraction And Poor ReturnsSubstantial decline in shareholders' equity over several years signals ongoing value erosion and weak capital efficiency. Coupled with deeply negative ROE in recent years, this diminishes investor capital buffer and can worsen financing terms over the medium term.