Large GAAP Net LossesSubstantial non‑cash charges from rapid expansion drive big GAAP losses, increasing reported volatility and reducing clarity on sustainable profits. Persistent headline losses can constrain strategic options, affect investor confidence, and complicate long-term performance assessment.
Deeply Negative Free Cash FlowNegative free cash flow despite positive operating inflows indicates heavy reinvestment and capex intensity. This reduces internal funding for growth, increases dependence on financing or asset sales, and can impair the company's ability to sustain multi-channel expansion if capital markets tighten.
Operational & Supply‑chain ConstraintsCritical component bottlenecks and seasonal curtailments can delay GPU conversions and capacity ramp, pushing out revenue realization and increasing conversion costs. Combined with mining economics sensitivity and regulatory uncertainty, operational delays amplify execution risk over the medium term.