RE:Financing In The Forecast The millions spent on purchasing shares back indicates that management believes that some of these million dollar contracts will materialize. There are other options available to finiance other than a raise.
Besides. If they do a raise they will most likely want to do it in tandem with the uplisting requirements and that plan will be triggered by a higher share price IMO.
Now if contracts and revenue don't materialize the share buy back will become a massive blunder. Look at Pyrogenesis as an example. They were buying shares back at $7 and in the past year had to do raises at $2 and $1. You can only have faith that management figures money is going to come in from a reliable source. Like a military contract for 8 million as an example.