Pre-revenue OperationsNo revenue over multiple years means the business is entirely reliant on financing rather than operating cash flow. This raises execution and commercialization risk, lengthens time to cash generation, and increases sensitivity to capital market access.
Consistent Negative Cash GenerationPersistent negative operating and free cash flow requires ongoing external funding, which can dilute shareholders or force reprioritization of projects. Over several months this constrains investment in growth and makes the company vulnerable to tighter capital markets.
Negative Returns On EquityDespite equity growth, ROE remaining negative shows shareholder capital is not generating profits. This structural shortfall questions long-term value creation and may pressure management to alter strategy or seek dilutive financing if profitability isn't achieved.