Pre-revenue, Persistent LossesThe company remains pre-revenue with recurring operating losses, meaning no internal earnings to fund development. Over time this necessitates repeated external capital or dilution, constrains margin improvement until production starts, and keeps shareholder returns contingent on successful project delivery.
Consistent Negative Operating And Free Cash FlowSustained negative operating and free cash flows require sizable, timely financing to maintain development schedules. Even with reduced burn, reliance on external funding (large equity and project financing needs noted in guidance) elevates execution and dilution risk over the next several quarters to years.
FID Delays And Offtake/pricing Transition RiskDelays to FID driven by investor due diligence and external events extend project timing and increase exposure to funding, cost and market shifts. Additionally, transitioning offtake away from China-referenced pricing is nascent and may complicate commercial terms, affecting long-term revenue clarity.