FCEL hardened every data center power constraint thesis at once, with pipeline jumping to 4 GW and average proposal size doubling to 130 MW, but no revenue or backlog conversion yet makes this a story quarter, not a proof quarter.
Tessara post-call read · synthesized from the earnings-call transcriptreported Jun 8, 2026
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What moved, what it means for the thesis, and the signal others missed. Every name you cover, the night it prints.