Deep And Persistent UnprofitabilityVery large negative margins and recurring operating losses show the company has not yet converted revenue into sustainable profits. Persistent unprofitability can erode equity, limit reinvestment capacity, and force strategic tradeoffs unless significant margin improvement or revenue scale is achieved.
Severe Negative Cash Flow And Heavy Cash BurnLarge negative operating and free cash flows reflect that current operations and investments consume significant capital. Continued cash burn increases reliance on external financing, raises dilution or refinancing risk, and constrains the company’s ability to self-fund exploration and development over the medium term.
Negative Returns On Equity Despite Asset BaseEven with sizable equity and assets, the company has delivered negative ROE across periods, signalling capital has not been productive. Poor returns raise concerns about capital allocation efficiency and investor appetite unless projects begin generating positive operating returns.