No Revenue / Structural UnprofitabilityThe company has no operating revenue and remains structurally unprofitable, producing negative returns (TTM ROE ~ -11.5%). Without demonstrable sales, the project lacks validation of commercial economics, undermining scalability and making long-term self-funding unlikely absent major project milestones or partner funding.
Negative Operating And Free Cash FlowPersistent negative operating and free cash flow drains equity and forces recurring funding needs. Continued cash burn limits the firm's ability to advance costly development stages, increases execution risk, and heightens the likelihood of dilutive capital raises or dependence on partners to finance next milestones.
Reliance On External Capital; Small Recent FinancingA modest placement and ongoing capital requirements signal material reliance on external financing to fund operations and project work. Over the medium term this raises dilution and execution risks, and constrains strategic optionality if larger, non-dilutive funding or partner agreements are not secured.