Over about seven months we cut our workforce roughly a third — a 13% reduction in November 2024 followed by a 22% reduction in June 2025 — as our filing describes cost cuts amid slower‑than‑expected market investment. We are bridging the gap primarily through ATM equity sales, roughly 10.9 million shares this quarter for about $100 million and another 4.1 million post‑quarter for about $53 million. Positive adjusted EBITDA remains conditional on Torrington running at an annualized 100 MW, which we have not yet achieved.
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