Weak Cash GenerationPersistent negative OCF and FCF indicate the business currently cannot self‑fund development or absorb prolonged delays. Over months, ongoing cash burn forces reliance on liquidity, asset sales or external financing, increasing dilution or financing costs as projects advance.
Elevated LeverageA debt-to-equity ratio near 1.4 raises interest and covenant sensitivity during a multi‑quarter buildout. If revenue ramps slip, higher leverage constrains flexibility to pursue opportunistic M&A or finance construction on favorable terms, worsening funding costs over time.
Execution & Commercialization RiskRevenue realization hinges on signing three leases and converting permits; delays or limited sales bandwidth could push revenue beyond 2027. While sites are secured, failure to convert customer commitments would prolong cash burn and undermine returns on development capital.