I think he's out from the first shot. That's how it looked when I watched it. His legs aren't moving, his arms are just waving around and he's eating punches. This was one of the worst late stoppages I've ever seen, even worse than Maldonado's last fight.
Horrible reffing altogether at Bellator 78. In the main event the ref didn't see an eye poke that led to a TKO. But it get's even better, in my opinion it was an early stoppage. So the guy got poked in the eye, then got dropped, immediately recovered and then stopped by the ref.