Pre-revenue And Persistent LossesThe company remains pre-revenue with recurring net losses, limiting internal funding capacity. Persistent unprofitability increases dependency on external capital, heightens dilution risk, and means commercial scale and sustained margins are unproven until downstream production and sales commence.
Weak Cash GenerationConsistently negative operating and free cash flow exhausts reserves and necessitates repeated financing for development. For a capital-intensive rollout, weak cash generation raises execution risk, potential project delays, and dependence on equity or external funding under potentially dilutive or restrictive terms.
Declining Equity BaseA falling equity base reflects cumulative losses and cash burn, reducing the balance-sheet cushion available for cost overruns or slower ramp-ups. Diminished net worth can constrain financing options and increase the relative cost of capital for remaining development phases.