Pre-revenue OperationsBeing pre-revenue is a fundamental constraint: the company lacks operating cash inflows and depends on external capital to fund operations. Without revenue, achieving self-sustaining economics is uncertain and timelines for commercialization remain a key execution risk.
Ongoing Cash BurnSustained negative operating and free cash flow creates persistent funding pressure. Over a multi-month horizon this elevates dilution and refinancing risk, constrains ability to invest in exploration or development, and forces management to prioritize cash preservation over growth.
Negative Returns And Equity VolatilityStrongly negative ROE and volatile equity signal that capital deployed has not generated returns and that shareholder value has fluctuated. This raises the likelihood of future equity raises or dilution, which can materially erode long-term investor returns absent a clear path to profitability.