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Revenue by Segment
Analyzes revenue from different business segments, highlighting which areas are driving growth and profitability, and indicating the company's strategic focus and market opportunities.Fuel Cell System Sales remain the largest but haven’t recovered to prior peak levels; importantly the revenue mix is shifting—fuel deliveries, PPAs and service revenue are growing proportionally while electrolyzer/equipment shipments are ramping in the back half of years. That diversification helps explain the dramatic gross‑margin improvement management flagged and supports the path to positive EBITDAS, but near‑term seasonality, reliance on asset monetizations and conversion/timing risk in the large electrolyzer funnel leave liquidity and execution risk elevated.
Date | Other | Fuel Cell System Sales | Fuel Cell System Services | Power Purchase Agreements | Fuel Delivered and Related Equipment |
|---|---|---|---|---|---|
Jun 30, 2026 | $153.00K | $81.90M | $29.84M | $26.93M | $39.47M |
Mar 31, 2026 | $436.00K | $79.02M | $21.97M | $26.29M | $35.80M |
Dec 31, 2025 | $2.34M | $111.63M | $41.48M | $36.13M | $33.64M |
Sep 30, 2025 | $24.00K | $96.77M | $19.74M | $24.60M | $35.91M |
Jun 30, 2025 | $398.00K | $99.17M | $16.37M | $23.63M | $34.40M |
Mar 31, 2025 | $627.00K | $63.51M | $16.87M | $23.21M | $29.46M |
Dec 31, 2024 | $2.07M | $138.11M | $11.96M | $19.41M | $19.92M |
Sep 30, 2024 | $2.19M | $107.14M | $14.15M | $20.46M | $29.79M |
Jun 30, 2024 | $3.97M | $76.79M | $13.03M | $19.67M | $29.89M |
Mar 31, 2024 | $2.36M | $68.30M | $13.02M | $18.30M | $18.29M |