Pre-revenue With Widening LossesBaru remains pre-revenue and reported widening TTM net losses (net loss about -$3.56M TTM), signaling continued cash consumption without operational income. Persistent losses lengthen the timetable to self-funded operations and increase dependence on external capital, pressuring long-term execution risk.
Negative Operating And Free Cash FlowConsistent negative operating and free cash flow, with free cash flow deteriorating recently, indicate rising cash burn. This undermines internal funding capacity for exploration and development, necessitating external financing that can dilute shareholders or raise project funding costs over the next several quarters.
Meaningful Leverage And Dilution RiskReported debt-to-equity around 1.13 represents meaningful leverage for a pre-revenue miner. Combined with negative cash flows, this elevates refinancing and covenant risk; management may need to raise capital under less favorable terms, increasing dilution and constraining long-term strategic flexibility.