your interpretation of the published accounts is correct.
as others have said though, listen to the two management updates (December and January) regarding the order flows and reductions in costs along with increased services and "whole solution" contracts.
This will show you that having been all about development and prototype / proof of concept/returns contracts they are now able to sell with confidence and are growing rapidly.
You will learn that once the news is public (especially in terms of published results) the price has already moved.
IMHO the current pps is too high for the expected results on March 13th and reflect the business we will see in Q1 or may be Q2 numbers (ie in August fillings). The market will have to keep hearing the story of the future (ie they have already sold more units than they can deliver this year etc) to maintain this growth.
IF the management team are able to make the units fast enough (big concern of mine and mgt) and get profitable on each unit sold then the price will keep going to $8-$10.
if they second source the actual fuel cells (for FedEx or Sysco contracts perhaps) then they will go up higher.
Lots of great futures here - I bought for my IRA and forgot about them and am trading stock and options at times.
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