Negative Cash FlowsPersistent negative operating and free cash flows are a core structural weakness that forces reliance on external financing. Continued cash burn limits the company's ability to fund capex, sustain projects, or seize growth opportunities without dilutive or costly funding, increasing execution risk over months ahead.
Unprofitable Operations & Volatile RevenueConsistent negative gross and net margins together with volatile revenue indicate the business currently cannot convert scale into sustainable earnings. Until margins improve via cost control, higher utilization, or better contract economics, profitability and long-term shareholder value creation remain uncertain.
Funding Risk For Strategic TransactionReported funding delays for the Kabwe acquisition are a material execution risk: protracted financing issues can derail a key strategic initiative, consume management bandwidth, and leave anticipated diversification and scale gains unrealized. This directly undermines the potential structural upside of the deal.