Persistent LossesRecurring operating losses signal the business is not yet self-sustaining and will require continued external capital to reach commercial production. Persistent negative EBIT constrains reinvestment capacity and increases execution risk over months as development milestones demand funding and management focus.
Small, Volatile Revenue BaseA low and inconsistent revenue stream limits the company's ability to build margins, absorb fixed costs, and demonstrate operational scalability. Until material, predictable project-derived sales exist, forecasting cash generation or achieving operating leverage remains uncertain, elevating execution and financing risk.
Historic Balance-Sheet Stress RiskWhile current leverage is low, the company's history of elevated debt and negative equity highlights vulnerability: continued losses or adverse project outcomes could quickly erode equity again. That legacy increases the risk premium on future funding and could constrain strategic flexibility if development setbacks occur.