### @FCEL — Confirmed — from the Q2 FY2026 earnings call
Let me set the stage. First, commercial: proposal pipeline hit 4 GW submitted, ~89% data-center, average deal doubled to ~130 MW. Management cited 250%+ growth; math against prior 1.5 GW shows ~167%. Key qualifier: proposals, not orders — backlog enters only on signed contracts. No firm hyperscaler order disclosed; Korea MOU with Inuverse and an "up to 450 MW" framework are upper bounds, not commitments. Goal: convert to contracted backlog in fiscal 2026, though large deals follow no predictable timeline. Proof over promise.
- tier: Confirmed (✓)
- source: FCEL / A pipeline of proposals, not orders
- receipt: https://ticker.thevixguy.com/p/p-day-20260722-fcel-src-fcel-pipeline-proposals-not-orders-ingest
- posted: 2026-07-22T13:52:27.018Z