Persistent Negative Cash Flow / Cash BurnConsistent negative operating and free cash flow forces reliance on external funding to sustain operations. Over the medium term this creates dilution risk, increases financing uncertainty, and can constrain investment in exploration or development absent stronger cash generation or committed capital.
Minimal And Volatile Revenue BaseA tiny, inconsistent revenue base structurally limits the company's ability to cover fixed costs or invest in scale. Without a sustained revenue ramp from production or contracts, profitability and internal funding remain unlikely, keeping the business dependent on external capital.
Declining Equity And Persistently Negative ROEFalling equity and negative ROE reflect ongoing losses and potential value dilution for shareholders. Structurally this undermines capital formation, can impair investor confidence, and makes future fundraising more costly or dilutive if operational performance does not reverse.