Pre-revenue OperationsOperating without revenue leaves the company unable to self-fund growth or prove commercial viability. Reliance on external capital is structural until revenue starts, raising execution risk and making long-term viability contingent on successful project commercialization.
Persistent Cash BurnSustained negative operating and free cash flow will deplete liquidity absent financing or revenue. This structural cash burn increases likelihood of dilution or debt, constrains strategic options, and remains a core funding risk over the next several months absent material changes.
Material Net Losses And Negative ROELarge net losses and strongly negative ROE undermine shareholder value and signal that the business is not yet generating returns. Structurally, this increases pressure to raise capital and dilutes long-term equity upside until profitability or positive returns are demonstrated.