Pre-revenue StatusNo reported revenue means the business remains exploration-stage and has not proven commercial economics. Long-term viability depends on converting projects to producing assets; until then margins, scalability and cash conversion remain untested, raising execution and financing risk.
Negative Operating Cash FlowPersistent negative operating cash flow consumes capital and forces reliance on external financing for ongoing operations and development. Over a multi-month horizon this increases dilution risk, ties project timelines to access to capital markets, and weakens resilience to funding interruptions.
Unstable Capital Structure HistoryHistorically negative shareholders’ equity signals prior solvency stress and cumulative losses, which can impair credibility with lenders and investors. Structurally, this raises the cost and difficulty of future financing and may constrain the company’s ability to fund project development without significant dilution.