Balance Sheet StrengthLeverage is effectively eliminated and the capital base has expanded, giving the company durable financing flexibility. Near-zero debt lowers default and refinancing risk, supports internal funding of project development, and preserves room for selective M&A or capex without urgent external funding.
Free Cash Flow GenerationRobust operating and free cash flow provide sustainable internal funding for development and working capital. Consistent positive cash conversion at scale supports project buildouts (Mt. Hamilton, Eagle Mountain), reduces reliance on dilutive financing and underpins long-term capital allocation.
Revenue & Margin RecoveryMaterial top-line scaling and durable margin expansion indicate improved operating leverage and cost control. Higher gross and EBIT margins suggest the business model can sustain profitable production at scale, strengthening cash flow resilience across several quarters.