Persistent Operating LossesConsistent negative EBIT and net losses show the business has not transitioned to profit. For a project developer this undermines return generation, increases funding dependency, and raises execution risk because projects must deliver value before corporate profitability is achieved.
Very Large Negative Free Cash FlowSubstantial negative free cash flow from heavy investment implies persistent cash burn. Over months this compels external financing, increases dilution or debt risk, and constrains the company’s ability to pace exploration or development without material capital raises.
No Reported Operating RevenueAbsence of reported revenue prevents clear assessment of commercialization progress and margin sustainability. Without demonstrable sales, project monetization timing is uncertain, making long‑term cash flow forecasts and investment returns highly dependent on execution risk.