Because of the long (years) lead time between when sales are announced and when the product is delivered and the revenue recorded, timing and seasonality are irrelevant here. FCEL keeps one unit in inventory in case a sale comes along that HAS to be delivered in less than a year for some reason, but that is unusual. Factory is currently running at 70MW/year production rate, and the order backlog is more than 3 years at that rate. They are already gross margin positive, but at 70MW/year, the positive cashflow isn't sufficient to cover their fixed costs/overhead. They have already stated that breakeven will occur when the feel comfortable enough with the order flow to raise the production rate to 80MW/year. There are several 10s of MWs of projects in the pipeline in CT alone, so I would expect the final ramp up to profitability once those deals are finally signed.
dag_va- But run rate is based upon Chippy's EBITDA formula for breakeven which is not reality. Gonna have to get to 90 or 100 to pay the real costs. You should know to avoid companies that report EBITDA.
"Pay no attention to that man behind the curtain."
I'm going to repeat myself to make it clear. FCEL could announce another 50MW of sales, and it wouldn't change their revenue and profit over the next few quarters one jot. In the past, they have announced when they plan to change the production run rate. I would expect them to do so again the next time, and we will all know exactly when they will achieve profitability at that time.