Pre-revenue With Widening LossesThe company remains pre-revenue with large, widening losses and negative free cash flow, meaning continued reliance on external capital. Persistent negative profitability reduces resilience to delays or cost overruns and increases dilution or refinancing risk ahead of steady cash generation.
Remaining Project Financing To SecureAlthough cash is ample for early works, full project funding is not yet finalized. Dependence on additional financing introduces execution risk and timing uncertainty; delays or higher-cost capital would pressure schedules, margins and could require further equity issuance.
Final Federal Approval PendingConstruction remains contingent on a discrete federal approval step. Any regulatory delay or conditions could materially postpone project start, raise carrying costs and amplify financing and contractor scheduling risks during the critical early construction period.