FuelCell Energy reported a Q2 2025 quarter characterized by meaningful top-line growth but continued negative gross margins and a substantial bottom-line loss. Revenue rose to $37.41 million, up 66.8% year over year and 96.9% quarter over quarter, reflecting ongoing demand for its distributed power solutions and services. However, gross profit remained negative at -$9.44 million, yielding a gross margin of -25.2%, with operating and net income showing sharp losses (-$35.81 million and -$38.05 million, respectively). EBITDA was -$24.23 million, underscoring a material burn in the quarter despite improving operating metrics on a YoY basis. The company ended the period with robust liquidity: cash and cash equivalents of $116.06 million and total liquidity including short-term investments of $176.97 million, while net debt stood at $34.36 million against $135.66 million of total debt. These dynamics suggest a cash runway sufficient to pursue near-term growth initiatives while the business works to translate Topline momentum into meaningful operating leverage.