Pre‑revenue And Ongoing Operating LossesRemaining pre‑revenue means the firm has no operating cash inflows and continues to rely on capital markets. Persistent operating losses erode capital and limit reinvestment capacity; until commercial production and sales begin, profitability and self‑funding remain uncertain.
Negative Operating And Free Cash FlowConsistent negative operating and free cash flow forces reliance on external funding, creating dilution or debt risks over time. Even with 2025 improvement, sustained cash consumption threatens continuity of development plans unless capital is secured, making long‑term execution contingent on financing.
Equity Erosion And Negative Returns On EquityDeclining equity and negative ROE reflect cumulative losses that weaken the capital base and reduce borrowing capacity. This structural deterioration can increase the cost of capital, limit access to favorable financing, and heighten vulnerability to adverse project or market developments over the medium term.