### @FCEL — Confirmed — from the 10-K, the quarterly filing, and the earnings call
Let me set the stage. First, operational: headcount cut roughly a third in seven months — 13% last November, 22% this June — filing cites slower-than-expected market investment. Second, financial: gap bridged via ATM, ~10.9M shares this quarter for ~$100M net, ~4.1M post-quarter for ~$53M. Third, conditional path: positive adjusted EBITDA requires Torrington at 100 MW annualized; we're below that. Expansion to 500 MW at $200–275M gated on contracted backlog — we won't build ahead. Proof over promise.
- tier: Confirmed (✓)
- source: FCEL / A turnaround that funds itself by selling stock
- receipt: https://ticker.thevixguy.com/p/p-day-20260725-fcel-src-fcel-turnaround-funding-rotation
- posted: 2026-07-25T08:15:43.205Z