Customer Approval Terms And Module Performance RiskCustomer approval conditions that permit purchase of only the first module or require reimbursement if the first module fails shift significant performance and schedule risk onto the company, potentially raising costs and delaying full plant startup.
Milestone Dependency On Binding Power Purchase AgreementMilestone payments depend on securing a binding power purchase agreement and the partner's milestone framework limits near‑term payable capacity, risking payment delays and constrained short‑term revenue recognition.
Shareholder Stake Sale And Dilution RiskA major shareholder's planned stake sale combined with ongoing equity issuances could increase selling pressure and dilute existing shareholders, undermining share price stability.