Negative Cash FlowSustained negative operating and free cash flows force reliance on external financing, asset sales, or equity dilution to fund near‑term obligations and remaining project spend. If commissioning or permits are delayed, cash runway shrinks and financing costs or dilution risks increase materially.
Remaining Near‑Term CAPEXConcentrated near‑term capital needs while the facility is not yet producing raise execution and liquidity risk. A $25M funding gap during commissioning creates sensitivity to cost overruns, timeline slips or financing setbacks that would push back first revenue and increase cumulative cash burn.
Regulatory Dependency For 45Q CreditsAccess to material Section 45Q tax credits (~$130M estimated) is contingent on MRV/EPA approvals. Delays, adverse determinations, or changes in credit monetization materially affect project economics, leverage capacity and the attractiveness of carbon‑management and EOR monetization strategies.