They just did a big secondary a few months ago. Business is the leanest I have seen for an alternative energy company. They have capacity to do 100mm in revenue without adding staff. Although I don't know the structure of the contracts, I am sure they get some amount of money up front then pay the rest upon delivery. They probably have better leverage with suppliers now that they are ordering in size.
It is better that they are focused. if they had too many applications, they would be burning through cash to develop and market they various applications and would of went bankrupt years prior. Marsh has been very transparent and has laid out a very good business plan and thus far has executed. if they can dominate material handling, they can move to adjacent markets leveraging off the existing hydrogen infrastructure.