Pre-revenue With Escalating LossesOperating without revenue while losses deepen is a fundamental structural risk: rising net losses signal higher ongoing funding needs and postpone any path to self-sufficiency. Absent durable revenue visibility, capital dependency and execution risk remain elevated long-term.
High Cash BurnSustained large negative operating and free cash flows materially erode liquidity and force repeated external financing. This structural cash-burn profile increases dilution risk, limits strategic flexibility, and can pressure project timelines until operations generate positive cash.
Balance Sheet Volatility & Financing RelianceHistoric swings into negative equity reveal dependency on capital raises and valuation-sensitive financing. That structural volatility raises the probability of future dilutive financings or asset sales, impairing long-term shareholder returns and complicating multi-quarter planning.