Pre-revenue With Widening LossesBeing pre-revenue with rising net losses undermines internal funding capacity and lengthens time to break-even. Persistent deficits erode equity over time and demand external financing, which can dilute shareholders and shift management focus from execution to capital raises.
Significant And Worsening Cash BurnSharp FCF deterioration indicates the business cannot self-fund development and will depend on intermittent capital markets or partners. This raises execution risk, potential dilution, and timing sensitivity for project milestones that determine long-term viability.
Pre-commercial Execution And Margin RiskNo operating track record or margin history creates binary project risk: success hinges on technical, permitting, and commercialization outcomes. Delays or cost overruns could prevent revenue and leave the firm exposed to prolonged losses and strained capitalization.