Persistent Negative Operating And Free Cash FlowOngoing negative OCF and deeply negative FCF demonstrate structural cash burn tied to development activity. Over months this necessitates external funding or asset monetization, increasing dilution or execution risk and potentially delaying project milestones if capital is constrained.
Deep And Worsening Operating Losses And MarginsLarge negative operating results and an extreme net margin indicate the company is not yet generating operational returns from its activities. Sustained losses erode the ability to self-fund growth, heighten reliance on capital markets, and raise execution risk for converting resources into profitable production.
Negative Returns On Equity; Equity Consumption RiskWorsening negative ROE signals the company is eroding shareholder capital rather than creating value. Even with sizable equity, persistent consumption increases the probability of future equity raises, dilution, or asset sales to refill the balance sheet, undermining long-term investor returns.