Zero Revenue In 2023–2024The absence of recurring revenue undermines predictability and operating self-sufficiency. Long-term value relies on intermittent monetisation events or asset sales, leaving the company exposed to timing risk, commodity cycles, and counterparties when converting asset value into cash.
Consistent Negative Operating And Free Cash FlowPersistent negative operating and free cash flow signals structural cash burn and an inability to self-fund operations or portfolio activity. Over months this increases dependence on external financing, dilutive equity raises, or asset disposals, constraining strategic optionality.
Eroding Equity And Negative Returns On EquityDeclining equity alongside negative ROE reflects shareholder value erosion from sustained losses. This impairs the balance sheet buffer over time, can raise financing costs, and makes it harder to raise capital on favourable terms when funding is required for monetisation or new investments.