Pre-revenue Business ModelThe company remains pre-revenue and unable to generate operating cash flow, a structural weakness that forces ongoing reliance on external capital. Without recurring revenue, advancing from developer to producer will require sustained funding and execution over multiple reporting periods.
Negative Shareholders' EquityThe shift to negative shareholders’ equity is a durable solvency concern that can constrain financing options, increase funding costs, and weaken stakeholder confidence. Negative equity reduces balance-sheet resilience during project development and heightens the risk of dilution or restructuring.
Continued Negative Operating And Free Cash FlowPersistent negative operating and free cash flow means the business cannot self-fund development, making it structurally dependent on capital markets or partners. This reliance increases execution risk, potential dilution, and the chance of project delays if financing conditions worsen.