Persistent Negative Operating And Free Cash FlowOngoing cash burn forces reliance on external financing or equity dilution to fund operations and project development. Even with partial FCF improvement, persistent outflows increase execution risk for Bowdens, shorten runway without capital raises, and limit self-funded growth over months.
Consistent Losses And Widening Net Losses In 2025Sustained negative earnings indicate the asset base is not yet translating into profitable operations. Widening losses erode retained capital, increase funding frequency, and weaken the company's ability to finance development internally, raising long-term dilution and viability concerns.
Small, Volatile Revenue Base Limits Operating LeverageA low and unstable revenue base constrains the ability to absorb fixed costs and achieve economies of scale. This limits margin expansion and predictability for project cash flows, making budgeting and multi-stage development planning more difficult and increasing sensitivity to commodity cycles.