Pre-revenue ProfileThe company generates no revenue and remains pre-revenue, leaving operations fully reliant on financing. That structural lack of operating income reduces visibility into future cash generation, forces external funding for development, and elevates execution and financing risk over the medium term.
Negative Equity And Rising LeverageA negative equity position and sharply higher debt materially weaken balance-sheet flexibility. This increases refinancing and covenant risk, limits access to non-dilutive capital, and may force dilutive equity issuance or expensive funding that can constrain the company’s ability to advance large-scale permitting or development projects.
Persistent Negative Operating Cash FlowSustained negative operating and free cash flow means the business cannot self-fund development activities and remains dependent on external capital. This structural cash burn increases dilution risk, can delay project milestones if funding tightens, and raises long-term execution uncertainty.