Pre-revenueBeing pre-revenue means no operating cash inflows to fund development; the business depends on external capital until production. Prolonged time-to-revenue elevates execution and financing risk and makes progress contingent on successful project delivery.
Negative Cash GenerationPersistent negative operating and free cash flow, despite improvement in 2025, means the company will likely need further fundraising. Ongoing cash burn increases dilution risk, places pressure on execution timelines and can divert management focus to financing.
Eroding Equity BaseA smaller equity base eroded by cumulative losses weakens balance-sheet resilience against project setbacks. Negative ROE reflects persistent losses; this raises the likelihood of dilutive capital raises and constrains the company's ability to absorb cost or schedule slippages.