Pre‑revenue Profile And Ongoing Cash BurnThe company remains pre‑revenue with persistent operating cash outflows and negative free cash flow despite improvements. This structural cash consumption means continued reliance on external funding until production, pressuring capital structure and increasing dilution or leverage risk over the medium term.
Dependence On Project Finance And External CapitalThe business model depends on securing sizeable project finance to reach construction. Market, sovereign or lender risk could delay FID or force more dilutive/equity‑heavy structures; that dependency materially affects the timeline and the company’s ability to convert project economics into delivered cash flows.
Technology Partner Failure And Schedule SlippageA failed external technology provider required repatriation and rework, creating durable execution risk and a material schedule slip. This raises the probability of further delays or higher costs during scale‑up, increasing financing needs and weakening confidence in delivery timelines.