There is no more bull case for FuelCell Energy at this point, whatsoever. The stock's journey from over $500 to below $5 is not some temporary setback, it's a testament to the company's fundamentally broken business model. Revenue growth, which is rare, is consistently outpaced by greater losses, a clear sign the business is a blackhole for investor cash, surviving only on the drip of dilutive stock offerings. There is no shareholder value. They recently announced layoffs and restructuring, which are desperate last ditch efforts, not some kind of strategic pivot. There is no path to scale or sustainable profits. This is a textbook case of a company that will exhaust its funding options and eventually collapse under its own wait. Enjoy the ride.