Certification Timing And Operational UncertaintyAnalyst expresses concern that limited visibility on FAA piloted test cadence and uncertainty about the aircraft's real-world payload capability create ambiguity around certification timing and commercial launch plans.
Financial Risk And DilutionAnalyst warns rising cash burn to fund testing and production and recent convertible financings increase the likelihood of dilutive capital raises and higher financing costs, pressuring shareholder value.
Regulatory Risk For PowertrainAnalyst warns that FAA scrutiny of the battery-electric powertrain, which lacks precedent in certified aircraft, poses regulatory risk that could complicate the certification process.