Pre‑revenue Cash BurnOperating cash flow and free cash flow have been negative every year, requiring ongoing external financing. Persistent pre‑revenue losses create dilutive funding risk, reduce margin of error for cost overruns, and mean the company remains dependent on capital markets until sustained production cash flows begin.
Regulatory DependencyThe company is construction‑ready but cannot proceed without final federal sign‑off. Pending approval is a discrete execution gate: any delay or additional conditions could push timelines, increase costs and extend financing needs, making project delivery and cash generation timing uncertain.
Offtake & Financing GapsCurrent offtake covers only ~57% of stated break‑even production, leaving material volume to be placed or financed. Combined with management's note that remaining project financing is outstanding, this gap increases execution risk: shortfalls could force added borrowing, higher cost of capital or further dilution.