Pre-revenue With Persistent Net LossesThe company has reported no revenue and net losses each year through 2025, meaning it cannot self-fund development. This structural pre-revenue profile forces dependence on external capital, increasing dilution and execution risk until significant project de-risking or financing is secured.
Consistent Negative Operating And Free Cash FlowPersistent negative operating and free cash flow demonstrates ongoing cash burn and reliance on outside funding. Although cash burn improved in 2023–2024, it worsened in 2025, signaling volatile funding needs that constrain development timelines and raise financing pressure over the medium term.
Eroding Equity And Negative ROEMaterial declines in equity and assets plus persistently negative ROE reflect value erosion from repeated losses. A weakened balance sheet limits borrowing capacity, reduces resilience to funding shocks, and makes future financing likelier to be dilutive or costly, impeding project progress.