Zero Revenue (pre-revenue)Absence of recurring revenue is a fundamental constraint on business durability. Without customer-driven cashflows, the company must rely on prior funding or asset sales to operate, limiting ability to prove product-market fit, sustain margins, or self-fund growth over the coming months.
Ongoing Net LossesPersistent losses erode capital and require continual financing or restructuring. Continued operating deficits constrain investment in operations or exploration, increase dilution risk if equity is issued, and weaken the company's ability to build durable margins or scale sustainably.
Negative Equity And Strained Balance SheetDeep negative equity and sizable historical debt signal accumulated deficits and impaired capitalization. This structural weakness limits access to credit, raises default or covenant risks, and constrains strategic options, making long-term recovery and investment more challenging without capital restructuring.