Pre-revenue ProfileAbsence of revenue means the business model remains unproven and future value depends on successful project development and capitalization. This structural uncertainty extends the timeline to sustainable cash generation and increases execution risk versus revenue-generating peers.
Persistent Cash BurnConsistent negative operating and free cash flow creates ongoing funding needs and raises dilution risk from future financings. Volatile free cash flow also complicates planning and capital allocation, weakening the company's ability to invest steadily in development without external capital.
Deteriorated Balance SheetA move to negative shareholders' equity and a shrinking asset base signal material balance-sheet deterioration. Negative equity can impair borrowing capacity, increase insolvency risk in stress, and make securing non-dilutive capital more difficult, constraining long-term flexibility.