Pre-revenue Operating ModelAbsence of revenue indicates the company is pre‑commercial and dependent on external capital for operations. Without operating inflows, profitability and margin improvement remain hypothetical, leaving project timelines and returns uncertain over the 2–6 month horizon.
Widening Net LossesGrowing net losses reflect higher spending or slower progress toward revenue, increasing financing pressure. Worsening profitability reduces internal funding ability, raises dilution risk if capital is issued, and delays the timeline to sustainable margins and self‑funding.
Negative Operating Cash Flow / Rising Cash BurnSustained negative operating cash flow and an increased cash burn accelerate the need to raise capital. Even with no debt, reliance on external financing heightens dilution and execution risk, potentially constraining exploration activity and project advancement until cash flow turns positive.