Construction And Partner Economics RiskPast large reactor projects experienced major cost overruns and delays, indicating that construction and potential government ownership terms could alter partner economics and returns.
Near-term Earnings Performance And ValuationA quarterly earnings miss driven by lighter uranium and fuel-services sales highlights near-term revenue vulnerability while shares trade with limited margin given elevated valuation multiples.
Project Financing And Offtake UncertaintyMany new reactor projects still require private equity, risk-sharing and offtake agreements, creating execution risk until commercial contracts are finalized.