No Revenue; Persistent LossesThe company remains pre‑revenue and loss‑making, which structurally limits internal cash generation and puts execution entirely on capital markets or partner funding. Continued operating losses produce negative returns and constrain the firm’s ability to self‑fund project development.
Negative Operating And Free Cash FlowConsistent negative OCF and FCF, with a worsening TTM burn, indicate structural funding needs. Persistent cash outflows increase the probability of equity dilution or dilutive financings and could delay project milestones if external capital is unavailable or costly.
Historical High Leverage Risk (2021)A prior episode of extreme leverage demonstrates vulnerability to capital‑structure stress. Although leverage is low today, recurring development capital requirements could reintroduce high leverage or dilution under adverse conditions, a material structural financing risk.