Minimal Revenue BaseAbsence of meaningful revenue leaves the company in a pre-commercial state, preventing internal funding of operations. Over the medium term this structural lack of operating income forces reliance on external capital and magnifies execution and dilution risk for stakeholders.
Recurring Operating LossesPersistent negative EBIT reflects that the core activities are not yet profitable. Even with improvement, sustained operating losses erode equity value and constrain the company's ability to reinvest in projects without raising funds, a structural headwind for growth.
Negative Cash Generation & Funding DependenceConsistent negative operating and free cash flows mean the business cannot self-fund development and will need ongoing external financing. This structural funding dependence risks dilution, timing mismatch with project milestones, and execution delays if capital markets tighten.