Pre-revenue Operating ProfileBeing pre-revenue leaves the company dependent on successful project build-out to ever realize commercial cash flows. Without operating revenue, execution setbacks translate directly into financing events and dilution risk, making long-term viability contingent on development success.
Persistent Negative Cash GenerationChronic negative operating and free cash flow forces continual reliance on external capital to fund development. Even with 2024 improvement, ongoing cash burn structurally increases execution and dilution risk and constrains the firm's ability to self-fund capital-intensive project stages.
Eroding Equity And Rising DebtDeclining equity alongside increasing debt signals value erosion from losses and rising financial risk. Structurally weaker equity cushions reduce resilience to shocks and can raise future financing costs or limit options if losses persist, impairing long-term project funding flexibility.