High Leverage And Negative EquitySubstantial leverage and negative equity materially constrain financial flexibility. This structural capital weakness elevates refinancing and solvency risk, limits strategic optionality, and makes future project-financing terms and partner negotiations more sensitive to execution and market conditions.
Persistent Cash Burn And Operating LossesSustained negative operating cash flow and large FCF deficits require recurring capital infusions. Continued operating losses pressure runway, force dilutive raises or complex financing, and create execution risk for project delivery and factory ramp unless margin trends continue improving materially.
Dependence On Frontier Financing And ExecutionThe Frontier structure is central to bankability and order conversion but depends on multi‑layered financing, insurer and lender commitments, plus shareholder votes. Failure or delay in any element would obstruct project closures and revenue realization, creating a structural execution bottleneck.