{"podcast":{"title":"Charged Alpha Stock Encyclopedia","slug":"charged-alpha-stock-encyclopedia-7819792","podcast_index_feed_id":7819792,"rss_url":"https://feed.podbean.com/chargedalpha/feed.xml","website_url":"https://chargedalpha.podbean.com","image_url":"https://pbcdn1.podbean.com/imglogo/image-logo/22241603/charged_alpha_logo_2048.png","author":"Colton Thomas","episode_count":1630,"summary":"Charged Alpha reviews earnings for each stock in the Russel 1000 every quarter. Each podcast gives thorough analysis, along with an in-depth profile in the beginning of the episode of the company, what they do, how they earn money and what to look for.","last_synced_at":"2026-09-04T06:17:14.359815+00:00","page_url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792"},"episode":{"title":"FuelCell Stock: Backlog Tripled, Margin Collapsed - We Say AVOID (FCEL Q3 FY2026)","slug":"fuelcell-stock-backlog-tripled-margin-collapsed-we-say-avoid-fcel-q3-fy2026","published_at":"2026-09-03T05:19:47+00:00","page_url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/fuelcell-stock-backlog-tripled-margin-collapsed-we-say-avoid-fcel-q3-fy2026","show_page_url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792","url":"https://chargedalpha.podbean.com/e/fuelcell-stock-backlog-tripled-margin-collapsed-we-say-avoid-fcel-q3-fy2026/","audio_url":"https://mcdn.podbean.com/mf/web/9se7sud05nkzez1x/audio_8.mp3","summary":"FuelCell Energy (FCEL) Q3 FY2026 — The stock fell 15.7% on the print, from $17.08 to $14.40, on 1.9x average volume. FuelCell Energy tripled its order book to $3.65bn and signed its first data-centre power agreement - and the stock lost about a sixth of its value in a single session. The reason is four lines into the cost statement: product revenue of $18.0m against product cost of revenues of $37.1m, a product gross margin of -106.1%. Note 7 of the 10-Q explains it - a $17.0m charge, $4.0m writing inventory to net realisable value and $13.0m for losses on firm purchase commitments, booked because contractual pricing under the Fit Energy agreement sits below what it costs to manufacture. That charge covers Phase 0 alone: 30 MW of a 380 MW agreement. Strip it out and the product margin is -11.7%, against -11.9% a year ago. Meanwhile $2.35bn of the new backlog is 'Awarded Capacity' the customer may take at its sole option, and FuelCell handed that customer warrants over 12,000,000 shares with a $141.6m grant-date fair value that will come back out as a reduction of revenue. Our call is AVOID, conviction 4/5, fair value $8.30. THE CALL: AVOID (4/5, HIGH) — base-case value ~$8.3 vs ~$14.4 today. KEY METRICS: - Revenue $33.0m, down 29% YoY and about 15% below the $38.8m consensus - Loss per share $(0.64) against a $(0.41) bar - roughly 56% wider than expected - Gross loss $(24.5)m vs $(5.1)m - gross margin -74.2% against -11.0% a year ago - Product revenue $18.0m against product cost of revenues $37.1m: product margin -106.1% - Note 7 charge $17.0m = $4.0m inventory NRV + $13.0m losses on firm purchase commitments - Ex-charge product gross margin -11.7%, versus -11.9% a year earlier - no improvement - 14th consecutive quarter without a gross profit; the last was the quarter…","meta_description":"FuelCell Energy (FCEL) Q3 FY2026 — The stock fell 15.7% on the print, from $17.08 to $14.40, on 1.9x average volume. FuelCell Energy tripled its order boo…","key_points":[],"chapters":[],"topics":[],"duration_seconds":910,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/charged-alpha-stock-encyclopedia-7819792/episodes/fuelcell-stock-backlog-tripled-margin-collapsed-we-say-avoid-fcel-q3-fy2026/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/fuelcell-stock-backlog-tripled-margin-collapsed-we-say-avoid-fcel-q3-fy2026.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}