Pre-revenue OperationsNo revenue across 2021–2025 means the business lacks validated commercial traction and generates no operating cash inflows. Long-term viability depends on successful commercialization or resource monetization, leaving the firm highly reliant on external financing until revenues appear.
Worsening Free Cash FlowMaterial negative free cash flow that worsened year-over-year signals heavy cash burn and growing funding needs. Sustained negative FCF increases financing and dilution risk, constrains strategic investment flexibility, and could force operational cutbacks if capital markets tighten.
Negative Returns On EquityROE around -11% shows the company's capital base is being eroded by losses. Persistent negative returns limit the ability to self-fund growth, weaken investor economics, and require a sustained profitability improvement before equity value is rebuilt or internal funding becomes viable.