FuelCell Energy's first fiscal quarter revenue increased but still posted a loss, with the stock price falling nearly 5%

Danbury, Connecticut - On Monday, FuelCell Energy, Inc. (NASDAQ: FCEL) announced its fiscal first quarter 2026 results, with revenue of $30.5 million and an adjusted loss of $0.52 per share. The company is shifting toward opportunities in data center power.

Following the earnings release, the stock fell 4.74% in pre-market trading.

Revenue increased 61% year-over-year, from $19 million in the same period last year to this quarter’s level, mainly driven by $12 million in product revenue from fuel cell module deliveries and commissioning under long-term service agreements with Korea’s Gyeonggi Green Energy and CGN-Yulchon Generation.

However, revenue fell short of internal plans by $6 million due to delays in commissioning two modules, which were scheduled to be operational in February 2026 instead of during the first quarter as expected.

The company reported a net loss of $26.1 million, compared to $32.4 million in the same period last year.

Net loss attributable to common shareholders was $23.7 million, or $0.49 per share, versus $29.1 million, or $1.42 per share, in the prior year. Adjusted EBITDA improved from a negative $21.1 million last year to a negative $17 million.

President and CEO Jason Few stated, “During the first quarter, we achieved strong revenue growth, strengthened operational discipline, and improved liquidity—while positioning FuelCell Energy to seize decisive opportunities in the era of artificial intelligence.”

The company reported delivering over 1.5 GW of new commercial proposals this quarter and announced a partnership with Sustainable Development Capital LLP to develop up to 450 MW of identified projects, focusing on data center applications.

As of January 31, 2026, total cash and restricted cash amounted to $379.6 million, up from $341.8 million as of October 31, 2025.

In this quarter, the company raised approximately $54.9 million net through equity sales and completed new debt financing with the U.S. Export-Import Bank.

Backlog orders decreased 10.8% year-over-year, from $1.31 billion to $1.17 billion, mainly reflecting revenue recognized during the period.

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