Track market-moving stories before they get noisy

Key Takeaways GE Vernova stands out with a diversified portfolio, larger backlog and improving profitability.FuelCell Energy has surged 171.4% in 2026 as AI data-center demand lifts its distributed power story.Similar valuations put the focus on execution, backlog conversion and earnings visibility. Artificial intelligence (“AI”) is reshaping the power industry by creating unprecedented electricity demand from data centers, while utilities worldwide are racing to modernize aging grids. This backdrop has strengthened the outlook for Alternate Energycompanies that can deliver reliable, scalable and lower-emission power solutions. According to Wood Mackenzie, global energy investment is expected to surpass $3.8 trillion by 2030, creating a favorable environment for companies across power generation and grid infrastructure. Among the industry's notable performers this year are FuelCell Energy (FCEL - Free Report) and GE Vernova (GEV - Free Report) . Although each is benefiting from the same long-term trends, their investment cases differ in meaningful ways.

The Case for FCEL StockFuelCell Energy is focused on stationary fuel-cell systems that generate electricity directly where it is consumed, reducing dependence on increasingly constrained utility grids. This distributed power model is becoming more relevant as AI data centers require uninterrupted electricity but often face lengthy grid interconnection delays. By producing continuous on-site power while also supplying usable heat, hydrogen and carbon-capture capabilities, FuelCell Energy addresses several customer needs through a single platform.

The company is increasingly becoming an AI infrastructure story. More than four-fifths of its commercial pipeline is now linked to data centers, with proposal activity expanding sharply as operators search for dependable baseload power. Its standardized 12.5-megawatt FuelCell Energy Blocks allow customers to add capacity in stages, simplifying expansion while reducing engineering and permitting requirements. Meanwhile, plans to increase manufacturing capacity should better position the company to serve larger commercial projects as demand grows.

Strategic partnerships further strengthen the outlook. FuelCell Energy's collaboration with Siemens aims to integrate fuel-cell technology with advanced electrical infrastructure, enabling faster deployment of large-scale distributed energy systems. Beyond AI applications, the company continues expanding internationally through projects in South Korea while also advancing carbon-capture technology alongside ExxonMobil. Additional support has come from a $49 million financing package backed by the Export-Import Bank of the United States, providing non-dilutive capital to fund manufacturing growth and overseas expansion. Even so, FCEL still needs to convert its growing proposal pipeline into firm orders while increasing production volumes sufficiently to move toward sustained profitability.

The Case for GEV StockGE Vernova approaches the same AI-driven opportunity from a much broader perspective. It operates across power generation, electrification, grid infrastructure and wind energy, making it one of the few companies capable of supporting virtually every stage of the electricity value chain. As hyperscale data centers accelerate power consumption, utilities require new gas-fired generation, stronger transmission systems and more resilient grids — all areas in which GE Vernova already has established capabilities. 

Demand continues to build across multiple businesses. The company has secured substantial gas turbine orders, including supplying LM2500XPRESS units for Crusoe AI data centers, while its HA turbine fleet continues expanding globally. It is also benefiting from growing investment in electrification, where transformers, substations and grid automation are becoming essential for supporting higher electricity loads. Meanwhile, GE Vernova continues investing heavily in research, manufacturing capacity and next-generation technologies, including small modular reactors (SMRs), with plans to spend roughly $11 billion on capital expenditures and research through 2028. 

Financial execution remains another advantage. Management recently raised its full-year revenues, adjusted EBITDA margin and free cash flow outlook as strong orders, pricing and backlog growth continue supporting profitability. The company also returned meaningful capital to its shareholders through dividends and share repurchases. While offshore wind continues to face project delays, supply-chain pressures and margin challenges, these issues are increasingly offset by the strength of the Power and Electrification businesses, which remain the primary earnings drivers.

Price PerformanceBoth stocks have delivered exceptional returns in 2026, though FuelCell Energy has clearly outperformed. FCEL shares have surged 171.4% year to date, reflecting investor enthusiasm surrounding AI-driven data center opportunities and distributed power solutions. GE Vernova has also posted an impressive 65.1% gain, supported by sustained order momentum across gas turbines, electrification and grid infrastructure. While FCEL's rally has been more dramatic, GEV's advance appears to rest on a broader and more diversified business foundation.

Image Source: Zacks Investment Research

ValuationOn a forward price-to-sales basis, valuation is nearly identical. FuelCell Energy trades at 5.88X forward sales compared with 5.92X for GE Vernova. Given the narrow difference, valuation is unlikely to be the deciding factor. Investors are instead likely to focus on execution, earnings visibility and the ability to capitalize on growing electricity demand.

Image Source: Zacks Investment Research

Earnings EstimatesConsensus estimates remain favorable for both companies. GE Vernova's 2026 earnings estimate of $30.70 per share implies 74% growth, reflecting expectations for continued margin expansion, stronger backlog conversion and healthy cash generation.

Image Source: Zacks Investment Research

FuelCell Energy is still expected to report a loss in fiscal 2026, but the projected loss of $1.79 per share represents a 59% improvement, suggesting the company is gradually moving toward a stronger financial position as commercial activity expands.

Image Source: Zacks Investment Research

ConclusionBoth FuelCell Energy and GE Vernova are benefiting from the same powerful themes of AI-driven electricity demand and long-term grid modernization, and both currently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

FuelCell Energy offers greater upside if it successfully converts its expanding pipeline into long-term revenue and improves profitability. However, GE Vernova appears to have the stronger overall investment case today. Its diversified portfolio, larger backlog, improving margins, shareholder-friendly capital allocation and leadership across power generation and electrification make it the slightly more attractive choice for investors seeking exposure to the rapidly evolving energy landscape.

Posted by Defense World Staff on Jul 19th, 2026

FuelCell Energy, Inc. (NASDAQ:FCEL – Get Free Report)’s share price traded up 9.1% during trading on Friday . The company traded as high as $18.81 and last traded at $18.83. Approximately 3,834,039 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 6,723,344 shares. The stock had previously closed at $17.26.

Key Stories Impacting FuelCell Energy Here are the key news stories impacting FuelCell Energy this week:

Positive Sentiment: UBS raised its price target on FuelCell Energy to $27, saying recent deals with Fit Energy and Siemens could support about 45% upside and improve the company’s growth outlook. UBS Raises Its FuelCell Energy Stock Forecast With a $27 Stock Price Target Positive Sentiment: FuelCell Energy’s Siemens partnership is drawing attention because it targets commercial projects of 100 MW and above, which management has said is the scale needed to turn EBITDA positive. FuelCell Just Landed the Deal That Could Finally Turn It Profitable Neutral Sentiment: Recent market coverage comparing FCEL with other energy stocks has kept the company in the spotlight, but these articles are mainly commentary rather than new company-specific catalysts. Is FuelCell Energy (FCEL) Stock Outpacing Its Oils-Energy Peers This Year? Neutral Sentiment: Additional hydrogen-stock roundup pieces added sector attention, but they do not appear to contain a major new catalyst specific to FuelCell Energy. Hydrogen Stocks To Watch Today – July 15th Negative Sentiment: Some articles note that FCEL and peers had a sharp recent selloff, highlighting ongoing volatility and investor concern about execution and profitability. Bloom (BE) vs. FuelCell (FCEL): Which Energy Stock Is the Better Buy after This Week’s Selloff? Analysts Set New Price Targets A number of analysts have recently issued reports on FCEL shares. Jefferies Financial Group upgraded FuelCell Energy from a “hold” rating to a “buy” rating and increased their target price for the company from $16.00 to $24.00 in a report on Friday, June 26th. Wells Fargo & Company lifted their price target on FuelCell Energy from $6.00 to $8.00 and gave the company an “underweight” rating in a report on Tuesday, June 16th. Weiss Ratings raised FuelCell Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, May 20th. Canaccord Genuity Group increased their price objective on FuelCell Energy from $12.00 to $30.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Finally, KeyCorp restated a “sector weight” rating on shares of FuelCell Energy in a research report on Tuesday, June 9th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $22.83.

Get Our Latest Analysis on FuelCell Energy

FuelCell Energy Trading Up 7.2% The stock has a market cap of $1.25 billion, a price-to-earnings ratio of -2.82 and a beta of 2.31. The company has a debt-to-equity ratio of 0.18, a quick ratio of 7.20 and a current ratio of 8.59. The company’s 50 day simple moving average is $22.03 and its two-hundred day simple moving average is $13.00.

FuelCell Energy (NASDAQ:FCEL – Get Free Report) last released its earnings results on Monday, June 8th. The energy company reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($1.05). FuelCell Energy had a negative return on equity of 15.90% and a negative net margin of 132.41%.The company had revenue of $35.59 million during the quarter, compared to analysts’ expectations of $40.47 million. During the same quarter in the previous year, the company earned ($1.79) EPS. Research analysts expect that FuelCell Energy, Inc. will post -1.84 EPS for the current fiscal year.

Insider Activity In related news, EVP Shankar Achanta sold 2,500 shares of FuelCell Energy stock in a transaction on Monday, July 6th. The stock was sold at an average price of $28.71, for a total transaction of $71,775.00. Following the completion of the sale, the executive vice president owned 2,618 shares of the company’s stock, valued at approximately $75,162.78. This trade represents a 48.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.46% of the company’s stock.

Institutional Inflows and Outflows Several hedge funds have recently bought and sold shares of FCEL. Kestra Advisory Services LLC bought a new stake in shares of FuelCell Energy in the 4th quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd raised its position in FuelCell Energy by 1,316.0% during the third quarter. Caitong International Asset Management Co. Ltd now owns 7,618 shares of the energy company’s stock valued at $59,000 after acquiring an additional 7,080 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in FuelCell Energy during the fourth quarter valued at approximately $78,000. Franklin Resources Inc. acquired a new stake in FuelCell Energy in the fourth quarter valued at approximately $84,000. Finally, Optiver Holding B.V. acquired a new stake in FuelCell Energy in the first quarter valued at approximately $88,000. 42.78% of the stock is owned by institutional investors and hedge funds.

About FuelCell Energy (Get Free Report)

FuelCell Energy, Inc (NASDAQ: FCEL) is a publicly traded company that designs, manufactures and operates turnkey molten carbonate fuel cell power plants. These stationary, on-site energy solutions generate electricity and heat through an electrochemical process that combines natural gas or biogas with oxygen, producing power with lower greenhouse gas emissions than traditional fossil fuel-based generation. The company’s fuel cell technology is engineered for continuous, baseload operation and can be integrated into microgrid architectures and industrial power systems to provide reliable, around-the-clock energy.

The company’s core product suite, marketed under the SureSource brand, encompasses both power generation and integrated carbon capture or hydrogen production capabilities.

Further Reading Five stocks we like better than FuelCell Energy Netflix May Be Cheap Enough to Tempt Buyers After Earnings Drop Delta vs. United: Which Airline Is Better Built for Higher Fuel Costs? The Market Sold Alcoa After Earnings—But It May Be Missing the Real Story Why Intuitive Surgical’s Strong Quarter Still Spooked Investors Receive News & Ratings for FuelCell Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FuelCell Energy and related companies with MarketBeat.com's FREE daily email newsletter.

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FuelCell Energy, Siemens Partnership Targets Large-Scale ProjectsSiemens will provide electrical balance-of-plant (EBOP) systems for FuelCell Energy installations supporting commercial projects exceeding 100 megawatts.

The companies will jointly develop distributed energy solutions combining fuel cells, battery storage, microgrid controls and medium-voltage electrical equipment, with a focus on reducing deployment timelines and costs.

The agreement also includes pilot projects for technologies such as medium-voltage DC power delivery and modular electrical systems that could advance to full-scale commercial deployments.

Stock Rebounds From Discounted OfferingThe stock is also recovering from volatility tied to the company’s upsized $225 million equity offering.

The company priced 10.71 million shares at $21 each, about 19% below the prior closing price of $25.96.

The recovery suggests investors are shifting some attention from dilution concerns toward the company’s ability to execute large-scale deployments.

UBS Turns BullishUBS upgraded FCEL to Buy from Neutral and raised its price forecast to $27 from $22.

The upgrade adds to improving sentiment around the stock and provides a higher valuation benchmark following the equity offering.

Although the broader market remained modestly positive, the stock’s sharp advance appeared to be driven primarily by company-specific catalysts rather than sector-wide momentum.

FuelCell Energy Price ActionFCEL Price Action: FuelCell Energy shares were up 14.31% at $21.81 at the time of publication on Tuesday, according to Benzinga Pro data.

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Patient FuelCell Energy (FCEL 8.56%) investors have been rewarded thus far this year, with the power plant fuel cell specialist's stock rising more than 187% in 2026 and over 275% in the past 12 months.

Shareholders received more good news this week as FuelCell announced a collaboration and memorandum of understanding with Siemens (SIEGY 0.15%). Through this partnership, Siemens will support the rapid deployment of commercial projects involving molten carbonate fuel cells designed and produced by FuelCell Energy.

Image source: Getty Images.

This is a strong signal as to where FuelCell is heading. Siemens' electrical infrastructure expertise, sheer size, and capabilities will enable the company to scale at a new level.

FuelCell has a large backlog of projects totaling $1.14 billion as of the company's second-quarter 2026 earnings report. The sales pipeline grew 267% sequentially between Q1 and Q2 of 2026, signaling that the company has growing demand.

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FuelCell remains a higher-risk investment, with a beta of 2.3; investors in the company need a stomach for volatility. Yet, as shares trade well below their 52-week high of $37.88, FuelCell looks like a rocket ship poised to launch into the AI power crisis.

Investors are also concerned about dilution, as FuelCell recently announced an offering of new common stock worth about $225 million. The short-term pain seems relatively insignificant given the opportunity FuelCell has in the intermediate and long terms. Data center power demand is expected to double in the next year.

On-site generation is the future for data centers that desperately need reliable power. Successful execution and scaling of FuelCell's technology could lead to serious recurring revenue for years to come.

If you are OK with short-term share price volatility, you might want to give this infrastructure stock a closer look.

Catie Hogan has positions in FuelCell Energy. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

FuelCell Energy stock is holding steady today. What’s the outlook for FCEL shares? What Is FuelCell Energy’s Catalyst with Siemens?FuelCell Energy and Siemens Corporation formalized a collaboration via a memorandum of understanding, with Siemens set to design and supply electrical balance-of-plant systems for fuel cell installations. The companies are targeting faster deployment of commercial projects exceeding 100 megawatts by pairing FuelCell’s fuel cell tech with Siemens’ electrical integration.

FuelCell’s volatility this week was also anchored by the upsized equity raise: 10.71 million shares priced at $21.00 for $225 million in gross proceeds. That $21.00 pricing sat at a 19% discount to Tuesday’s $25.96 close and helped drive the sharp reset in near-term positioning.

Critical Technical Levels for FCEL StockFriday’s small premarket dip comes after a sharp two-sided move this week: the company priced an upsized public offering of 10.71 million shares at $21.00 (gross proceeds $225 million), a 19% discount to Tuesday’s $25.96 close, which helped trigger a more than 13% drop into Wednesday’s $22.54 close before shares rebounded Thursday toward $25.

From a trend perspective, the longer-term structure is still constructive: the stock is trading 11.9% above its 50-day SMA ($20.44), 62.9% above its 100-day SMA ($14.04), and 106.1% above its 200-day SMA ($11.10), with a golden cross that formed in October 2025. Near-term, it’s trading 2.8% below the 20-day SMA ($23.53), which fits the idea of consolidation after June’s swing high and the pullback that followed.

Momentum is best described by RSI, which is sitting at 49.50—neutral and consistent with a stock that’s working through a range rather than trending cleanly. In plain terms, RSI helps gauge whether buying or selling pressure is getting stretched; around 50 typically signals balance after a big move.

Key Support: $18.50 — a nearby level where buyers previously stepped in, and a logical "line in the sand" if the post-offering volatility resumes What Is FuelCell Energy and Its Business Model?FuelCell Energy is a clean energy technology company that develops, designs, produces, and services high-temperature fuel cells used for clean electric power generation. Its molten carbonate fuel cell systems generate electricity electrochemically with ultra low emissions and high efficiency, and the company often acts as a solutions provider across design, manufacturing, installation, and long-term maintenance.

That matters for the Siemens collaboration because large-scale deployments depend on more than the fuel cell stack—electrical balance-of-plant, medium-voltage equipment, and integration work can be gating items for timing and cost. FuelCell operates across the U.S., South Korea, Europe, and Canada, with the U.S. as its largest revenue source, and it serves customers ranging from utilities to data centers and commercial/industrial users.

FuelCell Energy’s Benzinga Edge Rankings ExplainedBelow is the Benzinga Edge scorecard for FuelCell Energy Inc NEW, highlighting its strengths and weaknesses compared to the broader market:

Momentum: Bullish (Score: 99.34) — The stock is showing outsized relative strength, which lines up with its steep 12-month gain and its position well above longer-term moving averages. The Verdict: FuelCell Energy’s Benzinga Edge signal reveals a momentum-driven story, with price action still being the main "tell" for traders. With other pillars not scored here, the setup is best approached as a trend/volatility name where key levels (like support near $18.50 and the 20-day average zone) matter more than valuation screens.

FCEL Stock Price Action in Premarket TradingFCEL Stock Price Activity: FuelCell Energy shares were 1.65% higher at $23.38 during premarket trading on Friday, according to Benzinga Pro data.

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Collaboration advances on-site energy deployment through aligned electrical infrastructure and fuel cell technologies July 09, 2026 07:00 ET  | Source: FuelCell Energy, Inc.; Siemens

WENDELL, N.C. and DANBURY, Conn., July 09, 2026 (GLOBE NEWSWIRE) -- Siemens and FuelCell Energy, Inc. (Nasdaq: FCEL) have announced a collaboration to accelerate the growth of fuel cell-based power generation. The agreement aligns electrical design and supply with fuel cell technologies to support deployment of distributed energy systems.

As part of the collaboration, formalized in a memorandum of understanding, Siemens will design and supply electrical balance of plant (EBOP) systems for fuel cell installations, supporting the rapid deployment of 100+ MW commercial projects.

Siemens’ expertise in EBOP design and integration supports its position as a premier provider of electrical infrastructure for fuel cell-based power solutions. A leading turnkey fuel cell power producer, FuelCell Energy designs, manufactures, operates, and services fuel cell power plants for a range of mission-critical applications globally, including data centers, industrial facilities, utilities, and other distributed generation customers.

The work includes joint project development spanning engineering, integration, and delivery of distributed energy systems incorporating fuel cells, battery energy storage, microgrid controls, and medium-voltage electrical equipment. The companies will evaluate opportunities to scale and deploy solutions that improve timelines, reduce costs, and increase deployments.

“The rapid growth of electrification and distributed energy is redefining how power must be delivered at scale,” said Kevin Brown, Head of Sustainability Solutions, Electrification and Automation, at Siemens Smart Infrastructure USA. “By combining FuelCell Energy’s fuel cell technology with Siemens’ electrical infrastructure, service, and integration expertise, we can deliver scalable, on-site power solutions for energy-intensive applications – helping customers deploy power faster, scale with confidence, and advance their transition to lower-emission, more resilient energy systems.”

FuelCell Energy’s Chief Product and Technology Officer, Shankar Achanta, said, “This collaboration with Siemens enables us to deliver what the market has been asking for—bringing generation and electrical infrastructure together into a single, scalable solution. For customers, that means reliable, on-site power that is faster to deploy and built to scale, beginning with the data centers driving today’s demand.”

Additional efforts include pilot projects and solution development initiatives to assess new applications for fuel cell systems and electrical infrastructure, including medium-voltage DC power delivery and modular electrical systems. The agreement defines a path to transition successful pilot outcomes into full-scale commercial deployments, including the identification of target markets and deployment approaches.

Press Contacts

About Siemens

Siemens Corporation is a U.S. subsidiary of Siemens AG, a leading technology company focused on industry, infrastructure, transport, and healthcare. The company’s purpose is to create technology to transform the everyday, for everyone. By combining the real and the digital worlds, Siemens empowers customers to accelerate their digital and sustainability transformations, making factories more efficient, cities more livable, and transportation more sustainable. A leader in industrial AI, Siemens leverages its deep domain know-how to apply AI – including generative AI – to real-world applications, making AI accessible and impactful for customers across diverse industries. Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a leading global medical technology provider pioneering breakthroughs in healthcare. For everyone. Everywhere. Sustainably.

In fiscal year 2025, which ended on September 30, 2025, the Siemens Group USA generated revenue of $24.427 billion with 25 manufacturing sites across the U.S. and more than 50,000 employees serving customers in all 50 states and Puerto Rico.

Siemens Smart Infrastructure (SI) is shaping the market for intelligent, adaptive infrastructure for today and the future. It addresses the pressing challenges of urbanization and climate change by connecting energy systems, buildings, and industries. SI provides customers with a comprehensive end-to-end portfolio from a single source – with products, systems, solutions, and services from the point of power generation all the way to consumption. With an increasingly digitalized ecosystem, it helps customers thrive and communities progress while contributing toward protecting the planet. To protect this journey, we foster holistic cybersecurity to ensure secure and reliable operations. Siemens Smart Infrastructure has its global headquarters in Zug, Switzerland, and its U.S. corporate headquarters in Peachtree Corners, Georgia, USA. As of September 30, 2025, the business had around 79,400 employees worldwide.

About FuelCell Energy 

FuelCell Energy, Inc. (NASDAQ: FCEL) is an American clean energy technology company delivering continuous, scalable baseload power for mission-critical applications globally. The company’s fuel cell systems generate electricity directly at the point of use, enabling reliable, low-emissions power for data centers, industrial facilities, utilities, and distributed generation customers. FuelCell Energy delivers commercially proven, modular, utility-scale systems—backed by global fuel cell deployments approaching one gigawatt. Learn more at www.FuelCellEnergy.com. 

FuelCell Energy (NASDAQ:FCEL) shares declined on Wednesday after the company priced an upsized public offering of common stock, raising concerns among investors over potential dilution.

The stock fell 15% to $22.04 following the announcement that FuelCell Energy (NASDAQ:FCEL) priced an offering of 10.7 million newly issued shares at $21 per share. The offering price represented a discount to the company’s previous closing price of $25.96.

The offering was increased from the previously announced $200 million offering size and is expected to generate gross proceeds of approximately $225 million before underwriting discounts, commissions and other expenses. FuelCell Energy also granted underwriters a 30-day option to purchase up to an additional 1.6 million shares at the offering price.

FuelCell Energy said proceeds from the offering will be used for capital expenditures related to expanding manufacturing capacity, including growth initiatives at its Torrington, Connecticut facility, as well as for working capital and general corporate purposes.

Citigroup and Barclays are acting as joint book-running managers for the offering, with Oppenheimer & Co., RBC Capital Markets and Goldman Sachs & Co. LLC also serving as joint book-running managers. Canaccord Genuity (TSX:CF, LSE:CF), B. Riley Securities, BMO Capital Markets (NYSE:BMO), Siebert Williams Shank and Tuohy Brothers are acting as co-managers.

The company expects the offering to close on or about July 9. 

It's a tough day for FuelCell Energy (FCEL 11.83%) shareholders. As of 1:50 p.m. ET the stock's down 10.5%, extending a sell-off that's been underway since the beginning of the month.

It's not difficult to identify the prompt for today's tumble either. That is, the company's raising money by issuing new stock, diluting existing shareholders' stakes.

Then there's the other thing.

Dilution ahead, but existing investors don't mind too much FuelCell Energy made the announcement after Tuesday's closing bell rang, reporting it intends to raise $225 million via the sale of 10.7 million shares of its common stock at a price of $21.00 apiece. For perspective on those numbers, the 67.6 million shares already outstanding closed at just over $26.00 on Tuesday. The scope of Wednesday's setback is about what one would mathematically expect with this degree of dilution.

In fact, investors arguably aren't even pricing in the full dilutive impact of the offering. Shares are holding above $23.00 as of mid-day Wednesday, suggesting the market still sees more net value than the price buyers of the newly minted shares will be paying.

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And, perhaps that's the right call. While FuelCell Energy's total top line slumped slightly during the quarter ending in April, product revenue improved 38% year over year for the three-month stretch. Indeed, although its overall business isn't expected to grow at all this year, analysts expect its current expansion efforts -- and its move into the artificial intelligence data center space in particular -- to drive top-line growth of more than 46% next year, taking a sizable bite out of its ongoing losses as a result.

That's still just the beginning, though. A projection from Precedence Research suggests the worldwide fuel cell industry is poised to expand at an average annualized pace of 25% through 2035.

Pick your spot and dive in That being said, it's worth noting that fellow fuel cell stocks Bloom Energy and Plug Power are also down by measurably more than the broad market is today, hinting at calculated profit-taking of the industry's top names following recent rallies. If that's the case, don't be surprised to see this weakness linger beyond today.

Just don't be afraid to dive into any of these names -- including FuelCell Energy -- in the midst of any such weakness, even if there's no certainty that a bottom has been made. All of these stocks are volatile in the near term, but have frequently reversed course without any warning, resuming long-term uptrends driven by growing interest in fuel cells as a source of electricity.

Key Takeaways FCEL is drawing investor interest as AI data centers increase demand for steady on-site power.FCEL's proposal pipeline reached about 4 GW, with 89% tied to potential data-center customers.FCEL plans to lift Torrington capacity to 500 MW as its 12.5-MW modular block supports growth. FuelCell Energy (FCEL - Free Report) has been one of the strongest clean-energy stocks recently, with shares climbing nearly 300% in the past three months. After such a sharp move, investors may wonder whether the opportunity has already passed. However, FCEL’s rally is not based only on short-term excitement. The company is gaining attention because artificial intelligence (AI) data centers need huge amounts of steady electricity, and existing power grids often cannot supply that power quickly enough. FuelCell Energy offers on-site fuel-cell systems that can provide continuous power where it is needed. This gives FCEL a clearer growth story, especially as investors also watch Bloom Energy (BE - Free Report) and Plug Power (PLUG - Free Report) in the clean-power and hydrogen space.

Image Source: Zacks Investment Research

AI Data Centers Are Driving FCEL’s Opportunity

AI data centers run powerful computers around the clock. These facilities cannot afford power shortages or long delays in getting electricity. FuelCell Energy’s systems are designed to provide reliable baseload power directly at customer sites, helping reduce dependence on slow grid upgrades, new transmission lines or long utility interconnection timelines.

This is why FCEL’s business pipeline has expanded sharply. The company’s submitted proposal pipeline reached about 4 gigawatts in the fiscal second quarter, up more than 250% from the prior quarter. Around 89% of that pipeline is tied to potential data-center customers. That means most of FCEL’s current growth opportunity is linked to AI and digital infrastructure. Bloom Energy is also benefiting from the same theme, as BE markets on-site power systems for data centers and mission-critical facilities. Plug Power, meanwhile, is pursuing hydrogen and fuel-cell applications across several markets. While Bloom Energy and Plug Power are larger clean-energy names, FuelCell Energy is building a focused story around AI-driven demand for dependable electricity.

Image Source: FuelCell Energy

Modular Product and Manufacturing Scale Add Support

FuelCell Energy has introduced a standardized 12.5-megawatt (“MW”) FuelCell Energy Block. For a layman, this works like a power building block. A customer can begin with one block and add more as electricity demand increases. This is important for data centers because they often want to grow in phases instead of building all their power capacity at once.

The company says the 12.5-MW block uses its proven 1.25-MW modules and is designed to reduce repeat engineering and permitting work. That could make projects easier to plan and faster to deploy. FuelCell Energy is also expanding its Torrington, CT, manufacturing facility. Management now plans to raise annual production capacity to 500 MW, compared with the earlier 350-MW target. The company has said it will expand capacity in line with customer demand, contracted backlog and capital support. This disciplined approach matters because investors want growth, but not reckless spending. Bloom Energy and Plug Power also need strong execution to capture clean-energy demand, so FCEL’s ability to convert proposals into firm contracts will be critical.

Partnerships and Earnings Estimates Strengthen the Case for FCEL

FCEL’s story is not limited to data centers. The company continues to deliver fuel-cell modules to Gyeonggi Green Energy in South Korea and is involved in work tied to the AI Daegu Data Center opportunity. These projects support its international clean-energy presence. Another important opportunity is carbon capture. FuelCell Energy is working with ExxonMobil on technology that can capture carbon while producing power. Two carbon-capture modules were sent to Rotterdam for delivery to ExxonMobil’s facility. If this technology proves successful, FCEL could gain another long-term market beyond power generation.

Apart from price performance, FCEL’s earnings outlook is also improving. The Zacks Consensus Estimate for fiscal 2026 earnings implies a 59% improvement, while the estimate for fiscal 2027 points to another 27% improvement. This does not mean FCEL is already highly profitable, but it suggests analysts expect losses to narrow as the business scales. FuelCell Energy also ended the latest quarter with nearly $441 million in total cash, cash equivalents and restricted cash. That gives the company flexibility to support manufacturing expansion and commercial activity. Management has indicated that reaching a consistent annual production of at least 100 MW is important for moving toward positive adjusted EBITDA. Simply put, FCEL needs more volume to spread costs across a larger revenue base.

Image Source: Zacks Investment Research

Conclusion

FuelCell Energy is not a risk-free stock. The company still needs to turn its large proposal pipeline into signed contracts, grow backlog, improve profitability and compete with Bloom Energy and Plug Power. However, the stock’s sharp rally looks supported by real growth themes, including AI data-center power demand, modular fuel-cell products, manufacturing expansion, international projects, carbon-capture potential and improving earnings estimates. For investors who understand the risks, FCEL may still offer upside even after its near-quadruple move in three months. FCEL stock is currently a Zacks Rank #2 (Buy).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

July 07, 2026 16:05 ET  | Source: FuelCell Energy, Inc.

DANBURY, Conn., July 07, 2026 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (NASDAQ: FCEL) today announced the launch of an underwritten public offering of $200 million of shares of its common stock (the “Offering”). All of the shares are being offered by FuelCell Energy. FuelCell Energy expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock sold in the offering at the public offering price, less underwriting discounts and commissions. FuelCell Energy intends to use the net proceeds from the Offering, if completed, for capital expenditures related to expansion of manufacturing capacity to support growth, working capital and general corporate purposes. The Offering is subject to market conditions and other factors, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering.

Citigroup and Barclays are acting as joint book-running managers for the Offering.

A shelf registration statement on Form S-3 (333-296607) relating to these securities has been filed with the Securities and Exchange Commission (“SEC”) and became automatically effective on June 8, 2026. The Offering may be made only by means of a prospectus supplement and accompanying prospectus. A preliminary prospectus supplement relating to and describing the terms of the Offering will be filed with the SEC and copies of the preliminary prospectus supplement relating to the Offering may be obtained for free by visiting the SEC’s website at www.sec.gov. When available, copies of the preliminary prospectus supplement and the accompanying prospectus may also be obtained by contacting: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146) and Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-888-603-5847 or by e-mail at [email protected]. The final terms of the Offering will be disclosed in a final prospectus supplement to be filed with the SEC.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer, solicitation or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). All statements other than statements of historical fact included in this press release are forward-looking statements. Words such as “expects,” “anticipates,” “estimates,” “goals,” “projects,” “intends,” “plans,” “believes,” “predicts,” “should,” “seeks,” “will,” “could,” “would,” “may,” “forecast,” and similar expressions and variations of such words are intended to identify forward-looking statements and are included, along with this statement, for purposes of complying with the safe harbor provisions of the PSLRA. These forward-looking statements include, but are not limited to, statements about FuelCell Energy’s proposed public offering and FuelCell Energy’s intention to grant the underwriters an option to purchase additional shares. Forward-looking statements are neither historical facts, nor assurances of future performance. Instead, such statements are based only on our beliefs, expectations, and assumptions regarding the future. The forward-looking statements contained in this press release are subject to risks and uncertainties, known and unknown, that could cause actual results and future events to differ materially from those set forth in or contemplated by the forward-looking statements, including, without limitation, risks and uncertainties related to, among other things, market conditions and the demand for FuelCell Energy’s securities. These and other risks are described in greater detail under the section titled “Risk Factors” contained in the preliminary prospectus supplement and the accompanying prospectus, the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and the Company’s other filings with the SEC. Any forward-looking statements that the Company makes in this press release are made pursuant to the PSLRA and speak only as of the date of this press release. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

About FuelCell Energy

FuelCell Energy, Inc. (Nasdaq: FCEL) is an American clean energy technology company delivering continuous, scalable baseload power for mission-critical applications globally. The Company’s fuel cell systems generate electricity directly at the point of use, enabling reliable, low-emissions power for data centers, industrial facilities, utilities, and distributed generation customers. FuelCell Energy delivers commercially proven, modular, utility-scale systems backed by global fuel cell deployments.

Contact:
FuelCell Energy Investor Relations
[email protected]

Shares of FuelCell Energy (NASDAQ:FCEL) are down 10% to $26.89 in midday trading Tuesday, leading a coordinated slide across hydrogen and fuel cell names. Bloom Energy (NYSE:BE) stock is off 8% at $271.32, and Plug Power (NASDAQ:PLUG) stock is down 5% at $2.50. All three moves are landing on a broadly weak tape.

The declines are arriving without a negative company-specific catalyst. Each name actually has fresh positive news behind it. That combination points to profit-taking after outsized 2026 runs rather than any shift in the operating story.

The backdrop is heavy. The NASDAQ 100 is down 1.3% on the session, and the risk-off tone is hitting chips, memory, EVs, space, and AI miners alongside clean-power plays. Fuel cell names, up multi-fold this year, sit among the most crowded profit-taking targets when the tape turns.

Positive News Ignored as Traders Book Profits Plug Power just won a 50-megawatt electrolyzer order tied to Orica’s Hunter Valley Hydrogen Hub in Australia after the project reached final investment decision (FID). Plug Power will supply its GenEco PEM electrolyzers to what is billed as the largest Australian renewable-hydrogen project to reach FID. It’s a headline order for a business that has been slowly rebuilding credibility on execution.

Bloom Energy and Brookfield expanded their AI-infrastructure partnership to $25 billion, up from the initial $5 billion announced last October. The joint venture is aimed at delivering onsite power for hyperscalers and AI data centers. It’s the clearest institutional stamp yet on the Bloom Energy data-center power thesis.

FuelCell Energy rode a stack of catalysts into month-end, including Russell index inclusion, a $49 million EXIM financing deal, and analyst upgrades. Today’s pullback gives some of that recent gain back rather than resetting the underlying story.

Massive 2026 Runs Set Up the Pullback Bloom Energy stock has been the standout of the trio. Over the past year the shares are up 1,010%, powered by the AI power-demand thesis and successive guidance raises. Management lifted FY2026 revenue guidance to $3.4 billion to $3.8 billion after Q1 2026 non-GAAP EPS blew past estimates.

FuelCell Energy shares carried a triple-digit percentage gain into the session as well. The company’s sales pipeline grew to 4 gigawatts, up 267% from Q1 2026, with data centers making up roughly 90% of proposals. CEO Jason Few has anchored the story on a standardized 12.5 MW Energy Block aimed squarely at AI power demand.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Plug Power didn't make the cut. Grab the names FREE today.

Plug Power stock has lagged the group but has still climbed off multi-year lows, up 79% over the past year. Q1 2026 revenue rose 22% year over year (YoY) to $163.5 million, and management is targeting positive EBITDAS by Q4 2026 and full profitability by the end of 2028.

What to Watch Into the Close Composite sentiment gauges still lean positive on the group. Readings sit at 65 (bullish) on FCEL, 64 (bullish) on BE, and 58 (neutral) on PLUG. Reddit chatter on Bloom Energy stayed bullish in the 76 to 78 range over the long weekend, suggesting retail is not panicking on the drawdown.

Investors can watch for whether the fuel cell trio finds support into the close, and whether any sell-side notes recharacterize today’s action as a buying opportunity or a warning about stretched positioning. Fresh analyst commentary on the Brookfield expansion could set the near-term tone for Bloom Energy shares in particular.

The bull case for the group remains intact. Bloom Energy’s expanded Brookfield joint venture, Plug Power’s Australian electrolyzer order, and FuelCell Energy’s growing data center pipeline all point to real revenue tied to the AI hyperscaler build-out. The secular “bring-your-own-power” trend behind the trade hasn’t gone anywhere.

However, these are unprofitable, high-volatility names, and FuelCell Energy’s trailing EPS sits near -$6.20 with no meaningful P/E ratio. Meanwhile, Plug Power still runs at deeply negative gross margins, and Bloom Energy’s valuation now embeds heroic growth assumptions.

When names like these post multi-hundred-percent runs, single-session drawdowns of this size come with the territory. Investors should consider keeping their position sizes modest across this cohort given the swings, as a single risk-off session shows how quickly sentiment can flip on stocks trading more on momentum than earnings. The next catalyst could be as simple as a fresh analyst note or a follow-on data-center power headline.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Plug Power didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

I recommend a buy rating for FuelCell Energy (FCEL) due to its emerging data-center power demand and standardized product offering. FCEL's 12.5 MW standardized Energy Block targets rapid, repeatable deployments, with a proposal pipeline exceeding 5 GW—90% tied to data centers. The Fit Energy agreement secures an initial 30 MW tranche, validating FCEL's data-center strategy and supporting a 380 MW framework.

Key Takeaways FuelCell Energy secured $49M in EXIM-backed financing to support international clean energy expansion.FCEL will supply five 2.8-MW FuelCell Energy Blocks to Gyeonggi Green Energy in South Korea.FuelCell Energy plans to expand manufacturing and pursue AI factories and data center opportunities. FuelCell Energy, Inc. (FCEL - Free Report) stock has experienced a gain of more than 24% since the company made an announcement on June 29 that it had received a significant financial boost after the Export-Import Bank of the United States (EXIM) approved a $49 million financing package to support its international clean energy expansion. The funding underscores growing confidence in FuelCell Energy's technology and export strategy while reinforcing the role of U.S.-manufactured clean energy solutions in global markets.

EXIM Approves Two-Tranche Financing PackageThe financing package, approved by EXIM's board of directors on June 23, 2026, will be distributed in two tranches. The first tranche, scheduled for disbursement on June 30, 2026, is expected to provide approximately $22 million in net proceeds after financing fees and customary reserves. The second tranche is anticipated in October 2026, subject to standard closing conditions.

The funding has been structured under EXIM's loan guarantee program in collaboration with the Private Export Funding Corporation, continuing the agency's support for FuelCell Energy following similar financing arrangements completed in 2024 and 2025.

FCEL Supports a Major Clean Energy Project in South KoreaA key objective of the financing is to facilitate the delivery of five 2.8-megawatt FuelCell Energy Blocks to Gyeonggi Green Energy (GGE) in South Korea. With nearly 60 MW of installed capacity, GGE operates one of the world's largest fuel cell installations, highlighting the increasing adoption of distributed utility-scale clean energy systems.

The project further strengthens FuelCell Energy's presence in international markets while showcasing the scalability and reliability of its fuel cell technology for large-scale power generation.

Capital to Drive Future GrowthAccording to FuelCell Energy's management, the financing provides non-dilutive capital that enhances financial flexibility without increasing shareholder dilution. The company plans to use the additional resources to expand manufacturing capacity, pursue new opportunities in global power markets and support emerging applications such as AI factories and data centers that require continuous, reliable electricity.

This strategic investment positions FuelCell Energy to capitalize on rising global demand for resilient and low-emission power solutions.

FCEL Is Strengthening U.S. Manufacturing and ExportsFuelCell Energy manufactures its fuel cell technology in Torrington, CT, supporting domestic manufacturing, skilled American jobs and U.S.-based supply chains. Approximately 90% of the content used in its FuelCell Energy Blocks is sourced within the United States, aligning closely with EXIM's mission to promote American exports and strengthen the country's industrial competitiveness.

The financing demonstrates continued government support for exporting advanced U.S. clean energy technologies to international customers.

Growing Demand for Reliable Clean EnergyAs electricity demand continues to rise worldwide — particularly from energy-intensive industries such as artificial intelligence, cloud computing and advanced manufacturing — FuelCell Energy's distributed fuel cell systems offer a dependable source of continuous, low-emission baseload power. The company's commercially deployed technology is already serving utilities, industrial facilities and data centers across global markets.

With this latest EXIM-backed financing, FuelCell Energy is well-positioned to accelerate its international growth strategy while reinforcing its role in advancing the global transition toward cleaner and more reliable energy infrastructure.

FCEL’s Zacks Rank & Key PicksFuelCell Energy is a clean energy company that develops and provides stationary fuel cell systems for on-site, continuous power generation. Currently, FCEL carries a Zacks Rank #3 (Hold).

Investors interested in the energy sector may consider some top-ranked stocks like Global Partners LP (GLP - Free Report) , ARKO Petroleum Corp. (APC - Free Report) and Liberty Energy Inc. (LBRT - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. It owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. The Zacks Consensus Estimate for GLP’s 2026 earnings indicates 113.1% year-over-year growth.

ARKO Petroleum is a fuel distributor in North America that operates through segments like Wholesale and Fleet Fueling. The Zacks Consensus Estimate for APC’s 2026 revenues indicates 41.5% year-over-year growth.

Liberty Energy is a leading North American oilfield services company, specializing in hydraulic fracturing and completion solutions. The company provides differentiated services through advanced technology integration and real-time data analytics. The Zacks Consensus Estimate for LBRT’s 2026 earnings indicates 66.7% year-over-year growth.

June 29, 2026 07:30 ET  | Source: FuelCell Energy, Inc.

DANBURY, Conn., June 29, 2026 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) announced that the Board of Directors of the Export-Import Bank of the United States (EXIM) approved a financing package on June 23, 2026, of $49 million to be disbursed in two tranches.

The first tranche, expected to disburse on June 30, 2026, provides the company with net proceeds of approximately $22 million after financing fees and customary expenses and reserves to support the delivery of five 2.8-megawatt (MW) FuelCell Energy Blocks to Gyeonggi Green Energy (GGE) in South Korea. With nearly 60 MW of installed capacity, GGE’s site is among the largest fuel cell installations in the world and serves as an important example of distributed utility-scale clean energy deployment. A second tranche is expected to be disbursed in October 2026, subject to customary closing conditions.

EXIM structured the financing under its loan guarantee program and arranged with Private Export Funding Corporation (PEFCO), supporting the export of American clean energy technology to international markets. It builds upon FuelCell Energy’s prior EXIM-supported financing completed in 2024 and 2025 and reflects continued support for the company’s export of U.S.-manufactured clean energy technology.

“EXIM’s approval validates the strength of this project, our partnership with Gyeonggi Green Energy, FuelCell Energy’s business plan, and our ability to deliver distributed utility-scale clean power globally,” said Michael Bishop, FuelCell Energy’s Chief Financial Officer. “This financing adds non-dilutive capital to support growth and provides added flexibility as we invest in scaling manufacturing capacity, pursuing strategic opportunities in global power markets and mirroring our distributed utility scale solutions to AI factories and data centers.”

FuelCell Energy manufactures its clean, baseload fuel cell technology in Torrington, Conn., supporting domestic manufacturing, U.S. supply chains, and skilled American jobs. The transaction aligns with EXIM’s mission to support U.S. manufacturing, exports, and global competitiveness. Approximately 90% of the content in FuelCell Energy Blocks is sourced from the United States.

About FuelCell Energy

FuelCell Energy, Inc. is an American clean energy technology company delivering continuous, scalable baseload power for mission critical applications globally. The company’s fuel cell systems generate electricity directly at the point of use, enabling reliable, low emissions power for data centers, industrial facilities, utilities, and distributed generation customers. FuelCell Energy delivers commercially proven, modular, utility-scale systems—backed by global fuel cell deployments approaching one gigawatt. Learn more at www.fuelcellenergy.com.

Contact:

Media Relations
[email protected]

Investor Relations
[email protected]

Key Takeaways FuelCell Energy is gaining attention as AI data centers drive demand for reliable on-site baseload power.FCEL's fiscal second-quarter pipeline reached 4 GW, with 89% of proposals tied to data centers.Contracted backlog fell 9.9% year over year, keeping revenue timing and order conversion in focus. FuelCell Energy (FCEL - Free Report) is increasingly trading around a larger market theme: AI infrastructure needs reliable on-site power faster than the grid can often deliver.

That gives FCEL a clearer growth story, but investors still need to separate theme exposure from execution. The opportunity is real, yet the company must convert proposals into contracts and revenue.

FuelCell Energy Taps the AI Power CrunchAI and high-density data centers are creating demand for continuous behind-the-meter baseload power. FCEL’s fiscal second-quarter pipeline reached 4 GW, up 267% sequentially, with about 89% of proposals tied to data centers.

Image Source: FuelCell Energy

The company is positioning its platform around time-to-power, modular scaling, direct current output and integrated cooling. Its technology is meant to help customers reduce dependence on constrained transmission infrastructure and address permitting friction in power-tight markets.

Bloom Energy (BE - Free Report) is also tied to this emerging theme, with on-site fuel-cell power marketed for data centers and mission-critical infrastructure. Its role in the same market reinforces how AI power demand is broadening investor attention beyond traditional utilities.

FCEL Joins the Shift to Standardized PowerFCEL’s standardized 12.5-MW FuelCell Energy Block is central to its data center push. The product combines 10 of the company’s 1.25-MW modules and is designed to reduce repeat engineering and permitting work.

That matters because large AI infrastructure buyers need repeatable deployment models. A standardized design may make bigger projects easier to plan and phase, improving the commercial appeal of FCEL’s systems in grid-constrained markets.

FuelCell Energy Extends Beyond Baseload PowerFCEL’s trend story is not limited to data centers. Its carbonate platform can support distributed generation, cooling, biogas use, hydrogen production and carbon capture, giving the company optionality in industrial decarbonization.

The company’s carbon capture modules headed to Rotterdam for ExxonMobil expand that optionality. The Rotterdam pilot is expected to test technology that captures carbon while producing power and hydrogen, potentially opening another industrial market if the demonstration succeeds.

Image Source: FuelCell Energy

Plug Power (PLUG - Free Report) offers another example of how hydrogen and fuel-cell companies are pursuing data center and critical-power applications. Plug markets fuel-cell backup power for data centers as a scalable, zero-emission alternative to traditional combustion generators.

FCEL Must Prove Demand Can Become RevenueThe biggest issue is conversion. FCEL’s pipeline is heavily weighted toward proposals and commercial discussions rather than signed contracts, which keeps revenue timing difficult to predict.

Backlog also sends a cautionary signal. Contracted backlog fell 9.9% year over year to $1.14 billion as of April 30, 2026, and product backlog declined sharply as revenue burn-off was not fully offset by new orders.

Large infrastructure deals can take time to close, especially in data centers. Strong exposure to AI power demand does not remove the risk that orders arrive later than expected or fail to convert.

FuelCell Energy Scores Fit a Trend TradeThe bottom line is that FCEL fits the profile of a trend-driven idea. AI power demand, modular on-site generation and carbon capture optionality give the stock a compelling narrative, but the company still needs stronger proof in backlog, revenue and profitability.

FCEL carries a Zacks Rank #2 (Buy), which points to a favorable near-term earnings-estimate backdrop. Its Growth Score of B also fits a company exposed to a developing demand theme.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

However, the Style Scores are mixed, with a Value Score of F, Momentum Score of D and VGM Score of D. That combination suggests FCEL may appeal to patient, risk-tolerant investors, but it is not screening as a broadly strong stock across value, momentum and blended style factors.

Key Takeaways FCEL is drawing attention as AI and data-center power demand lifts its commercial pipeline.Data centers made up more than 80% of FCEL's pipeline and 89% of second-quarter proposals.FCEL's margin case depends on lifting production from the low-30-MW range toward 100 MW. FuelCell Energy (FCEL - Free Report) is drawing investor attention as power demand from artificial intelligence and high-density data centers rises.

The central question is whether that commercial momentum can translate into signed orders, higher production and narrower losses. FCEL’s pipeline has expanded, but profitability and backlog trends still keep the stock story balanced.

FCEL Pushes Deeper Into AI PowerData centers have become FCEL’s clearest growth target. By early 2026, more than 80% of its commercial pipeline was tied to data centers, and about 89% of second-quarter proposals were linked to that market.

Image Source: FuelCell Energy

The appeal rests on behind-the-meter baseload power. FCEL’s standardized 12.5-megawatt FuelCell Energy Block is designed to reduce repeat engineering and permitting work while helping projects move faster in grid-constrained markets.

Bloom Energy (BE - Free Report) is relevant to the same theme, as its fuel cell systems also address on-site power needs for data centers. Enphase Energy (ENPH - Free Report) fits the broader distributed-energy backdrop through solar, battery storage and energy-management offerings.

FuelCell Energy Has Near-Term Revenue HooksKorea module deliveries give FCEL a nearer-term revenue bridge while larger data-center opportunities remain in negotiation. Scheduled shipments to Gyeonggi Green Energy helped lift second-quarter product revenues to $18 million.

Additional Korea-related deployments are expected through the rest of fiscal 2026. These shipments should support second-half product revenues, while related long-term service agreements could extend recurring revenue opportunities into fiscal 2027 and beyond.

FCEL Sees Scale as the Margin UnlockFCEL’s margin case depends heavily on manufacturing scale. The company has begun expanding its Torrington, CT, facility and is targeting annualized production capacity of up to 500 megawatts.

Management has linked adjusted EBITDA positivity to consistent annualized production at or above 100 megawatts. Current production is roughly in the low-30-megawatt range, which leaves cost absorption well below the level needed for sustained improvement.

Automation and process efficiency remain central to the plan. The company has started work on a high-volume tape caster and other capacity additions, with expansion spending expected to total $200-$275 million over about 24 months.

FuelCell Energy Still Faces Real ObstaclesThe growth narrative is not yet matched by contracted visibility. Backlog declined 9.9% year over year to $1.14 billion as of April 30, 2026, reflecting revenue burn-off that was only partly offset by new contract backlog.

The 4-gigawatt pipeline signals demand, but it is not the same as signed business. FCEL defines pipeline as commercial discussions ranging from solutions discussions to contract negotiation, and there is no assurance these opportunities become contracts or sales.

Losses also remain a major issue. In the second quarter of fiscal 2026, FCEL posted a gross loss of $12.9 million, a loss from operations of $77.9 million and adjusted EBITDA of negative $17.1 million.

Image Source: FuelCell Energy

FCEL Signals a Mixed Stock SetupThe bottom line is that FCEL offers a cleaner growth setup than it did when data-center demand was a smaller part of the story, but execution still matters more than pipeline size. Investors need to see proposals convert into backlog and production rise enough to improve margins.

FCEL currently carries a Zacks Rank #2 (Buy), which points to favorable near-term earnings estimate trends. Its Style Scores are less convincing, with a Growth Score of B offset by a Value Score of F, Momentum Score of D and VGM Score of D.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

That combination supports a nuanced view. The Zacks Rank reflects improving expectations, while the weak Value, Momentum and VGM scores suggest the stock does not offer a clean across-the-board profile despite the Growth Score of B.

Initial 30 MW delivery is expected to begin this year June 24, 2026 07:00 ET  | Source: FuelCell Energy, Inc.

DANBURY, Conn. and BOCA RATON, Fla., June 24, 2026 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL), a clean energy technology company that manufactures utility scale power solutions, and Fit Energy USA LP (“Fit Energy”), a developer of reliable power solutions to support advanced computing infrastructure and artificial intelligence, today announced a strategic agreement for up to 380 megawatts (MW) of clean, baseload on-site power for data centers using FuelCell Energy’s utility-scale fuel cell technology. The agreement includes an immediate deposit for an initial 30 MW of power scheduled to begin delivery later this year.

“We are pleased to partner with Fit Energy on its development plans. We’ve engaged with a diverse range of prospective customers across the digital infrastructure landscape, and Fit Energy has distinguished itself through its commitment to ‘energy as a service’ power solutions that support both communities and the environment,” said Jason Few, President and CEO of FuelCell Energy. He added, “This agreement further validates our decision to scale our operations to 500 MW, preserving our ability to serve a broad and growing pipeline of customers.”

Joel Leonoff, CEO of Fit Energy, added, “Today’s announcement marks a critical step in building the power foundation required for the next generation of AI infrastructure. FuelCell Energy’s technology aligns with our growth objectives and our goal of delivering behind-the-meter power solutions to data centers at gigawatt scale.”

Under the arrangement, Fit Energy will be eligible to receive warrants tied to future deployment milestones of up to 380 MW. The warrant structure is designed to align long-term value creation with successful project execution and customer deployment.

Canaccord Genuity served as a financial advisor to FuelCell Energy Inc. on certain aspects of this transaction.

About Fit Energy

Fit Energy is an energy infrastructure company focused on long-term ownership of generation assets formed to deliver near-term, scaled energy solutions for the digital economy. The platform is designed to serve large power requirements through a hybrid model supporting behind-the-meter, microgrid and grid-connected structures ranging from fuel cell technology to natural gas turbines. Learn more about Fit Energy at www.Fitenergygroup.com.

About FuelCell Energy

FuelCell Energy, Inc. (Nasdaq: FCEL) is an American clean energy technology company delivering continuous, scalable baseload power for mission critical applications globally. The company’s fuel cell systems generate electricity directly at the point of use, enabling reliable, low emissions power for data centers, industrial facilities, utilities, and distributed generation customers. FuelCell Energy delivers commercially proven, modular, utility-scale systems—backed by global fuel cell deployments approaching one gigawatt. Learn more at www.fuelcellenergy.com.

Cautionary Language

This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or our future financial performance that involve certain contingencies and uncertainties. The forward-looking statements include, without limitation, statements with respect to the Company’s anticipated financial results and statements regarding the Company’s plans and expectations regarding the continuing development, commercialization and financing of its current and future fuel cell technologies, the Company’s business plans and strategies, the Company’s plan to reduce operating costs, the capabilities of the Company’s products, the Company’s potential sales pipeline, opportunities, and partners, and the markets in which the Company expects to operate. Projected and estimated numbers contained herein are not forecasts and may not reflect actual results. These forward-looking statements are not guarantees of future performance, and all forward-looking statements are subject to risks and uncertainties, known and unknown, that could cause actual results and future events to differ materially from those projected. Factors that could cause such a difference include, without limitation: general risks associated with product development and manufacturing; general economic conditions; changes in interest rates, which may impact project financing; supply chain disruptions; changes in the utility regulatory environment; changes in the utility industry and the markets for distributed generation, distributed hydrogen, and fuel cell power plants configured for carbon capture or carbon separation; potential volatility of commodity prices that may adversely affect our projects; availability of government subsidies and economic incentives for alternative energy technologies; our ability to remain in compliance with U.S. federal and state and foreign government laws and regulations; our ability to maintain compliance with the listing rules of The Nasdaq Stock Market; rapid technological change; competition; the risk that our bid awards will not convert to contracts or that our contracts will not convert to revenue; market acceptance of our products; changes in accounting policies or practices adopted voluntarily or as required by accounting principles generally accepted in the United States; factors affecting our liquidity position and financial condition; government appropriations; the ability of the government and third parties to terminate their development contracts at any time; the ability of the government to exercise “march-in” rights with respect to certain of our patents; our ability to successfully market and sell our products internationally; delays in our timeline for bringing commercially viable products to market; our ability to develop additional commercially viable products in the future; our ability to implement our strategy; our ability to reduce our levelized cost of energy and deliver on our cost reduction strategy generally; our ability to protect our intellectual property; litigation and other proceedings; the risk that commercialization of our new products will not occur when anticipated or, if it does, that we will not have adequate capacity to satisfy demand; our need for and the availability of additional financing; our ability to generate positive cash flow from operations; our ability to service our long-term debt; our ability to increase the output and longevity of our platforms and to meet the performance requirements of our contracts; our ability to expand our customer base and maintain relationships with our largest customers and strategic business allies; and our ability to reduce operating costs, as well as other risks set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2025. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.

FuelCell Energy Contacts
Media Relations: [email protected]
Investor Relations: [email protected]

Fit Energy Media Contact
Zenergy Communications
[email protected]

© gchutka / E+ via Getty Images

FuelCell Energy‘s (NASDAQ:FCEL) stock is up 14% to $24.91 in Wednesday morning trading, decisively outpacing other major fuel-cell names. The catalyst is company-specific: FuelCell Energy and Fit Energy USA LP announced a strategic agreement for up to 380 megawatts (MW) of clean, baseload on-site power for data centers using FuelCell Energy’s utility-scale technology.

The jump is a sharp reversal. FCEL stock closed at $21.82 on June 23 after falling 10.54% in the prior session. Today’s pop puts FuelCell Energy back near recent highs and dwarfs the modest moves in Plug Power (NASDAQ:PLUG) and Bloom Energy (NYSE:BE).

Thus, FuelCell Energy stock is clearly outperforming its fuel cell peers this morning, with PLUG stock flat at $2.72 and BE stock up 1% to $325.31. Neither peer has notable company-specific news this morning.

Fit Energy Deal Validates the Data Center Pivot The Fit Energy agreement is structured as a framework rather than a single firm contract. It includes an immediate deposit for an initial 30 MW of power scheduled to begin delivery later this year, with Fit Energy eligible to receive warrants tied to future deployment milestones of up to 380 MW. FuelCell Energy notes that the warrant structure is designed to align long-term value with execution.

Fit Energy itself is positioned squarely in the AI buildout. The company is a developer of power solutions for advanced computing infrastructure and AI, targeting behind-the-meter power for data centers at gigawatt scale. FuelCell Energy CEO Jason Few stated that the deal “further validates our decision to scale our operations to 500 MW.”

Fit Energy CEO Joel Leonoff called it “a critical step in building the power foundation required for the next generation of AI infrastructure.” FuelCell Energy added that its global fuel cell deployments are “approaching one gigawatt.” Canaccord Genuity served as financial advisor to FuelCell Energy on the transaction.

Plug Power and Bloom Energy Tread Water Plug Power stock is barely budging this morning, and there’s no notable company-specific news driving PLUG shares at the moment. For context, Plug Power’s last earnings report in May featured 22% revenue growth year over year and a target of positive EBITDAS by Q4 2026.

Bloom Energy stock is also quiet on a relative basis. BE is up 1% with no fresh corporate catalyst. Bloom Energy remains the giant of the group, with a market cap near $92 billion and an enormous share-price run already in the books over the past year.

The takeaway is that today’s fuel cell stock action is driven by FuelCell Energy’s own catalyst, while Plug Power and Bloom Energy are drifting along with a normal trading session.

AI Power Demand Remains the Sector Tailwind The broader thesis hasn’t changed. Hyperscalers face grid interconnection delays and powered-land scarcity, which is pushing them toward behind-the-meter generation. That’s the lane FuelCell Energy is now selling into directly through Fit Energy, and it is also the lane Bloom Energy has been mining with its Brookfield and Oracle relationships.

Caution is still warranted across the group. FCEL, PLUG, and BE are speculative, historically unprofitable, and highly volatile names. FuelCell Energy stock carries a beta of 2.4, and Plug Power shares carry a beta of 2.1, so swings like today’s FCEL pop can cut both ways.

What to Watch Next The near-term focus for FuelCell Energy is execution on the initial 30 MW delivery and any updates on the milestone-based warrant tranches that would unlock the remainder of the 380 MW framework. Investors can watch for whether FCEL stock holds the morning gain into the close, given the prior session’s 10.54% drop.

For Plug Power and Bloom Energy, the next catalysts are likely to come from their own deal flow rather than from any FCEL halo effect. Investors interested in fuel cell exposure may want to size their positions modestly given the volatility profile across all three names.

Bouncing back from closing 10.5% lower yesterday compared to Monday's close, FuelCell Energy (FCEL 1.17%) stock is soaring today. The company announced a supply agreement with a developer of data center infrastructure this morning, motivating investors to power their portfolios with shares of the fuel cell specialist.

As of 10:40 a.m ET, shares of FuelCell Energy are up 6.4%, retreating from an earlier rise of 15.5%.

Image source: Getty Images.

This data center deal is charging up investors' enthusiasm FuelCell Energy announced an agreement with Fit Energy, a developer of power solutions suited for advanced computing infrastructure and artificial intelligence (AI), for up to 380 megawatts (MW) of on-site power for data centers using FuelCell Energy's fuel cell technology.

Having received an immediate deposit for an initial 30 MW of fuel cell systems, FuelCell Energy plans on commencing deliveries later this year.

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Earlier this month, FuelCell Energy reported second-quarter 2026 financial results, including a sales pipeline that totaled four gigawatts, representing a 267% quarter-over-quarter increase.

What's a fuel cell-focused investor to do with today's news? With the company's announcement of a promising agreement, it's unsurprising that investors are bidding up FuelCell Energy stock today -- especially since it reported a 9.9% decrease in its backlog to $1.14 billion as of April 30, 2026, from the same time last year.

While the news today is positive, FuelCell Energy stock remains an extremely speculative investment. The company consistently fails to generate both profits and positive operating cash flow. For these reasons, the stock should remain a consideration only for those with robust risk tolerances. Fortunately, for those interested in hydrogen stock exposure, there are plenty of other options.

Scott Levine has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

FuelCell Energy stock is trading at elevated levels. Where are FCEL shares going? What Is FuelCell Energy’s Data-Center Strategy?The current debate is centered on FuelCell Energy’s push into data-center power, where data centers represent nearly 90% of its sales pipeline, but investors remain sensitive to recent execution issues. The company has also pointed to a 4-gigawatt second-quarter pipeline that jumped 267% from the first quarter and a standardized 12.5-megawatt "Energy Block" product aimed at faster time-to-power for AI and data center projects.

FuelCell Energy’s higher-beta behavior has been showing up in both directions, with the stock often trading more like a sentiment lever than a single-headline story when futures shift. That dynamic has kept the focus on whether the pipeline narrative converts into signed work and delivered megawatts, not just a bigger funnel.

Critical Price Levels To Watch For FCELThe bigger-picture trend is still pointed up: at $24.01, the stock is trading well above its 20-day SMA ($20.86), 50-day SMA ($15.94), 100-day SMA ($11.67), and 200-day SMA ($9.80). That "bullish stack" is reinforced by the 20-day SMA sitting above the 50-day SMA, and the golden cross that formed in October 2025 (50-day above the 200-day) remains in place.

For momentum, RSI is the cleaner lens here: the last noted turning point was RSI entering overbought territory in May, which helps explain why the stock has been prone to consolidation after sharp runs. In plain terms, RSI measures how stretched a move is, and that overbought signal in May lines up with the idea that FCEL may need time (or a fresh catalyst) to digest gains.

Key Resistance: $27.50 — near the 52-week high zone ($27.69), where breakouts often need follow-through to avoid stalling Key Support: $20.86 — the 20-day SMA area, which often acts as a "line in the sand" during consolidations in uptrends FuelCell Energy is a clean energy technology company that develops, designs, produces, and services high-temperature fuel cells for clean electric power generation. Its core offering includes proprietary molten carbonate fuel cell systems that generate electricity electrochemically with ultra-low emissions and high efficiency.

The company often operates as a full solutions provider—handling design, manufacturing, installation, and long-term maintenance under power purchase, service, and engineering procurement agreements. That matters for the data-center angle because "time-to-power" and reliability can be as important as the technology itself when customers are trying to bring large AI-related loads online.

FCEL Stock Price Movement in PremarketFCEL Stock Price Activity: FuelCell Energy shares were down 1.00% at $23.80 during premarket trading on Monday, according to Benzinga Pro data.

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Investors interested in Oils-Energy stocks should always be looking to find the best-performing companies in the group. Is FuelCell Energy (FCEL - Free Report) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.

FuelCell Energy is a member of the Oils-Energy sector. This group includes 238 individual stocks and currently holds a Zacks Sector Rank of #4. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. FuelCell Energy is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for FCEL's full-year earnings has moved 17.1% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

According to our latest data, FCEL has moved about 131.7% on a year-to-date basis. In comparison, Oils-Energy companies have returned an average of 25.3%. As we can see, FuelCell Energy is performing better than its sector in the calendar year.

National Energy Services Reunited (NESR - Free Report) is another Oils-Energy stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 69.2%.

For National Energy Services Reunited, the consensus EPS estimate for the current year has increased 6% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, FuelCell Energy belongs to the Alternative Energy - Other industry, which includes 50 individual stocks and currently sits at #101 in the Zacks Industry Rank. On average, this group has gained an average of 13.4% so far this year, meaning that FCEL is performing better in terms of year-to-date returns.

National Energy Services Reunited, however, belongs to the Oil and Gas - Mechanical and and Equipment industry. Currently, this 11-stock industry is ranked #108. The industry has moved +35.2% so far this year.

Going forward, investors interested in Oils-Energy stocks should continue to pay close attention to FuelCell Energy and National Energy Services Reunited as they could maintain their solid performance.

© audioundwerbung / iStock via Getty Images

Fuel cell stocks are splitting in opposite directions midday Wednesday. Plug Power (NASDAQ:PLUG) stock is up 6% to $4.07, while sector peers FuelCell Energy (NASDAQ:FCEL) and Bloom Energy (NYSE:BE) are slipping into the red.

FCEL stock is down 4% to $23.32, and BE stock is off 3% to $294.64. The split looks dramatic on the screen, but the context matters here.

All three names have been on torrid runs into today. FCEL stock is up 225% year to date (YTD) and BE shares are up 242% YTD. Today’s red prints in FCEL and BE look more like profit-taking than a sector breakdown.

Plug Power: Hydrogen Turnaround Catches Another Bid Plug Power stock is the clear standout today, extending a massive rally starting in March.

The fundamental backdrop firmed up earlier this month. Plug Power reported Q1 FY2026 revenue of $163.51M, up 22% year over year, beating consensus by 17%, with GAAP gross margin improving sharply. CEO Jose Luis Crespo reiterated the company’s “EBITDAS positive target in Q4 2026”.

Plug Power’s management is also unlocking cash, with about $275 million expected from hydrogen asset monetization, including a $142 million Stream Data Centers deal closing in June. Wall Street remains cautious, however, with an analyst target price of $3.62 sitting below today’s quote.

FuelCell Energy: Pullback After a Vertical Run FuelCell Energy stock is taking a breather after a near-vertical move. One red day barely dents the broader trend.

The bull thesis remains the AI power pivot. FuelCell Energy posted Q4 FY2025 revenue of $55.02M, up 12% year over year, with cash on hand of $278.1 million and a $1.24 billion backlog. CEO Jason Few continues to point management’s energy toward data center customers.

The setup looks like classic profit-taking. FCEL stock ran fast, and traders are trimming after a parabolic month.

Bloom Energy: Sector Leader Cools Off Bloom Energy stock is the sector’s heavyweight and today’s modest decliner, with hyperscaler power deals reshaping the story.

The fundamentals are doing the heavy lifting. Bloom Energy reported Q1 FY2026 revenue of $751.05M, up 130% year over year, and raised FY26 guidance to $3.4 billion to $3.8 billion in revenue. CEO KR Sridhar described the moment with confidence: “We at Bloom are ushering in the era of digital power for the digital age.”

Even Mad Money host Jim Cramer has flagged the name, noting that Bloom’s fuel cells are “in short supply and they don’t burn dirty” for data center deployment. A 3% pullback against that backdrop is noise, not a thesis change.

What to Watch The bigger picture is that PLUG, FCEL, and BE are all riding the same AI power thesis, just at different scales. The Bloom Energy stock leads on hyperscaler exposure, FuelCell Energy is the mid-cap pivot story, and Plug Power is the hydrogen turnaround.

Today’s divergence is a function of timing and crowding, not narrative. With PLUG carrying a beta of 2.07 and 12 hold ratings against 5 buys, the stock could stay choppy even on green days.

Investors may want to keep an eye on whether PLUG stock holds above $4 into the close and whether FCEL and BE stabilize after their multi-month surges. Prudent investors might also size their positions modestly given how stretched the YTD moves already are across the group.

Key Takeaways FuelCell Energy targets food and beverage plants that need steady CO2 for drinks, freezing and preservation.FCEL systems turn hydrogen-rich fuel into power and heat, producing a concentrated CO2 stream for reuse.On-site CO2 recovery can reduce reliance on suppliers and trucking, helping manage price swings. FuelCell Energy’s (FCEL - Free Report) relevance to the food and beverage market lies in a basic operating need — steady access to carbon dioxide (CO2), whichis essential for carbonated drinks, beer, food processing, refrigeration, dry ice and preservation. When supplies tighten or transportation costs rise, manufacturers can face higher input costs and even production delays. That makes CO2 availability a business continuity issue, not just an environmental concern.

In other words, CO2 availability is often discussed in environmental terms because it is associated with emissions, climate impact and sustainability. But for food and beverage companies, CO2 is also a critical operating input. For operators running high-volume production lines, even short disruptions in this input can affect schedules, inventory planning and customer commitments.

FCEL’s fuel cell technology addresses this challenge by allowing manufacturers to produce useful energy and recover CO2 at the same site. The system converts hydrogen-rich fuel into electricity and heat, while generating a concentrated CO2 stream that can be reused in production. For food and beverage plants, this creates a more integrated setup, as power, heat and a critical raw material can all come from one on-site platform. This can reduce exposure to outside CO2 suppliers, trucking constraints and price swings, while giving plant managers greater control over a resource that is often treated as externally dependent.

The key insight is that FuelCell Energy’s food and beverage application is not simply about clean power. Its stronger value proposition is operational resilience. Facilities that consume large volumes of CO2 may benefit from bringing part of that supply in-house, especially if they also need reliable electricity and usable heat. The model turns CO2 from a purchased commodity into a recoverable resource, helping manufacturers improve uptime, manage costs and support sustainability goals without changing the core purpose of their production lines.

FCEL is not alone in recognizing that CO2 has become an important operating input for food and beverage producers. Other industrial gas and equipment companies are also serving this market by helping customers store, supply and use CO2 more reliably across carbonation, freezing, chilling and packaging applications.

Expanding Role of CO2 in Food and Beverage Operations

Chart Industries (GTLS - Free Report) supports the food and beverage industry with bulk CO2 carbonation and storage systems used for soft drinks, beer and food freezing. Chart Industries offers Carbo-Mizer, Carbo-Mite, Carbo-Max and Perma-Max tanks as safer, lower-cost alternatives to high-pressure cylinders. Chart Industries also combines CO2 and nitrogen technology to help brewers manage dispensing needs, reduce run-outs and support consistent quality from small brew pubs to stadiums and larger breweries today.

Meanwhile, Air Products and Chemicals (APD - Free Report) serves the food and beverage industry through food-grade gases, including CO2, used for freezing, chilling, packaging, fermentation and process optimization. Air Products’ Freshline solutions help manufacturers improve product quality, extend shelf life and support food safety. Air Products also offers testing through food labs and mobile services, helping customers see how CO2 or nitrogen can improve yield, quality and efficiency. Air Products emphasizes reliable supply through bulk, microbulk and on-site options.

The Zacks Rundown on FCEL

Shares of FuelCell Energy have nearly tripled over the past six months, breezing past the industry's growth.

Image Source: Zacks Investment Research

FCEL currently has an average brokerage recommendation (ABR) of 3.44 on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by nine brokerage firms. 

Image Source: Zacks Investment Research

The chart below shows FCEL’s earnings over the past four quarters.

Image Source: Zacks Investment Research

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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DANBURY, Conn., June 08, 2026 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (“FuelCell Energy” or the “Company”) (NASDAQ: FCEL) today reported financial results for its second quarter ended April 30, 2026.

Second Fiscal Quarter 2026 Operational and Financial Highlights

(All comparisons are year-over-year unless otherwise noted)

Backlog of $1.14 billion as of April 30, 2026, compared to $1.26 billion as of April 30, 2025, a decrease of approximately 9.9%Sales pipeline1 in Q2 2026 totals 4 gigawatts (“GW”), a 267% increase from Q1 2026Advanced expansion of Torrington, CT manufacturing capacityFirst two carbon capture modules en route to Rotterdam, The Netherlands in advancement of carbon capture collaboration with ExxonMobil Technology and Engineering CompanyRevenue of $35.6 million, compared to $37.4 million, a decrease of approximately 5%Gross loss of $(12.9) million, compared to $(9.4) million, an increase of approximately 37%Loss from operations of $(77.9) million, compared with $(35.8) million, an increase of approximately 118%Net loss per share attributable to common stockholders was $(1.45), compared with $(1.79) ________________________
1 Pipeline consists of ongoing commercial discussions that range from solutions discussion through contract negotiation and does not represent signed agreements. There can be no assurance that these discussions will result in executed contracts or actual sales.

“This past quarter reflected strong commercial momentum and disciplined operational execution across the business, including continued progress on our data center strategy,” said Jason Few, President and CEO of FuelCell Energy. “Our carbonate fuel cell platform was designed from inception as a megawatt-scale distributed generation solution and has been proven through more than two decades of commercial operations. Unlike architectures that aggregate numerous sub-scale units to achieve meaningful output, FuelCell Energy deploys utility-scale energy blocks capable of bringing resilient, continuous power directly to the customer. In effect, we are focused on extending the grid to the data center, enabling customers to accelerate time-to-power, reducing dependence on constrained transmission infrastructure, removing permitting friction, and supporting the growing energy demands of AI-driven compute environments with proven, scalable technology.”

“This past quarter also reflected progress toward expanding the capacity of our Torrington manufacturing facility to support an annualized production rate of up to 500 MW. We believe our balance sheet, including approximately $441 million in total cash and cash equivalents as of April 30, 2026, positions us well to execute on the pipeline opportunities, scale responsibly, and create long-term value for our shareholders and stakeholders.”

Business Updates
During the second quarter, FuelCell Energy announced the introduction of a standardized 12.5 MW FuelCell Energy Block, with the goal of shortening time-to-power for AI and data center developers and enabling rapid deployment of power solutions to grid-constrained markets. The off-the-shelf, standardized, and scalable 12.5 MW on-site power system is designed to address grid bottlenecks directly, with the goal of enabling large data center projects to move forward faster in power-constrained markets.

Similar to the standardized generation capacity increases utilities plan and execute over years, the 12.5 MW FuelCell Energy Block will apply a similar approach to on-site data center power, but on shorter timelines, reducing repeated engineering and integration as projects scale, and eliminating the need for high voltage transmission and other costly infrastructure associated with grid connection.

To address increased product demand from the Company’s growing commercial pipeline and interest in the 12.5 MW Energy Block, the Company has begun work on the previously announced expansion of its Torrington, CT manufacturing facility. In light of increased demand, the previously contemplated capacity expansion to support an annualized production rate of up to 350 MW has been increased, with the target of supporting an annualized production rate of up to 500 MW. The Company estimates that total cost of the expansion will range from $200 to $275 million. The expansion project is expected to be executed over the next twenty four months. As of May 31, 2026, work had begun on installation of a new high-volume tape caster, and a new conditioning room had been commissioned.

Backlog

 As of April 30,  (Amounts in thousands) 2026   2025  ChangeProduct$36,115 $98,184 $(62,069)Service 155,350  164,417  (9,067)Generation 928,482  967,388  (38,906)Advanced Technologies 15,440  29,608  (14,168)Total Backlog$1,135,387 $1,259,597 $(124,210)
Overall, backlog decreased by approximately 9.9% to $1.14 billion as of April 30, 2026, compared to $1.26 billion as of April 30, 2025, primarily as a result of revenue recognized over the period from April 30, 2025 through April 30, 2026, partially offset by new contract backlog.

Backlog represents definitive agreements executed by the Company and our customers. Projects for which we have an executed power purchase agreement (“PPA”) are included in generation backlog, which represents future revenue under long-term PPAs. The Company’s ability to recognize revenue in the future under a PPA is subject to the Company’s completion of construction of the project covered by such PPA. Should the Company not complete the construction of the project covered by a PPA, it will forgo future revenues with respect to the project and may incur penalties and/or impairment expenses related to the project. Projects sold to customers (and not retained by the Company) are included in product sales and service agreements backlog, and the related generation backlog is removed upon sale. Together, the service and generation portion of backlog had a weighted average term of approximately 15 years as of April 30, 2026, with weighting based on the dollar amount of backlog and utility service contracts of up to 20 years in duration at inception.

Consolidated Financial Metrics

 Three Months Ended April 30,  (Amounts in thousands, except per share data) 2026   2025  Change  Total revenues$35,589  $37,406  (5%) Gross loss (12,929)  (9,438) 37% Loss from operations (77,913)  (35,810) 118% Net loss (77,629)  (37,749) 106% Net loss attributable to common stockholders (78,707)  (38,849) 103% Net loss per basic and diluted share attributable to common stockholders$(1.45) $(1.79) (19%)        EBITDA *$(67,071) $(24,920) 169% Adjusted EBITDA *$(17,056) $(19,310) (12%) Adjusted net loss per basic and diluted share attributable to common stockholders *$(0.53) $(1.53) (65%)  * Reconciliations of non-GAAP measures EBITDA, Adjusted EBITDA and Adjusted net loss per basic and diluted share attributable to common stockholders are contained in the appendix to this press release.

Second Fiscal Quarter 2026 Financial Results
(All comparisons are between second quarter of fiscal 2026 and second quarter of fiscal 2025 unless otherwise noted)

Second quarter revenue of $35.6 million represents a decrease of 5% from the comparable prior year quarter. This was driven by a decline in service revenue due to the lack of modules exchanges in the quarter and lower generation revenue due to lower operating output (in large part due to the fact that the Groton Project was undergoing repairs during the quarter), partially offset by higher product revenues recognized in connection with module deliveries to customers in Korea and higher Advanced Technologies revenues. (The Groton Project is the 7.4 MW fuel cell project located on the U.S. Navy Submarine Base in Groton, CT.)

Net loss was $(77.6) million in the second quarter of fiscal 2026, compared to net loss of $(37.7) million in the second quarter of fiscal 2025. Higher net loss in the period was primarily driven by impairment expenses related to the Company’s decision to upgrade the equipment at the Groton Project to utilize three of the Company’s standard 2.5 MW FCE Blocks.

Net loss attributable to common stockholders was $(78.7) million in the second quarter of fiscal 2026, compared to net loss attributable to common stockholders of $(38.8) million in the second quarter of fiscal 2025. The increase in net loss attributable to common stockholders was primarily due to the increase in loss from operations for the three months ended April 30, 2026.

Adjusted EBITDA totaled $(17.1) million in the second quarter of fiscal 2026, compared to Adjusted EBITDA of $(19.3) million in the second quarter of fiscal 2025. The improvement in Adjusted EBITDA reflects lower cash operating costs than in the prior period. Please see the discussion of non-GAAP financial measures, including Adjusted EBITDA, in the appendix at the end of this release.

The net loss per share attributable to common stockholders in the second quarter of fiscal 2026 was $(1.45), compared to $(1.79) in the second quarter of fiscal 2025. The decrease in net loss per share attributable to common stockholders is primarily due to the higher number of weighted average shares outstanding due to share issuances since April 30, 2025.

Cash and Restricted Cash

Cash and cash equivalents and restricted cash and cash equivalents totaled $440.9 million as of April 30, 2026, compared to $341.8 million as of October 31, 2025. Of the $440.9 million as of April 30, 2026, unrestricted cash and cash equivalents totaled $373.2 million and restricted cash and cash equivalents totaled $67.7 million. Of the $341.8 million total as of October 31, 2025, unrestricted cash and cash equivalents totaled $278.1 million and restricted cash and cash equivalents totaled $63.7 million.

Sales of Common Stock

During the three months ended April 30, 2026, approximately 10.9 million shares of the Company’s common stock were sold under the Company’s Open Market Sale Agreement, as amended, at an average sale price of $9.45 per share, resulting in gross proceeds of approximately $102.6 million and net proceeds to the Company of approximately $100.4 million after deducting sales commissions and fees totaling approximately $2.2 million.

Subsequent to the end of the quarter, approximately 4.1 million shares of the Company’s common stock were sold under the Company’s Open Market Sale Agreement, as amended, at an average sale price of $13.31 per share, resulting in gross proceeds of approximately $54.0 million and net proceeds to the Company of approximately $52.9 million after deducting sales commissions and fees totaling approximately $1.1 million.

Following these sales, approximately $0.5 million of shares remained available for sale under the Open Market Sale Agreement, as amended.

For further information, please refer to the Company’s Quarterly Report on Form 10-Q for the quarter ended April 30, 2026, which includes the Company’s unaudited interim consolidated financial statements, related notes thereto and management’s discussion and analysis, and is available on the Company's website at www.fuelcellenergy.com and under its profile at www.sec.gov.

Conference Call Information

FuelCell Energy will host a conference call today beginning at 10:00 a.m. ET to discuss second quarter 2026 results as well as key business highlights. Participants can access the live call via webcast on the Company’s website or by telephone as follows:

(1) The live webcast of the call and supporting slide presentation will be available at www.fuelcellenergy.com. To listen to the call, select “Investors” on the home page located under the “Our Company” pull-down menu, proceed to the “Events & Presentations” page and then click on the “Webcast” link listed under the June 8th earnings call event, or click here.

Alternatively, participants can dial 888-330-3181 and state FuelCell Energy or the conference ID number 1099808. The replay of the conference call will be available via webcast on the Company’s Investors’ page at www.fuelcellenergy.com approximately two hours after the conclusion of the call.

Cautionary Language

This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or our future financial performance that involve certain contingencies and uncertainties. The forward-looking statements include, without limitation, statements with respect to the Company’s anticipated financial results and statements regarding the Company’s plans and expectations regarding the continuing development, commercialization and financing of its current and future fuel cell technologies, the Company’s business plans and strategies, the Company’s plan to reduce operating costs, the capabilities of the Company’s products, the Company’s potential sales pipeline, opportunities, and partners, and the markets in which the Company expects to operate. Projected and estimated numbers contained herein are not forecasts and may not reflect actual results. These forward-looking statements are not guarantees of future performance, and all forward-looking statements are subject to risks and uncertainties, known and unknown, that could cause actual results and future events to differ materially from those projected. Factors that could cause such a difference include, without limitation: general risks associated with product development and manufacturing; general economic conditions; changes in interest rates, which may impact project financing; supply chain disruptions; changes in the utility regulatory environment; changes in the utility industry and the markets for distributed generation, distributed hydrogen, and fuel cell power plants configured for carbon capture or carbon separation; potential volatility of commodity prices that may adversely affect our projects; availability of government subsidies and economic incentives for alternative energy technologies; our ability to remain in compliance with U.S. federal and state and foreign government laws and regulations; our ability to maintain compliance with the listing rules of The Nasdaq Stock Market; rapid technological change; competition; the risk that our bid awards will not convert to contracts or that our contracts will not convert to revenue; market acceptance of our products; changes in accounting policies or practices adopted voluntarily or as required by accounting principles generally accepted in the United States; factors affecting our liquidity position and financial condition; government appropriations; the ability of the government and third parties to terminate their development contracts at any time; the ability of the government to exercise “march-in” rights with respect to certain of our patents; our ability to successfully market and sell our products internationally; delays in our timeline for bringing commercially viable products to market; our ability to develop additional commercially viable products in the future; our ability to implement our strategy; our ability to reduce our levelized cost of energy and deliver on our cost reduction strategy generally; our ability to protect our intellectual property; litigation and other proceedings; the risk that commercialization of our new products will not occur when anticipated or, if it does, that we will not have adequate capacity to satisfy demand; our need for and the availability of additional financing; our ability to generate positive cash flow from operations; our ability to service our long-term debt; our ability to increase the output and longevity of our platforms and to meet the performance requirements of our contracts; our ability to expand our customer base and maintain relationships with our largest customers and strategic business allies; and our ability to reduce operating costs, as well as other risks set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2025. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.

About FuelCell Energy
FuelCell Energy, Inc. (Nasdaq: FCEL) is an American clean energy technology company delivering continuous, scalable baseload power for mission-critical applications globally. The company’s fuel cell systems generate electricity directly at the point of use, enabling reliable, low-emissions power for data centers, industrial facilities, utilities, and distributed generation customers. FuelCell Energy delivers commercially proven, modular, utility-scale systems—backed by global fuel cell deployments. Learn more at www.fuelcellenergy.com.

Contact

Media Relations:
Kathleen Blomquist
[email protected]
203.546.5844

Investor Relations:
[email protected]

 FUELCELL ENERGY, INC.
Consolidated Balance Sheets
(Unaudited)
(Amounts in thousands, except share and per share amounts)        April 30,
2026  October 31,
2025ASSETS     Current assets:     Cash and cash equivalents, unrestricted$373,167  $278,099 Restricted cash and cash equivalents – short-term 16,577   16,601 Accounts receivable, net 7,684   3,999 Unbilled receivables 43,653   49,008 Inventories 88,449   86,196 Other current assets 14,400   15,907 Total current assets 543,930   449,810       Restricted cash and cash equivalents – long-term 51,108   47,092 Inventories – long-term -   3,216 Project assets, net 167,512   216,847 Property, plant and equipment, net 95,323   96,436 Operating lease right-of-use assets, net 11,048   11,232 Intangible assets, net 3,242   3,891 Other assets 131,217   103,622 Total assets (1)$1,003,380  $932,146 LIABILITIES AND STOCKHOLDERS’ EQUITY     Current liabilities:     Current portion of long-term debt$17,351  $15,847 Current portion of operating lease liabilities 1,003   932 Accounts payable 16,464   17,009 Accrued liabilities 24,123   31,318 Deferred revenue 4,359   2,733 Total current liabilities 63,300   67,839 Long-term deferred revenue 10,362   5,985 Long-term operating lease liabilities 11,799   11,954 Long-term debt and other liabilities 129,550   115,227 Total liabilities (1) 215,011   201,005       Redeemable Series B preferred stock (liquidation preference of $64,020 as of April 30, 2026 and October 31, 2025) 59,857   59,857 Total equity:     Stockholders’ equity:       Common stock ($0.0001 par value); 1,000,000,000 shares authorized as of April 30, 2026 and October 31, 2025; 63,549,362 and 46,075,237 shares issued and outstanding as of April 30, 2026 and October 31, 2025, respectively) 6   5 Additional paid-in capital 2,651,450   2,493,318 Accumulated deficit (1,930,216)  (1,829,449)Accumulated other comprehensive loss (1,810)  (1,695)Treasury stock, Common, at cost (57,681 and 44,913 shares as of April 30, 2026 and October 31, 2025, respectively) (1,502)  (1,406)Deferred compensation 1,502   1,406 Total stockholders’ equity 719,430   662,179 Noncontrolling interests 9,082   9,105 Total equity 728,512   671,284 Total liabilities, redeemable Series B preferred stock and total equity$1,003,380  $932,146  (1)  As of April 30, 2026 and October 31, 2025, the combined assets of the variable interest entities (“VIEs”) were $293,861 and $325,661, respectively, that can only be used to settle obligations of the VIEs. These assets include cash of $2,552, accounts receivable of $696, unbilled accounts receivable of $4,686, operating lease right of use assets of $1,631, other current assets of $175,649, restricted cash and cash equivalents of $826, project assets of $95,460, derivative assets of $1,587 and other assets of $10,774 as of April 30, 2026, and cash of $2,490, accounts receivable of $722, unbilled accounts receivable of $12,865, operating lease right of use assets of $1,643, other current assets of $162,005, restricted cash and cash equivalents of $731, project assets of $141,414, derivative assets of $2,047 and other assets of $1,743 as of October 31, 2025. The combined liabilities of the VIEs as of April 30, 2026 include short-term operating lease liabilities of $207, accounts payable of $170,917, accrued liabilities of $1,379, derivative liabilities of $768, long-term operating lease liability of $2,109 and other non-current liabilities of $362 and, as of October 31, 2025, include short-term operating lease liabilities of $204, accounts payable of $198,736, accrued liabilities of $1,222, derivative liabilities of $21, long-term operating lease liability of $2,123 and other non-current liabilities of $307.

 FUELCELL ENERGY, INC.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(Amounts in thousands, except share and per share amounts)          Three Months Ended
April 30,  2026   2025 Revenues:       Product $18,018   $13,027 Service  4,175    8,144 Generation  8,681    12,124 Advanced Technologies  4,715    4,111 Total revenues  35,589    37,406         Costs of revenues:       Product  20,282    16,261 Service  3,489    9,067 Generation  22,055    18,411 Advanced Technologies  2,692    3,105 Total costs of revenues  48,518    46,844         Gross loss  (12,929)   (9,438)        Operating expenses:       Administrative and selling expenses  14,708    16,470 Research and development expenses  7,709    9,896 Impairment expense  42,567    - Restructuring expense  -    6 Total costs and expenses  64,984    26,372         Loss from operations  (77,913)   (35,810)        Interest expense  (2,859)   (2,548)Interest income  2,488    1,825 Other income (expense), net  605    (1,132)        Loss before provision for income taxes  (77,679)   (37,665)Benefit from (provision for) income taxes  50    (84)        Net loss  (77,629)   (37,749)Net income attributable to noncontrolling interest  278    300 Net loss attributable to FuelCell Energy, Inc.  (77,907)   (38,049)Series B preferred stock dividends  (800)   (800)        Net loss attributable to common stockholders $(78,707)  $(38,849)        Loss per share basic and diluted:       Net loss per share attributable to common stockholders $(1.45)  $(1.79)Basic and diluted weighted average shares outstanding  54,224,428    21,740,193    FUELCELL ENERGY, INC.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(Amounts in thousands, except share and per share amounts)            Six Months Ended
April 30,   2026   2025  Revenues:        Product $30,060   $13,099  Service  7,364    9,992  Generation  19,669    23,470  Advanced Technologies  9,027    9,842  Total revenues  66,120    56,403           Costs of revenues:        Product  36,677    19,297  Service  6,311    10,735  Generation  36,147    33,705  Advanced Technologies  5,771    7,308  Total costs of revenues  84,906    71,045             Gross loss  (18,786)   (14,642)          Operating expenses:        Administrative and selling expenses  28,178    31,500  Research and development expenses  14,672    20,977  Impairment expense  42,567    -  Restructuring Expense  -    1,542  Total costs and expenses  85,417    54,019             Loss from operations  (104,203)   (68,661)            Interest expense  (5,617)   (5,155) Interest income  5,015    4,213  Other income (expense), net  1,075    (448)            Loss before provision for income taxes  (103,730)   (70,051) Benefit from (provision for) income taxes  50    (84)            Net loss  (103,680)   (70,135) Net loss attributable to noncontrolling interest  (2,913)   (3,760) Net loss attributable to FuelCell Energy, Inc.  (100,767)   (66,375) Series B preferred stock dividends  (1,600)   (1,600)            Net loss attributable to common stockholders $(102,367)  $(67,975)          Loss per share basic and diluted:        Net loss per share attributable to common stockholders $(2.00)  $(3.22) Basic and diluted weighted average shares outstanding  51,165,339    21,110,664  
Appendix

Non-GAAP Financial Measures

Financial results are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Management also uses non-GAAP measures to analyze and make operating decisions on the business. Earnings before interest, taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders are non-GAAP measures of operations and operating performance by the Company.

These supplemental non-GAAP measures are provided to assist readers in assessing operating performance. Management believes EBITDA, Adjusted EBITDA, Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders are useful in assessing performance and highlighting trends on an overall basis. Management also believes these measures are used by companies in the fuel cell sector and by securities analysts and investors when comparing the results of the Company with those of other companies. EBITDA differs from the most comparable GAAP measure, net loss attributable to the Company, primarily because it does not include finance expense, income taxes and depreciation of property, plant and equipment and project assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation, impairment and restructuring expenses, unrealized non-cash loss (gain) on natural gas contract derivative assets and other unusual items, which are considered either non-cash or non-recurring. Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders differ from the most comparable GAAP measures, Net loss attributable to common stockholders and Net loss per share attributable to common stockholders, primarily because they do not include stock-based compensation, impairment and restructuring expenses, unrealized non-cash loss (gain) on natural gas contract derivative assets and other unusual items, which are considered either non-cash or non-recurring.

While management believes that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these measures. The measures are not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to differences in the exact method of calculation. The Company’s non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP.

The following table calculates EBITDA and Adjusted EBITDA and reconciles these figures to the GAAP financial statement measure Net loss.

 Three Months Ended April 30, Six Months Ended April 30,(Amounts in thousands) 2026   2025   2026  2025 Net loss$(77,629) $(37,749)  (103,680)  (70,135)Depreciation and amortization (1) 10,842   10,890   21,360   20,836 (Benefit from) provision for income taxes (50)  84   (50)  84 Other (income) expense, net (2) (605)  1,132   (1,075)  448 Interest income (2,488)  (1,825)  (5,015)  (4,213)Interest expense 2,859   2,548   5,617   5,155 EBITDA$(67,071) $(24,920) $(82,843) $(47,825)Stock-based compensation expense 2,628   4,824   5,020   6,966 Unrealized loss (gain) on natural gas contract derivative assets (3) 4,820   780   1,171   (1,066)Impairment expense (4) 42,567   -   42,567   - Restructuring expense -   6   -   1,542 Adjusted EBITDA$(17,056) $(19,310) $(34,086) $(40,383)         The following table calculates Adjusted net loss attributable to common stockholders and reconciles that figure to the GAAP financial statement measure Net loss attributable to common stockholders and calculates Adjusted net loss per share attributable to common stockholders.

 Three Months Ended April 30, Six Months Ended April 30,(Amounts in thousands except share and per share amounts) 2026   2025   2026   2025 Net loss attributable to common stockholders$(78,707) $(38,849)  (102,367)  (67,975)Stock-based compensation expense 2,628   4,824   5,020   6,966 Unrealized loss (gain) on natural gas contract derivative assets (3) 4,820   780   1,171   (1,066)Impairment expense (4) 42,567   -   42,567   - Restructuring expense -   6   -   1,542 Adjusted net loss attributable to common stockholders$(28,692) $(33,239) $(53,610) $(60,533)        Net loss per share attributable to common stockholders$(1.45) $(1.79) $(2.00) $(3.22)Adjusted net loss per share attributable to common stockholders$(0.53) $(1.53) $(1.05) $(2.87)Basic and diluted weighted average shares outstanding 54,224,428   21,740,193   51,165,339   21,110,664  (1) Includes depreciation and amortization on our Generation portfolio of $8.7 million and $8.7 million for the three months ended April 30, 2026 and 2025, respectively, and $17.6 million and $16.7 million for the six months ended April 30, 2026 and 2025, respectively.
(2) Other income (expense), net includes gains and losses from transactions denominated in foreign currencies, interest rate swap income earned from investments and other items incurred periodically, which are not the result of the Company’s normal business operations.
(3) The Company recorded mark-to-market net losses of $4.8 million and $0.8 million for the three months ended April 30, 2026 and 2025, respectively, and mark-to-market net losses (gains) of $1.2 million and $(1.1) million for the six months ended April 30, 2026 and 2025, respectively, related to natural gas purchase contracts as a result of net settling certain natural gas purchases under previous normal purchase normal sale contract designations, which resulted in a change to mark-to-market accounting. These losses and gains are classified as Generation cost of sales.
(4) The Company recorded a non-cash impairment expense of $42.6 million for the three and six months ended April 30, 2026 related to the Company’s decision to upgrade the equipment at the Groton Project to utilize three of the Company’s standard 2.5 MW FCE Blocks.