No Revenue / Pre-revenue StatusThe absence of revenue means the company remains pre-revenue and dependent on external financing. That structural position raises execution risk: failure to reach production or monetize assets would leave investors exposed to capital dilution or write-downs over the medium term.
Persistent Negative Cash GenerationSustained negative operating and free cash flow consumes the company's cash buffer and increases the probability of future equity raises or external financing. That funding dependence can dilute holders, delay projects, and constrain the company's ability to capitalize on development opportunities.
Negative Returns And Erosion Of EquityConsistent negative ROE indicates the business is destroying rather than compounding capital. Continued erosion of equity reduces financial optionality, can worsen borrowing terms, and signals structural operating issues that must be resolved to achieve sustainable shareholder returns.