Pre-revenue With Widening LossesThe company remains pre-revenue and losses have more than doubled year-over-year, a durable risk: without operating revenue, development spending drives escalating deficits, increasing dependence on capital raises and making profitable operations and scale-up timelines uncertain over the next several quarters.
Persistent Negative Cash FlowConsistent negative operating and free cash flow indicate ongoing cash burn that must be financed externally. Even if burn improved slightly, sustained negative cash generation undermines self-funded growth, raising dilution or refinancing risk and constraining long-term project execution flexibility.
Rising Leverage And Funding RiskLeverage has increased materially over recent years, tightening financial flexibility. Higher debt elevates refinancing and interest risks, potentially forcing costly financing or asset dilution to fund operations, which can slow strategic execution and erode stakeholder returns over the medium term.