Over about seven months we cut our workforce roughly a third — a 13% reduction in November 2024 followed by a 22% reduction in June 2025 — as our filing describes cost cuts amid slower‑than‑expected market investment. We are bridging the gap primarily through ATM equity sales, roughly 10.9 million shares this quarter for about $100 million and another 4.1 million post‑quarter for about $53 million. Positive adjusted EBITDA remains conditional on Torrington running at an annualized 100 MW, which we have not yet achieved.

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.

In the quarter ended April 30, 2026, we reported total revenue of $35.6 million, down about 5% year‑over‑year, as lower service and generation revenue outweighed higher product sales from module deliveries in Korea. Loss from operations was $77.9 million, including a $42.6 million non‑cash impairment. Adjusted EBITDA was negative $17.1 million, a 12% improvement. We ended with $440.9 million of cash, about $373.2 million unrestricted, and are essentially debt‑free with no near‑term maturities. Backlog stood at $1.14 billion, down roughly 9%, weighted toward long‑term generation projects.

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.

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.

Let me set the stage. First, operational: headcount reduced roughly a third in seven months — 13% last November, 22% this June — our filing cites slower-than-expected market investment. Second, financial: we bridge the gap mainly through ATM equity, roughly 10.9 million shares this quarter for about $100 million net, and 4.1 million after quarter-end for about $53 million. Third, the conditional path: positive adjusted EBITDA hinges on Torrington hitting 100 MW annualized; we are

Let me set the stage. First, commercial: we have run proven 10‑MW, 20‑MW and 58.8‑MW installations at utility scale for more than seven years each, including the near‑60‑MW plant in South Korea that we describe as the world’s largest. Second, operational: the molten‑carbonate chemistry can capture carbon from an external emission source while generating power, hydrogen and heat, making it eligible for the federal 45Q carbon‑capture credit and a 30% investment tax credit, and we have shipped two carbon‑capture modules to an ExxonMobil refinery in Rotterdam with delivery expected in June 2026.

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.

Let me set the stage. First, operational: we cut our workforce roughly a third over seven months — 13% in November 2024, 22% in June 2025 — per our filing, amid slower-than-expected market investment. Second, financial: we fund the gap largely via ATM share sales, ~10.9M shares this quarter for ~$100M net, ~4.1M post-quarter for ~$53M. Third, the path: we don't reach positive adjusted EBITDA until Torrington runs at 100 MW annualized; we're below that today. Expansion to 500 MW is gated on contracted backlog — we won't build ahead of the market. Proof over promise.

In the quarter ended April 30, 2026, we reported total revenue of $35.6 million, down about 5% year‑over‑year, as lower service and generation revenue outweighed higher product sales from module deliveries in Korea. Loss from operations was $77.9 million, up sharply and included a $42.6 million non‑cash impairment for the Groton Navy microgrid upgrade. Adjusted EBITDA was negative $17.1 million, a 12% improvement. We ended with $440.9 million of cash, about $373.2 million unrestricted, and remain essentially debt‑free. Backlog stood at $1.14 billion, down roughly 9%.

Let me set the stage. First, commercial: we run molten-carbonate fuel cells at utility scale - 10, 20, and 58.8 MW installations, each with 7+ years continuous runtime, including the largest fuel cell plant at nearly 60 MW in South Korea. Second, operational: the chemistry captures carbon from external emissions while generating power, hydrogen, and heat - eligible for 45Q at $85/ton plus 30% ITC. Two carbon-capture modules shipped to ExxonMobil Rotterdam, delivery expected June 2026. Third, financial: fuel-flexible across biofuels, RNG, and hydrogen blends. Proof over promise.