No Reported RevenueAbsence of revenue signals a pre‑commercial or non‑producing profile, meaning the company depends on financing rather than operating cash flow. Over the medium term this raises execution and commercialization risk and constraints on sustaining operations without external capital.
Persistent Net LossesOngoing negative profitability erodes retained equity and limits reinvestment capacity. Persistent losses indicate structural cost or maturity issues, making it harder to attract patient capital and prolonging dependency on external funding until projects become revenue‑generating.
Deteriorating Cash Flow / Cash BurnSignificant negative operating and free cash flow, worsening in 2024, creates elevated funding risk and shortens runway. Over a 2–6 month horizon, higher cash burn increases likelihood of equity raises or asset sales, which can dilute shareholders or delay project timelines.