Persistent Negative Cash FlowOperating cash flow deficits and deeply negative free cash flow (~-3.8m in 2025) signal persistent cash burn. This structural shortfall forces reliance on external financing or dilution, increasing execution risk and potentially slowing project timelines or exploration activities.
Structural UnprofitabilityA net margin around -16% in 2025 shows the company has not yet converted growth into sustainable earnings. Continued structural losses can erode equity cushions and limit reinvestment capacity, heightening the need for frequent capital raises and constraining long-term stability.
Small Revenue Base / Scale RiskRevenue growth is from a small base, leaving the business exposed to scale risk: fixed costs remain large relative to revenues, margin expansion is constrained, and operational setbacks can disproportionately affect financial outcomes until meaningful top-line scale is reached.