No Operating RevenueThe company remains pre‑revenue, meaning all value depends on successful permitting, development, or a transaction. Absence of operating revenue creates structural reliance on external capital, exposes the business to execution and permitting risk, and lengthens the timeline to durable cash generation.
Persistent Cash BurnConsistent negative operating and free cash flow creates a lasting need for external financing. Over months, this increases dilution risk, pressures management to prioritize cash-conserving tradeoffs, and elevates the chance of project delays or scaling back development if capital conditions tighten.
Recurring Net LossesSubstantial and recurring net losses prevent internal funding of development and erode returns on equity. Persistent negative profitability is a structural constraint: it limits strategic flexibility and increases reliance on capital markets, which can impede long‑term project delivery if investor appetite weakens.