Pre-revenue OperationsThe company remains pre-revenue and has recurring losses, so it lacks operational cash generation. Over the medium term this increases dependence on external capital to advance development, heightens execution risk on milestones, and delays any demonstration of commercial viability.
Eroded Equity BaseA materially shrunken equity base reduces the company’s capital cushion against setbacks and magnifies the impact of further losses. This structural weakness increases the likelihood and potential size of dilutive financings and constrains balance-sheet flexibility for project financing.
Negative Cash GenerationPersistent negative operating and free cash flow means the business cannot self-fund development. Reliance on external financing is a durable governance and execution risk: future capital raises may be dilutive, conditional, or delayed, which can postpone construction and production timelines.