No Operating Revenue And Widening LossesThe company remains pre-revenue and experienced a sharp escalation in net losses in 2025 driven by development, impairment or financing costs. Persistent, large accounting losses erode equity, delay value realization for shareholders, and mean the business is not yet generating the income necessary to sustain operations without external funding.
Chronic Negative Operating Cash FlowMulti-year negative operating cash flow and negative free cash flow indicate ongoing cash burn to fund development. This dependence on external capital raises dilution and refinancing risks, constrains flexibility to absorb delays or cost overruns, and elevates the risk that project timelines slip if funding conditions tighten.
Rising Leverage And Declining EquitySignificant equity reduction alongside higher debt has materially increased leverage, reducing financial flexibility. Higher debt-to-equity tightens capacity for additional borrowing, increases refinancing and covenant risk during the project build phase, and makes obtaining favorable long-term project finance more challenging.