Negative Shareholders' EquitySustained negative equity reflects accumulated losses and materially weak capital structure. This limits financial flexibility, raises solvency concerns under stress, and reduces lender and counterparty confidence, making long-term project financing and investment more costly or harder to secure.
Minimal Revenue / Not CommercializedThe absence of meaningful revenue across recent periods means the business has not yet proven commercial sales, pricing power, or customer adoption. This elevates execution risk: projected cash flows remain hypothetical until consistent contracted demand and recurring sales are established.
Persistent Cash Burn / Financing RelianceOngoing negative operating and free cash flow forces reliance on external capital, which can dilute shareholders and create refinancing risk. Continued cash burn constrains the company's ability to invest in production scale-up, secure long-term offtakes, or respond to market opportunities without additional funding.