Pre-revenue With Widening Net LossesThe company remains pre-revenue while operating losses have accelerated materially. Persistent, widening net losses erode equity over time, increase future financing needs, raise dilution risk for shareholders, and heighten the burden on management to secure durable project funding before operations can generate cash.
Rising Negative Free Cash Flow And BurnOperating and free cash flow are consistently negative and worsening, increasing dependence on outside capital. Sustained cash burn elevates execution risk if financing stalls, can force cost-cutting or project delays, and reduces runway for completing engineering, procurement, and construction milestones without external support.
Financing & Execution Conditionality And Legal RiskEven with EXIM board approval, final financing is conditional and subject to documentation, covenants, and closing conditions. Combined with ongoing litigation on the merits, these contingencies create durable execution risk: funding or timing could change, increasing the probability of delays, higher costs, or renegotiated terms.