It is true that financing decisions are based on forecasts, both for Finnvera and for banks. But they are not based solely on PowerPoint or a “sales pitch.”
Finnvera Plc reviews cash flow forecasts, cost structure, contract backlog, order backlog, collateral, and management’s credibility. A waiver practically means that the financier has assessed the situation as manageable and believes in the company’s ability to fulfill its obligations under the agreed terms. To my knowledge, no collateral has been set for Eagle’s Finnvera loan, but there is no certain information on this.
Eagle is also not an idea-stage story; it has a concrete product, actual deliveries, and customers. So, forecasts rely on both history and forward visibility, not just potential. Eagle specifically has those “orders from old customers,” which is a significant thing in this industry. The “gel-heads” at analyst firms only look at how many new customers are coming in, but in this industry, it is no merit if orders from old customers do not materialize.
Additionally, the Q3/2025 report mentioned R&D funding granted by Business Finland. It is not an automatic subsidy; it requires an evaluation of the project plan and technology. That, too, is an external validation that credible potential is seen in the development work.
Financing solutions, of course, do not guarantee success, but they are a clear signal that professionals see a realistic and feasible development path for the business. Now, what is crucial is that this path starts to show in the numbers. Then trust will build naturally. And since the factory price was determined based on the 2023–2025 earnings period and that period has ended, there is no longer any particular incentive to “hold back” results.