Revenue Collapsed To Zero In 2024A full-year revenue collapse is a fundamental blow to scalability and long-run viability: it eliminates internal funding for operations, raises reliance on external capital, and signals commercial setbacks in asset monetization that can persist without new discoveries or sales.
Persistent Negative Free Cash FlowConsistent deep negative free cash flow forces ongoing external financing and increases dilution or debt risk. For an exploration company this limits the ability to advance multiple wells or appraisal programs organically and raises long-term execution and financing uncertainty.
Ongoing Net Losses And Negative Returns On EquitySustained net losses and negative ROE mean the balance sheet strength hasn't translated into shareholder value. Over months this erodes investor capital, hampers fundraising capacity, and can constrain strategic options if losses continue.