No Revenue / Pre-revenue ProfileA persistent lack of operating revenue means the business cannot self-fund operations and remains dependent on external capital. Structurally, this elevates execution risk: absent near-term production or monetizable assets, cash runway and financing access become dominant drivers of corporate viability over the coming months.
Eroding Equity Base / Funding RiskMaterial decline in equity reflects cumulative losses and reduces the balance-sheet buffer against further setbacks. A smaller equity base constrains financial flexibility and raises the likelihood of dilutive capital raises or onerous financing terms, increasing long-term shareholder dilution risk if operating losses persist.
Structural Unprofitability / Negative ReturnsDeeply negative ROE and repeated negative gross and operating results indicate the current business model is not delivering returns on invested capital. Without meaningful revenue or a clear path to production, structural unprofitability is likely to persist, limiting intrinsic value creation over the medium term.