Pre-revenue StatusAbsence of revenue means there is no proven commercial demand or operating leverage to model, keeping long-term cash generation uncertain. Over several months this limits visibility on sustainable margins and lengthens reliance on financing to reach commercialization.
Shrinking Equity CushionA steep drop in equity erodes the company's loss-absorbing capacity, increasing the probability that future losses will require dilutive financing. This structural weakening raises long-term financing risk and reduces flexibility for growth investments.
Persistent Negative Cash GenerationContinued negative operating and free cash flow creates a structural funding requirement. Over the medium term, reliance on new capital can dilute existing shareholders and impose execution risk if markets or financing conditions tighten, affecting sustained project progress.