Fuelcell Stock Earnings Reports

FuelCell Energy reported Q2 FY2026 results with revenues of $35.6M (down ~5% YoY) and a net loss of $77.6M driven largely by a $42.6M non-cash impairment related to upgrading the Groton Navy project. Adjusted EBITDA improved modestly to negative $17.1M. Key commercial highlights: the company expanded its submitted proposal pipeline to over 4 gigawatts (a >250% increase quarter-over-quarter) with an average proposal size rising from 65 MW to 130 MW, and introduced a standardized 12.5 MW FuelCell Energy Block to accelerate modular, behind-the-meter deployments for data centers and AI infrastructure. Management is increasing planned Torrington manufacturing capacity from 350 MW to 500 MW annualized (projected CapEx $200–$275M) but will scale further only in line with contracted backlog and structured financing. Backlog as of quarter end was $1.14B (generation backlog $928.5M, service $155.4M, product $36.1M). Liquidity is strong with ~$441M in cash/restricted cash, bolstered by recent ATM equity raises (~$153M post-quarter). The company targets adjusted EBITDA profitability once annualized production consistently reaches ~100 MW and expects modest OpEx growth with operating leverage as volume scales. Strategic partnerships (notably ExxonMobil carbon capture and activity in Korea) continue to progress, with two carbon capture modules en route to Rotterdam.