Pre-revenue And Widening LossesThe company remains pre-revenue while losses have nearly doubled on a TTM basis, reflecting rising cost intensity without offsetting cash inflows. Over months this pattern erodes equity, heightens dependency on external capital and undermines ability to reach profitable operations absent material revenue or cost changes.
Negative Cash GenerationConsistent negative operating and free cash flows indicate the business is not self-sustaining and will rely on new financing to continue. Structurally, prolonged cash burn risks dilution, constrains capital allocation to projects, and raises execution risk over a 2–6 month horizon without clear funding plans.
Negative Returns On EquityPersistently negative ROE shows the company is not generating returns on invested capital and cannot compound shareholder value. This structural profitability shortfall reduces long-term investor upside and signals fundamental challenges in converting assets or spending into sustainable earnings.