Negative And Declining Free Cash FlowMaterial negative FCF growth and OCF covering only 73% of net income indicate persistent cash burn versus earnings. Over months this undermines the firm’s ability to self-fund capex or project completion, increasing reliance on external financing and raising execution and dilution risk.
Highly Volatile Recent Revenue PerformanceExtremely large recent revenue swings and stated historical volatility reduce predictability of future cash flows and make multi-period planning harder. Such variability can hinder contracting, limit credit access on favorable terms, and increase operational strain during project scaling.
Very Small Operating HeadcountA nine-person employee base suggests limited internal capacity to execute complex project development, regulatory approvals, and commercial ramp-up. Reliance on external partners or contractors can raise costs, slow decision cycles, and create single-point execution risks over the medium term.