Negative Operating Cash FlowSustained negative operating and free cash flow means the company depends on external financing to fund operations and project buildouts. Over the medium term this increases dilution risk, constrains ability to self-fund capital-intensive development, and raises execution risk if markets tighten.
Revenue Decline & Margin PressureMaterial revenue volatility and persistent negative EBIT demonstrate the company has not yet achieved scalable, margin-accretive operations. Without stable, growing sales or improved margins, long-term viability of project economics and technology commercialization is uncertain and financing needs remain elevated.
Consecutive Net Losses / Negative ROERepeated net losses and negative ROE erode shareholder value and limit capital-raising options over time. For a development-stage miner/technology company, sustained negative returns make it harder to attract non-dilutive partners and demonstrate a credible path to profitability to long-term investors.