Persistent Cash BurnOperating and free cash flow are consistently negative, with FY2025 free cash flow around -4.3M, meaning operations do not self-fund. This structural cash burn implies ongoing reliance on external financing, raising dilution and execution risk for multi‑period project advancement.
Widening Operating And Net LossesOperating and net losses expanded materially despite revenue gains, keeping margins deeply negative. Persistent unprofitability undermines returns and necessitates continual capital support, weakening long‑term sustainability until commercial resources or profitable operations are established.
Weakened Equity BaseShareholders' equity roughly halved year-over-year, materially weakening the capital base. A reduced equity buffer increases funding pressure, limits absorbing future losses, and heightens the probability of additional capital raises that can dilute existing holders and strain strategic options.