Negative Operating And Free Cash FlowMaterial negative OCF and deeply negative FCF imply ongoing cash burn and reliance on financing. Over months this weakens runway, forces dilutive capital raises or debt, and constrains the company’s ability to fund project development or commercial scale‑up independently.
Multi‑year Losses And Negative ReturnsSustained multi‑year losses and negative ROE reflect failure to translate revenues into profit. This structurally impairs balance‑sheet resilience, limits internal capital formation and raises the hurdle for sustainable shareholder returns absent clear path to profitability.
No Consistent Recurring Revenue DisclosedLack of disclosed recurring revenue or confirmed offtake/licensing means future cash generation is uncertain and lumpy. Structurally, this increases execution and commercial risk for funding Montviel or scaling ISR unless predictable contracts or licensing are secured.