FuelCell Energy Inc (FCEL)

[Hoghead7]

Yes, that's why we get Generation revenue over $15M moving forward. What most don't know, or understand is that they have a significant history of write downs and losses for delays and projects they decided not to do because the financial profile no longer made sense. Those are all gone, with Toyota and Groton being a large part. Financials Will look much better strictly based on that. I recall Michael Bishop commenting that once those were all out of the way margins were going to come in over 40% on generation. Q2 + Q3 should garner much attention from investors and traders alike. You and I both know it's only going to take a little bit of momentum than who knows how far it goes or how quickly. Just assume about $1M revenue per year, per MW of generation. That's close enough that it's not worth trying to figure out the marginal difference. It will take about four quarters to figure out more accurately especially since generation is impacted by the service. So whenever they're doing service they will lose some of the generation but they will gain more than what they lost through service and license agreements to not only offset but give much greater revenue on similar margins.