Elevated LeverageHigh and rising leverage materially increases financial risk, raising interest expense and refinancing exposure. With debt levels elevated, the company has less flexibility to fund projects internally, faces greater vulnerability to rate moves, and must prioritize deleveraging or external financing over opportunistic investments.
Negative Operating & Free Cash FlowPersistent negative operating and free cash flow means the business isn't self‑funding and must rely on external capital for capex and growth. Over the medium term this limits financial flexibility, complicates debt paydown and raises the risk that project timelines or financing conditions will disrupt execution.
Lumpy, Transaction-based RevenueA material portion of revenues depends on one‑off project sales tied to permitting, grid and financing milestones. That structural lumpy nature drives volatile top‑line and earnings, complicating forecastability and cash planning and requiring continuous project pipeline and investor appetite to sustain growth.