Persistent Negative Cash FlowOperating and free cash flows have been negative in every year shown, with materially faster cash burn in 2025. Persistent negative cash generation forces reliance on external funding, increases dilution risk or project delays, and undermines the firm's ability to self-finance development over the medium term.
Deteriorating Profitability And RevenueThe company reported a very large net loss in 2025 alongside a sharp revenue decline, indicating weak and volatile top-line performance. Continued losses reduce reinvestment capacity, elevate financing needs and make it harder to achieve durable returns without a meaningful and sustained operational turnaround.
Eroding Equity And Shrinking Asset BaseMaterial declines in equity and a contracting asset base, despite no debt, signal erosion of shareholder value and a reduced asset cushion. Shrinking assets limit future production growth potential and collateral availability for financing, constraining long-term growth options and resilience to shocks.