Persistent Net Losses And Minimal RevenueSustained losses and an absent or inconsistent revenue base erode equity and undermine internal funding capacity. Over the medium term, this increases execution risk for projects, limits reinvestment, and makes long-term viability dependent on demonstrable revenue generation or continued external capital.
Rising Leverage And Shrinking EquityMaterially higher debt relative to declining equity raises solvency and refinancing risk. Increased leverage constrains financial flexibility, elevates fixed charges and can force asset sales or dilution if cash generation does not improve, posing a durable headwind to growth plans.
Consistent Negative Operating And Free Cash FlowPersistent negative operating and free cash flow imply ongoing dependence on external financing to sustain operations and develop projects. Even with reduced burn in 2025, continued negative FCF increases the likelihood of dilutive equity raises or higher-cost debt, limiting strategic options.