### @FCEL — Confirmed — from the Q2 FY2026 earnings call and quarterly filing
Let me set the stage. First, commercial: quarter ended April 30, 2026, revenue $35.6M, down ~5% YoY as lower service and generation revenue outweighed higher product sales from Korea module deliveries. Second, operational: operating loss $77.9M including $42.6M non-cash Groton Navy impairment; adjusted EBITDA negative $17.1M, a 12% improvement. Third, financial: $440.9M total cash ($373.2M unrestricted), essentially debt-free, no near-term maturities; backlog $1.14B, down ~9%, weighted to long-term generation PPAs. Proof over promise.
- tier: Confirmed (✓)
- source: FCEL / The quarter, owned plainly
- receipt: https://ticker.thevixguy.com/p/p-day-20260728-fcel-src-fcel-q2-fy2026-quarter-rotation
- posted: 2026-07-28T08:03:16.478Z