Pre-revenue OperationsBeing pre-revenue means the company has no operating cash inflows and depends entirely on project development to create future sales. This structural stage raises execution risk and timing uncertainty; revenue realization is required before the business can self-fund and de-risk capital structure.
Negative Cash GenerationPersistent negative operating and free cash flow forces reliance on external financing. Even with improved cash burn, continued outflows increase dilution or creditor dependence risk, constraining strategic choices and making long-term project completion contingent on successful capital raises.
Negative Shareholder Returns & Dilution RiskNegative ROE indicates capital deployed has not generated returns, reflecting ongoing losses. Combined with cash burn, this raises a material risk that future funding will require equity issuance, which dilutes existing holders and can suppress per-share economics until projects produce revenue.