Pre-revenue, Widening LossesBeing pre-revenue with growing net losses is a durable constraint: ongoing negative earnings require repeated capital raises, delay path to commercialization, and compress the probability of positive returns until resources are proven and development economics are established.
Negative Operating Cash FlowAccelerating negative operating cash flow signals rising cash burn and a structural need for external financing. Even with transparent cash losses, the magnitude of outflows shortens runway absent further capital and increases dilution and execution risk over the coming quarters.
Negative ROE And Dilution RiskPersistently negative returns on equity indicate capital deployed has not generated shareholder value; this typically forces equity financings that dilute existing holders. Until resource definition or monetization occurs, the structural return profile remains unfavorable.