Keep in mind warrants exercised bring in cash to FCEL, so while Pref's are receiving shares each month, it is better than the optics of a "Share Offering." (It may equal the same thing but public perception with irrational investors plays more heavily) Also, there is some control with the installments being bi-monthly.
If you think of how amortization on a home loan works, think of revenues as the loan amount and the bi-monthly installments as the monthly payment. Is that an acceptable corollary?
We don't have access to all the FCEL financial information so its difficult to know what's really going on, but at some point, when the "big players" are ready, FCEL will rocket upward.
Patience! 2018 marks the turnaround and its going to be a great Christmas!!
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