Very High LeverageA debt-to-equity ratio of 9.35 signals extreme reliance on debt financing. Persistently high leverage limits strategic optionality, raises refinancing and covenant risks, and can force asset or equity sales to meet obligations, constraining long-term project execution and capital allocation decisions.
Severe Revenue Decline And Negative MarginsA near‑70% revenue decline and materially negative margins indicate the company is not yet generating sustainable commercial revenue. Prolonged top‑line contraction reduces internal funding capacity, undermines scale economics for processing, and increases dependency on external financing to reach profitable operations.
Negative Operating Cash Flow ProfilePersistent negative operating cash flow means core activities consume cash rather than generate it, necessitating recurring external capital. Over the medium term this increases dilution risk, raises financing costs, and can delay or scale back project development if new funding is constrained.