Pre-revenue And Widening LossesRemaining pre-revenue while operating at rising losses means the company cannot self-fund growth or sustain operations from operations. Persistent negative profitability forces reliance on external financing, increasing dilution and execution risk until commercial production or revenue ramps.
Poor Cash Generation / Accelerating Cash BurnNegative operating and free cash flows (~-1.9M TTM) and ~-40% deterioration vs prior year signal accelerating burn. This structural cash shortfall heightens need for external funding, constrains sustaining and growth capex, and raises execution risk if markets or financing terms tighten.
Negative Returns On Equity And Rising Debt RelianceROE near -20% indicates shareholder capital is being consumed by losses rather than generating value. Coupled with material debt increases since 2023, this raises long-term financing cost and dependency on external capital, limiting strategic optionality and increasing refinancing risk.