Phase 1 Summary

Two factories, one in Turks & Caicos and one in the Bahamas, are active from launch. The model keeps one factory per market through 2035 inside the integrated platform, which preserves a manageable footprint while still demonstrating repeatability.

Phase 1 also includes a Nassau-based DevCo / land-banking layer. That matters because the platform is not only selling materials into third-party projects; it is also beginning to control where those materials get applied and how value is captured upstream in development and infrastructure projects.

The platform grows from $5.7M of revenue in 2026 to $114.3M in 2035. EBITDA margin moves from launch-year drag to 56.2% by 2035. Debt peaks at $39.0M and is fully repaid by 2032, while ending cash rebuilds after the deleveraging period.

Exhibit 1. Phase 1 revenue, EBITDA, and EBITDA margin

Exhibit 2. Liquidity build and deleveraging path

Factory output remains the underwriting floor. Total saleable concrete volume rises from 8,100 CY in 2026 to 72,602 CY in 2035 across the two-node footprint, while utilization rises from 15.0% to 80.0%. Panel output scales from roughly 389 units to more than 8,131 units over the period.

Exhibit 3. Factory output ramp and utilization

Under the current workbook, investor distributions begin to materialize in earnest after debt and platform build-out are absorbed. The investor exceeds full cash payback in 2031, and long-range continue economics reach 5.02x MOIC and 29.9% IRR by 2035.

Exhibit 4. Investor and founder cumulative distributions

Phase 1 is not merely a bigger raise. It is a more integrated operating platform with two factories, a development layer, and more debt complexity. That increases upside but also raises the importance of execution control. The right institutional reading is: visible factories first, disciplined reserves and debt service second, development monetization third, and only then broader regional optionality.