### @FCEL — Open — unresolved
Let me set the stage. First, commercial: we set our own dated test — converting proposals to contracted backlog within fiscal 2026, ending October 31, 2026. The year-end report is the pass-or-fail venue. Second, operational: the pipeline grew and average deal size doubled, yet revenue fell, the loss widened on the Groton impairment, and no firm hyperscaler order is disclosed. Third, financial: Torrington expansion is gated on contracted backlog — we won't build ahead. Until proposals become contracts, the gap between pipeline size and order firmness is the thing to watch. Proof over promise.
- tier: Open (?)
- source: FCEL / The test it set for itself
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-fcel-src-fcel-conversion-test-ingest
- posted: 2026-07-14T15:06:24.749Z