Policy And Contract UncertaintyFunding routed through a commerce department program rather than defense channels may alter deal terms or long-term commitments, introducing policy and execution uncertainty.
Revenue Model And Offtake RiskAgreements lack price floors, profitability guarantees, and binding offtake commitments, leaving revenues exposed if commodity prices or demand soften.
Shareholder DilutionDeal terms that include a discounted equity purchase and warrants will dilute existing shareholders and may pressure the stock as new capital is issued.