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Key Takeaways FuelCell Energy posted a wider-than-expected Q3 loss as revenues fell 29.4% to $33 million.$17M of Fit Energy charges reflected inventory write-downs and losses on firm purchase commitments.FCEL's committed backlog rose 4.1% to $1.3B, while awarded capacity backlog reached $2.4B. FuelCell Energy (FCEL - Free Report) reported a fiscal third-quarter 2026 adjusted loss of 67 cents per share, narrowing 29.5% from the year-ago adjusted loss of 95 cents. Still, the loss was wider than the Zacks Consensus Estimate of 35 cents, resulting in a negative surprise of 91.4%. Revenues fell 29.4% year over year to $33 million and missed the $39 million consensus by 15.65%.

Lower Korean module deliveries and weaker generation output pressured sales, while $17 million of Fit Energy Phase 0 charges deepened the gross loss. Committed backlog rose 4.1% to $1.3 billion, while awarded capacity backlog totaled $2.4 billion.

FCEL Revenue Mix Declines Across BusinessesProduct revenues fell to $18 million from $26 million a year earlier, reflecting fewer module deliveries to South Korea as the Gyeonggi Green Energy repowering program neared completion. Service revenues declined to $2.4 million from $3.1 million.

Generation revenues dropped to $8.8 million from $12.4 million, principally due to lower output from the generation portfolio, including the 7.4-MW Groton project, which was offline for the quarter. Advanced Technologies revenues declined to $3.8 million from $5.3 million.

FuelCell Margins Absorb Fit Energy ChargesGross loss widened to $24.5 million from $5.1 million. The quarter included $17 million of charges related to the initial phase of a new data center equipment agreement with Fit Energy USA LP, a customer that contracted with FuelCell Energy for up to 380 MW of fuel cell systems. The charges reflected inventory write-downs and losses on firm purchase commitments because FuelCell’s current manufacturing costs exceeded the pricing set for the initial 30-MW order.

Operating expenses fell to $22.2 million from $90.2 million as the prior-year period included sizable impairment and restructuring charges. Loss from operations narrowed to $46.7 million from $95.4 million, although adjusted EBITDA worsened to negative $36.7 million from negative $16.4 million.

FCEL Builds Data Center BacklogFuelCell Energy’s agreement with Fit Energy USA LP covers up to 380 MW of fuel cell systems intended to provide baseload electricity for data center applications. The first 30-MW phase is a committed order, with deliveries expected to begin in the fiscal fourth quarter. Fit Energy can separately elect to proceed with another 350 MW across three additional phases.

After quarter-end, FCEL also signed a 75-MW capacity reservation for a planned Texas data center project. Fiscal 2026 proposals reached about 10 GW, with data centers representing roughly 97% of the third-quarter pipeline.

Peer activity underscores the intensity of the opportunity. Bloom Energy (BE - Free Report) reported $1.1 billion in second-quarter revenues and said all major U.S. hyperscalers plus more than a dozen neoclouds, AI labs and colocation operators had validated its power solutions. Plug Power (PLUG - Free Report) said it had tested a 3-MW backup system with Microsoft and is evaluating data center solutions combining electrolyzers and fuel cells.

FuelCell Ramps Torrington for ProfitabilityFuelCell operated at an annualized production rate of about 37.1 MW and is targeting 100 MW in October 2026. The broader Torrington expansion targets 500 MW of annualized capacity by June 2028 at an expected cost of $200 million to $275 million, with management describing the project as fully funded.

FCEL targets positive adjusted EBITDA in the fourth quarter of fiscal 2027, dependent on backlog conversion, customer delivery schedules and manufacturing cost reductions. The peer benchmarks are further along: Bloom Energy posted a 34.3% non-GAAP gross margin and $253 million of adjusted EBITDA in Q2, while Plug Power reached roughly breakeven gross margin and continues to target positive EBITDA in the fourth quarter of 2026.

FCEL Liquidity Supports Capacity ExpansionCash, cash equivalents and restricted cash totaled $737.3 million at July 31, 2026, including $658.1 million of unrestricted cash. During the quarter, FuelCell raised about $245.5 million in net proceeds from an underwritten stock offering and another $52.9 million through its open-market sale agreement.

The funding approach differs across the group. Bloom Energy expanded its Brookfield financing framework to $25 billion to support power projects, while Plug Power is pursuing more than $275 million through asset monetization and non-dilutive financing and had received $47 million from its initial program by its August earnings call. FCEL's balance sheet, meanwhile, was strengthened through equity issuance as it funds manufacturing expansion.

FuelCell Advances Global Technology ProjectsFuelCell completed the 42-module Gyeonggi Green Energy repowering program in South Korea during the quarter. It also delivered and installed the first two carbonate fuel cell carbon-capture modules at ExxonMobil's Rotterdam complex, moving the jointly developed technology into its first industrial-scale demonstration.

Management said the Rotterdam system is designed to capture more than 90% of carbon while producing power, thermal energy and hydrogen. The Rank #3 (Hold) company also signed an MOU with Siemens aimed at supporting faster, lower-cost deployment of commercial projects above 100 MW through integrated electrical balance-of-plant systems.

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

New York, New York--(Newsfile Corp. - September 8, 2026) - Kaplan Fox & Kilsheimer LLP is investigating potential securities violations against FuelCell Energy, Inc. ("FuelCell" or the "Company") (NASDAQ: FCEL).

CLICK HERE TO RECEIVE MORE INFORMATION ABOUT THIS INVESTIGATION

If you are a FuelCell investor and have suffered losses, or if you have information that could assist in the FuelCell investigation, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (646) 315-9003.

On June 24, 2026, FuelCell announced a "strategic agreement" with Fit Energy USA LP ("Fit Energy") to manufacture, sell and deliver carbonate fuel cell block systems "for up to 380 megawatts (MW) of clean, baseload on-site power for data centers using FuelCell Energy's utility-scale fuel cell technology[,]" including "an immediate deposit for an initial 30 MW of power scheduled to begin delivery later this year."

On or around July 9, 2026, FuelCell completed an underwritten public offering of common stock, selling over 12 million shares at $21 per share for net proceeds of about $245.5 million

Then, on September 2, 2026, FuelCell reported financial results for fiscal third quarter 2026 for the quarter ending July 31, 2026. During the earnings calls, FuelCell's Chief Financial Officer ("CFO") disclosed that the "the primary driver" of the Company's "gross loss of $24.5 million in the third quarter of fiscal 2026 compared to a gross loss of $5.1 million in the third quarter of fiscal 2025" was "$17 million of charges recorded during the quarter, consisting of approximately $4 million to reduce the carrying value of certain inventories to net realizable, and approximately $13 million for losses on firm purchase commitments." Further, FuelCell's CFO stated "[b]oth were recorded in connection with Phase 0 of our CEPA with [Fit Energy] due to the fact that our current product costs and manufacturing overhead exceed the contractual pricing established under that agreement."

Following this news, the price of FuelCell stock fell $2.68 per share, or 15.7%, to close at $14.40 per share on September 2, 2026.

WHY CONTACT KAPLAN FOX?

Kaplan Fox & Kilsheimer LLP is a nationally recognized law firm focused on complex litigation, with offices in New York, Oakland, Los Angeles, Chicago, and New Jersey. Founded in 1956, the firm has spent more than 50 years prosecuting securities, antitrust, and consumer protection actions in federal and state courts nationwide, recovering more than $10 billion for clients and the classes it has represented.

Kaplan Fox is widely regarded as one of the nation's premier plaintiffs' securities litigation firms and has received recognition from Chambers and Partners, Benchmark Litigation, Super Lawyers, and Lawdragon. Serving as lead or co-lead counsel in many landmark cases, the firm has secured some of the largest recoveries in the history of securities litigation, including a $2.425 billion recovery on behalf of Bank of America shareholders in In re Bank of America—the largest recovery ever obtained for claims under Section 14(a) of the Securities Exchange Act—$800 million recovered for the Arkansas Teacher Retirement System and other pension funds in ATRS v. Allianz Global Investors, and a $475 million settlement in In re Merrill Lynch.

For decades, Kaplan Fox has represented public pension funds, institutional investors, businesses, and individuals in high-stakes litigation. Through its successful advocacy and precedent-setting victories, the firm has helped shape important areas of securities and corporate law while advancing accountability and protecting investor interests.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Past results do not guarantee future outcomes.

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NEW YORK--(BUSINESS WIRE)---- $FCEL #ClassActionLawsuit--The law firm of Kirby McInerney LLP reminds investors of its investigation on behalf of FuelCell Energy, Inc. (“FuelCell” or the “Company”) (NASDAQ: FCEL) investors concerning the Company's and/or members of its senior management's possible violation of the federal securities laws or other unlawful business practices. [LEARN MORE ABOUT THE INVESTIGATION] What Happened? On September 2, 2026, FuelCell filed its Quarterly Report, disclosing approximately $17 million in i.

Bank of New York Mellon Corp purchased a new stake in shares of FuelCell Energy, Inc. (NASDAQ:FCEL – Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 169,233 shares of the energy company’s stock, valued at approximately $6,094,000. Bank of New York Mellon Corp owned 0.21% of FuelCell Energy as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FCEL. Rhumbline Advisers boosted its holdings in FuelCell Energy by 21.1% during the first quarter. Rhumbline Advisers now owns 32,012 shares of the energy company’s stock valued at $147,000 after purchasing an additional 5,585 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of FuelCell Energy in the second quarter valued at $122,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in FuelCell Energy by 6.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 334,793 shares of the energy company’s stock valued at $1,877,000 after acquiring an additional 19,857 shares in the last quarter. Bank of America Corp DE raised its position in FuelCell Energy by 31.9% in the 2nd quarter. Bank of America Corp DE now owns 18,351 shares of the energy company’s stock worth $103,000 after purchasing an additional 4,435 shares during the last quarter. Finally, Brevan Howard Capital Management LP bought a new stake in shares of FuelCell Energy during the second quarter worth $216,000. 42.78% of the stock is owned by institutional investors.

FuelCell Energy News Summary Here are the key news stories impacting FuelCell Energy this week:

Positive Sentiment: Management is targeting data-center power-conversion projects, a 100-megawatt production rate by October 2026, and positive adjusted EBITDA in fiscal fourth-quarter 2027. The company also highlighted new data-center agreements and a cash balance of approximately $737.3 million, supporting its ability to fund expansion. FuelCell Energy Q3 Earnings Call Focuses on Data Center Conversion Positive Sentiment: Canaccord Genuity reaffirmed its “buy” rating and maintained a $30 price target, implying substantial upside from recent trading levels. Fuel-cell stocks also benefited from broader risk appetite toward high-beta clean-energy companies. Neutral Sentiment: FuelCell Energy reported fiscal third-quarter revenue of $33 million and a net loss of approximately $44.5 million. The results were weak, but investors are weighing the near-term earnings shortfall against the company’s longer-term data-center growth strategy and strong liquidity. Why FuelCell Energy Is Getting Attention After Its Latest Update Negative Sentiment: Quarterly earnings missed expectations: adjusted loss was $0.64 per share versus a $0.41 consensus loss, while revenue fell below the roughly $38.8 million estimate. The disappointing release triggered sharp selling and renewed concerns about execution, profitability, and the company’s ability to convert its backlog into revenue. Negative Sentiment: Several law firms, including Glancy Prongay Wolke & Rotter, Kaplan Fox, Frank R. Cruz, Kirby McInerney, and Johnson Fistel, announced investigations into possible securities-law violations. The inquiries reportedly relate to a recent stock offering and disclosures concerning significant costs and losses tied to a commercial agreement. The allegations have not been proven, but the legal overhang could pressure the stock and increase reputational and financial risk. Securities Fraud Investigation Announced Insider Transactions at FuelCell Energy In other FuelCell Energy news, EVP Shankar Achanta sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $28.71, for a total value of $71,775.00. Following the completion of the transaction, the executive vice president directly owned 2,618 shares in the company, valued at $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 available through this link. Insiders own 5.46% of the company’s stock. Wall Street Analyst Weigh In Several equities analysts recently issued reports on FCEL shares. B. Riley Financial upgraded FuelCell Energy from a “neutral” rating to a “buy” rating and raised their price target for the company from $13.00 to $32.00 in a report on Monday, June 29th. Wall Street Zen cut FuelCell Energy from a “hold” rating to a “sell” rating in a report on Sunday, August 9th. TD Cowen reaffirmed a “hold” rating and issued a $16.00 target price (up from $9.00) on shares of FuelCell Energy in a research note on Tuesday, June 9th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $30.00 price objective on shares of FuelCell Energy in a research note on Thursday. Finally, KeyCorp reiterated a “sector weight” rating on shares of FuelCell Energy in a research report on Tuesday, June 9th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $22.83.

View Our Latest Analysis on FCEL

FuelCell Energy Stock Up 1.9% Shares of FCEL stock opened at $14.95 on Friday. The firm has a fifty day moving average of $21.39 and a 200-day moving average of $15.92. FuelCell Energy, Inc. has a 12-month low of $3.81 and a 12-month high of $37.88. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of -4.36 and a beta of 2.35. The company has a quick ratio of 7.20, a current ratio of 8.67 and a debt-to-equity ratio of 0.15.

FuelCell Energy (NASDAQ:FCEL – Get Free Report) last announced its earnings results on Wednesday, September 2nd. The energy company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.23). FuelCell Energy had a negative net margin of 113.60% and a negative return on equity of 16.85%. The firm had revenue of $33.00 million during the quarter, compared to analyst estimates of $38.79 million. As a group, equities research analysts predict that FuelCell Energy, Inc. will post -1.73 earnings per share for the current fiscal year.

FuelCell Energy Company Profile (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.

See Also Five stocks we like better than FuelCell Energy Revolution Medicines Got Its Breakthrough—What Moves It Next? Retail Earnings Just Exposed a Bigger Divide in the U.S. Consumer Economy FB Financial’s Southern Expansion and Buybacks Drive Analyst Optimism AST SpaceMobile Stock Soared 12%—This Was the Catalyst

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Securities Fraud Investigation Into FuelCell Energy, Inc. (FCEL) Announced -- Shareholders Who Lost Money Urged To Contact Glancy Prongay Wolke & Rotter LLP, a Leading Securities Fraud Law Firm Glancy Prongay Wolke & Rotter LLP, a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of FuelCell Energy, Inc. (“FuelCell” or the “Company”) (NASDAQ: FCEL) investors concerning the Company’s possible violations of the federal securities laws.

IF YOU ARE AN INVESTOR WHO LOST MONEY ON FUELCELL ENERGY, INC. (FCEL), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS.

What Happened?

On September 2, 2026, FuelCell reported its fiscal third-quarter results. The Company reported, among other things, that revenue fell 29% year over year to $33 million, primarily due to lower product sales caused by fewer module deliveries to customers in South Korea. FuelCell further reported it saw a gross loss from product revenues for the quarter reflecting that product costs and manufacturing overhead currently exceeded the contractual pricing established under the Fit Energy agreement. FuelCell recognized approximately $17 million in charges related to the initial 30 MW phase of that agreement.

On this news, FuelCell shares fell $2.68 or 15.69% to close at $14.40 on September 2, 2026, thereby injuring investors.

Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us.
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Glancy Prongay Wolke & Rotter LLP,
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Persons with non-public information regarding FuelCell Energy, Inc. should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].

About Glancy Prongay Wolke & Rotter LLP

Glancy Prongay Wolke & Rotter LLP (“GPWR”) is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. GPWR has been consistently ranked in the Top 50 Securities Class Action Settlements by ISS Securities Class Action Services. In 2018, GPWR was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements.

With four offices across the country, GPWR’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPWR’s lawyers have handled cases covering a wide spectrum of corporate misconduct and relating to nearly all industries and sectors. GPWR’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

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FuelCell Energy Inc. (NASDAQ:FCEL) shares are trading marginally higher Friday morning as traders continue to weigh the company’s recent earnings results. Here’s what investors need to know.

FuelCell Energy stock is gaining positive traction. Why are FCEL shares climbing? What Is FuelCell Energy’s Current Catalyst?FuelCell Energy’s latest quarter added fresh fundamental friction after gross loss widened nearly fivefold to $24.5 million, including $17 million in charges tied to the initial phase of its FIT Energy agreement. The company also flagged operational headwinds, with the 7.4-megawatt Groton Project at a U.S. Navy submarine base offline for an equipment upgrade.

FuelCell Energy’s call also put hard dates on its scale-up plan, targeting a Torrington, Connecticut production rate of 100 megawatts by October 2026 and 500 megawatts by June 2028. Management reiterated the fourth-quarter 2027 goal for positive adjusted EBITDA but tied it directly to converting pipeline into backlog and scaling efficiently.

On the strategic side, FuelCell Energy highlighted its first order for Energy Blocks for data center applications and said backlog rose to $3.6 billion, including $2.4 billion in awarded capacity backlog. Management also reiterated a target to reach positive adjusted EBITDA by fourth-quarter 2027, contingent on scaling production and converting pipeline into backlog.

FCEL Stock: Critical Levels To WatchFrom a trend perspective, FCEL is still in "repair mode" after the April break below support, and the stock remains stretched to the downside versus its shorter-term trend gauges. At $14.58, shares are trading 24.2% below the 20-day SMA ($19.18) and 32% below the 50-day SMA ($21.40), which typically keeps rallies more prone to selling until those averages start flattening and price can reclaim them.

The bigger-picture trend is more mixed: FCEL is 8.7% above its 200-day SMA ($13.38), but still below the 200-day EMA ($15.25), putting the stock right around a key long-term "line in the sand" zone. That tension matters because the 50-day SMA remains above the 200-day SMA (a golden cross that occurred in October 2025), yet the shorter-term 20-day SMA is below the 50-day SMA, signaling the near-term trend is still pointed down even if the longer-term structure hasn’t fully broken.

Momentum also leans cautious: MACD is below its signal line and the histogram is negative, which points to fading upside pressure versus the prior upswing. In plain terms, when MACD sits below its signal line, it often means buyers are losing control unless the stock can re-accelerate and flip that relationship back in its favor.

Key Support: $11.50 — a nearby level where buyers previously stepped in, and a zone that sits well above the $3.81 52-week low but below the 200-day SMA ($13.38), making it a key "must-hold" area if the pullback deepens. FCEL Stock Price Action Friday MorningFCEL Stock Price Activity: FuelCell Energy shares were up 0.27% at $14.71 on Friday, according to Benzinga Pro data.

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NEW YORK, Sept. 03, 2026 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against FuelCell Energy, Inc. (“FuelCell” or the “Company”) (NASDAQ: FCEL). The investigation concerns whether the Company and/or members of its senior management may have violated federal securities laws or engaged in other unlawful business practices. If you purchased or otherwise acquired FuelCell securities, please contact Lauren Molinaro of Kirby McInerney LLP by email at [email protected], or fill out the contact form below, to learn more about your rights.

[LEARN MORE ABOUT THE INVESTIGATION]

What Happened?

On September 2, 2026, FuelCell filed its Quarterly Report, disclosing approximately $17 million in inventory and firm-purchase-commitment charges associated with the initial 30 MW phase of its Fit Energy agreement. Announced on June 24, 2026, the Fit Energy agreement contemplates up to 380 MW of fuel cell systems across four phases, with the initial phase covering 30 MW. FuelCell further revealed that its product costs and manufacturing overhead currently exceed the contractual pricing established under the Fit Energy agreement, stating, “The gross loss from product revenues for the three months ended July 31, 2026 reflects product costs and manufacturing overhead that currently exceed the contractual pricing established under the CEPA with Fit.” On this news, FuelCell’s stock price fell $2.68, or 15.7%, to close at $14.40 per share on September 2, 2026.

What Should I Do?

At this stage, no lawsuit has been filed. The investigation is ongoing to determine whether claims may be brought under federal securities laws.

If you purchased or otherwise acquired FuelCell securities, have information, or would like to learn more about this investigation, please contact of Kirby McInerney LLP by email at [email protected], or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.

[LEARN MORE ABOUT SECURITIES CLASS ACTIONS]

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Kirby McInerney LLP
Lauren Molinaro, Esq.
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https://www.kmllp.com
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[email protected]

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of FuelCell Energy, Inc. (“FuelCell” or the “Company”) (NASDAQ: FCEL) on behalf of investors concerning the Company's possible violations of federal securities laws. IF YOU ARE AN INVESTOR WHO LOST MONEY ON FUELCELL ENERGY, INC. (FCEL), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING A CLAIM TO RECOVER YOUR LOSS. What Is The Investigation About? On September 2, 2026, FuelCell reported its fiscal third-qua.

Key Takeaways FCEL is shifting its data center focus from a 10 GW proposal pipeline toward firm customer commitments.FuelCell targets a 100 MW annualized production rate in October 2026 as Torrington capacity ramps.FCEL targets positive adjusted EBITDA in fiscal Q4 2027, requiring at least 100 MW of production volume. FuelCell Energy, Inc. (FCEL - Free Report) used its fiscal third-quarter 2026 earnings call to emphasize movement from a large data center pipeline toward customer commitments, while acknowledging pressure from current manufacturing economics.

President, CEO and director Jason Few and executive vice president, CFO and treasurer Michael Bishop tied progress to backlog conversion, production scaling and cost reduction, with a new adjusted EBITDA profitability target providing a clearer execution benchmark.

Fiscal third-quarter revenues were $33 million, below the Zacks Consensus Estimate of $39.1 million. The loss of 64 cents per share was wider than the Zacks Consensus Estimate of a 32-cent loss.

FCEL Converts Data Center Demand Into CommitmentsFuelCell’s CEO said fiscal 2026 year-to-date proposals reached roughly 10 gigawatts, with data centers representing about 97% of the fiscal third-quarter pipeline.

The Fit Energy agreement covers up to 380 MW across four phases. Few said the initial 30 MW is committed, while the remaining 350 MW is awarded capacity backlog subject to Fit Energy elections. Bishop stressed that awarded capacity is not firm contracted backlog.

Few also highlighted a post-quarter 75 MW capacity reservation with a major colocation data center operator in Texas and said he anticipates follow-on opportunities with the same customer.

FuelCell Scales Torrington Toward 100 MWBishop stated FuelCell operated at an annualized production rate of about 37 MW and is targeting 100 MW in October 2026.

In Q&A, FuelCell’s CFO said the ramp includes added labor and supply-chain scaling. Bishop said FuelCell had added another factory shift and expected a meaningful production increase during the fiscal fourth quarter.

He also informed that the broader Torrington expansion targets 500 MW of annualized capacity by June 2028, with an estimated $200 million to $275 million requirement that is fully funded.

FCEL Maps a Path to Positive Adjusted EBITDABishop said FuelCell now targets positive adjusted EBITDA in the fourth quarter of fiscal 2027, dependent on backlog conversion, customer schedules and manufacturing cost reductions.

A B. Riley Securities analyst asked what production level supports the target. Bishop said at least 100 MW of volume would be needed, with customer demand influencing the ultimate level.

A Canaccord Genuity analyst questioned reliance on customer decisions. Bishop pointed to the broader 10 GW pipeline and said FuelCell has a defined cost-reduction curve under execution.

FuelCell Explains Phase 0 Economics in Q&AFiscal third-quarter included a $24.5 million gross loss, including $17 million of charges tied to Fit Energy Phase 0 inventory and firm purchase commitments as current costs exceeded contractual pricing.

A Jefferies analyst asked about the timing of those costs and revenues. Bishop said Phase 0 revenues should begin in the fiscal fourth quarter and continue into fiscal 2027.

FCEL Broadens Partnerships Beyond Data CentersFew said the first two carbonate fuel cell carbon capture modules were delivered to ExxonMobil's Rotterdam complex. The demonstration targets more than 90% carbon capture while producing power, thermal energy and hydrogen.

Few also discussed a memorandum of understanding with Siemens intended to support faster, lower-cost deployment of projects above 100 MW through integrated electrical balance-of-plant systems.

He said completion of the 42-module Gyeonggi Green Energy repowering program in South Korea demonstrated FuelCell's ability to execute utility-scale international repowering work.

FuelCell Keeps Execution at the CenterFew emphasized conversion and delivery rather than pipeline size alone. He identified closing transactions, disciplined manufacturing expansion and customer execution as the company's central priorities.

Bishop added measurable milestones through the October 2026 production target and the fiscal fourth-quarter 2027 adjusted EBITDA objective.

He also reiterated that awarded capacity backlog is not firm contracted backlog, keeping conversion into definitive agreements as a key operating marker as capacity expands.

FCEL Shows Mixed Zacks SignalsFCEL carries a Zacks Rank #3 (Hold). The Zacks framework reserves its strongest combinations for Zacks Rank #1 (Strong Buy) or 2 (Buy) stocks paired with A or B Style Scores. You can see the complete list of today’s Zacks #1 Rank stocks here.

FCEL’s Growth Score of B and Momentum Score of B are favorable within their styles, while the Value Score of F and VGM Score of D weaken the combined profile. The Zacks Rank can change as earnings estimates are revised after the just-reported results.

FuelCell Energy, Inc. (FCEL) Q3 2026 Earnings Call Transcript

These Stocks Could Win as Wall Street Looks Beyond AI SoftwareFuelCell Energy NASDAQ: FCEL reported third-quarter fiscal 2026 revenue of $33 million, down 29% from $46.7 million in the prior-year period, as fewer module deliveries to South Korea and lower generation output weighed on results. The company also highlighted new data-center-related commercial activity, including a 30-megawatt initial order under an agreement with Fit Energy and a subsequent 75-megawatt capacity reservation with a major colocation data center operator for a Texas project.

Chief Executive Officer Jason Few said growing artificial-intelligence and high-density computing demand is increasing the importance of behind-the-meter power generation for data centers. He said FuelCell Energy’s Energy Blocks are intended to provide continuous on-site power while customers await broader grid expansion.

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Revenue Declines as South Korea Repowering Concludes FuelCell Energy Just Got a Wake-Up Call From Wall StreetProduct revenue fell to $18 million from $26 million a year earlier, primarily because the company completed deliveries for the repowering of the Gyeonggi Green Energy Fuel Cell Park in South Korea. FuelCell Energy said it delivered all 42 modules committed under that program since 2024 and completed the project’s repowering during the quarter.

Generation revenue declined to $8.8 million from $12.4 million, principally due to lower output from the company’s generation portfolio. Chief Financial Officer Michael Bishop said the 7.4-megawatt Groton project was out of service throughout the quarter while awaiting a planned upgrade expected to be completed in fiscal 2027.

MarketBeat Week in Review – 03/09 - 03/13Service revenue was $2.4 million, compared with $3.1 million a year earlier, while advanced technology contract revenue declined to $3.8 million from $5.3 million.

The company recorded a gross loss of $24.5 million, compared with a gross loss of $5.1 million in the same quarter last year. Bishop said the result included approximately $17 million in charges associated with Phase Zero of the Fit Energy Capital Equipment Purchase Agreement. Those charges included about $4 million to reduce certain inventory to net realizable value and about $13 million related to losses on firm purchase commitments.

Bishop said current product costs and manufacturing overhead exceed the contractual pricing for the initial Fit Energy phase because the company operated at an annualized production rate of approximately 37 megawatts during the quarter. He said the charges are expected to be limited to identified Phase Zero inventory and purchase commitments.

FuelCell Energy’s operating loss narrowed to $46.7 million from $95.4 million a year earlier, largely because the prior-year period included asset impairment and restructuring charges. Net loss was $45.3 million, or 64 cents per share, compared with a net loss of $91.9 million, or $3.78 per share, in the prior-year quarter.

Fit Energy Agreement Adds to Backlog Measures During the quarter, FuelCell Energy signed a Capital Equipment Purchase Agreement with Fit Energy covering up to 380 megawatts of power solutions for data-center applications across four phases. The agreement includes a committed initial 30-megawatt Phase Zero, for which the company received an upfront deposit. FuelCell Energy expects to begin delivering that phase in the fourth quarter of fiscal 2026 and complete the remaining deliveries in fiscal 2027.

The subsequent phases, totaling 350 megawatts, remain at Fit Energy’s election. Bishop emphasized that no payment obligation arises for those phases until Fit Energy elects to proceed.

As of July 31, FuelCell Energy reported total committed and awarded capacity backlog of $3.6 billion. Committed backlog, representing definitive non-cancellable agreements, totaled $1.3 billion, up about 4.1% year over year. Awarded capacity backlog totaled $2.4 billion and primarily reflected the Fit Energy phases that have not yet become committed orders.

Management cautioned that awarded capacity backlog is not firm contracted backlog and may not convert to revenue in whole or in part. Few said each capacity reservation is intended to include a timeline for the customer and company to reach a definitive agreement.

Following the quarter’s end, FuelCell Energy entered a 75-megawatt capacity reservation agreement with an unnamed major colocation data center operator for a Texas project. Few said the company is working toward definitive agreements and expects potential follow-on opportunities with the same customer, but did not provide a delivery timetable.

Manufacturing Expansion and Liquidity FuelCell Energy is expanding its Torrington, Connecticut, manufacturing facility. The company aims to raise its annualized production rate to 100 megawatts in October 2026 from approximately 37 megawatts during the third quarter, while targeting 500 megawatts of annualized capacity by June 2028.

Bishop said the expansion is fully funded and is expected to require $200 million to $275 million. During the quarter, the company finalized its factory design, made equipment-purchase commitments and started installing a high-volume tape caster. FuelCell Energy reduced its fiscal 2026 capital-expenditure outlook to $10 million to $20 million from $20 million to $30 million, citing the timing of equipment deliveries rather than a change in the expansion plan.

The company ended the quarter with $737.3 million in cash, cash equivalents and restricted cash, including $658.1 million of unrestricted cash. It raised approximately $298 million in net proceeds from common-stock sales during the quarter, including $245.5 million from a July underwritten offering and $52.9 million through its open-market sale agreement.

Looking ahead, FuelCell Energy is targeting positive adjusted EBITDA in the fourth quarter of fiscal 2027. Bishop said reaching that objective will depend on converting awarded capacity into definitive contracts, matching production with customer delivery schedules and reducing manufacturing costs as production volume increases.

Technology Partnerships Continue FuelCell Energy also said it delivered and installed its first two carbonate fuel-cell carbon-capture modules at ExxonMobil’s Rotterdam complex in the Netherlands. Few described the installation as an industrial-scale demonstration designed to capture carbon dioxide from low-concentration industrial emissions while producing power, thermal energy and hydrogen.

In addition, the company signed a memorandum of understanding with Siemens to design and supply electrical balance-of-plant systems for fuel-cell installations. FuelCell Energy said the collaboration is intended to support projects exceeding 100 megawatts and could combine fuel cells with battery storage, microgrid controls and medium-voltage electrical equipment.

About FuelCell Energy (NASDAQ:FCEL)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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Should You Invest $1,000 in FuelCell Energy Right Now?Before you consider FuelCell Energy, you'll want to hear this.

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FuelCell Energy Inc (NASDAQ:FCEL) stock is set to be one of the worst-performers on Wall Street today, down 13.3% in electronic trading.

FuelCell Energy (FCEL - Free Report) came out with a quarterly loss of $0.64 per share versus the Zacks Consensus Estimate of a loss of $0.32. This compares to a loss of $0.95 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -100.00%. A quarter ago, it was expected that this fuel cell power plant maker would post a loss of $0.44 per share when it actually produced a loss of $0.53, delivering a surprise of -20.45%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

FuelCell Energy, which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $33 million for the quarter ended July 2026, missing the Zacks Consensus Estimate by 15.65%. This compares to year-ago revenues of $46.74 million. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

FuelCell Energy shares have added about 133.7% since the beginning of the year versus the S&P 500's gain of 11.5%.

What's Next for FuelCell Energy?While FuelCell Energy has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for FuelCell Energy was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.28 on $48.45 million in revenues for the coming quarter and -$1.58 on $153.69 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Alternative Energy - Other is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Ocean Power Technologies, Inc. (OPTT - Free Report) , has yet to report results for the quarter ended July 2026.

This company is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of +175%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Ocean Power Technologies, Inc.'s revenues are expected to be $1.47 million, up 24.6% from the year-ago quarter.

DANBURY, Conn., Sept. 02, 2026 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (“FuelCell Energy” or the “Company”) (NASDAQ: FCEL) today reported financial results for its third quarter ended July 31, 2026.

FuelCell Energy, Inc. (NASDAQ:FCEL) will release its third quarter earnings report before the opening bell on Wednesday, Sept. 2.

Analysts expect the Danbury, Connecticut-based company to report a quarterly loss of 39 cents per share, versus a loss of $1.02 per share in the year-ago period. The consensus estimate for FuelCell Energy’s quarterly revenue is $38.82 million. It reported $46.74 million last year, according to Benzinga Pro.

On July 9, FuelCell Energy announced a collaboration with Siemens to accelerate the growth of fuel cell-based power generation.

Shares of FuelCell Energy fell 3% to close at $17.23 on Monday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

UBS analyst Manav Gupta upgraded the stock from Neutral to Buy and raised the price target from $22 to $27 on July 14, 2026. This analyst has an accuracy rate of 74%. B. Riley Securities analyst Ryan Pfingst upgraded the stock from Neutral to Buy and increased the price target from $13 to $32 on June 29, 2026. This analyst has an accuracy rate of 62%. Wells Fargo analyst Praneeth Satish maintained an Underweight rating and raised the price target from $6 to $8 on June 16, 2026. This analyst has an accuracy rate of 57%. Jefferies analyst Laurance Alexander maintained a Hold rating and boosted the price target from $7.2 to $16 on June 10, 2026. This analyst has an accuracy rate of 74%. Canaccord Genuity analyst George Gianarikas upgraded the stock from Hold to Buy and increased the price target from $12 to $30 on June 9, 2026. This analyst has an accuracy rate of 59%. Trending

Considering buying FCEL stock? Here’s what analysts think:

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 | Source: FuelCell Energy, Inc.

DANBURY, Conn., Aug. 25, 2026 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) -- announced the upcoming release of its third quarter 2026 results prior to the stock market open on Wednesday, September 2, 2026. FuelCell Energy management will subsequently host a conference call beginning at 10:00 a.m. Eastern Time the same day to discuss the results and provide a business update.

Participants can access the live call via webcast on the company website or by telephone as follows:

The live webcast of this call and supporting slide presentation will be available at www.fuelcellenergy.com. To listen to the call, select ‘Investors’ on the home page, proceed to the ‘Events & Presentations’ page and then click on the ‘Webcast’ link under the September 2nd earnings call event listed.Alternatively, participants can dial (888) 330-3181 and state “FuelCell Energy” or the conference ID number 1099808. A 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.

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.

Contact

Media Relations:
Kathleen Blomquist
[email protected]
203.546.5844

Investor Relations:
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Key Takeaways FuelCell Energy's fiscal 2026 loss is expected to improve 64.2% year over year to $1.58 per share.FCEL's proposal pipeline reached about 4 GW, with roughly 89% tied to data-center opportunities.FCEL has $1.14B in contracted orders, while expansion spending and funding needs remain risks. FuelCell Energy (FCEL - Free Report) is expected to lose a lot less money in fiscal 2026 than it did in fiscal 2025. The Zacks Consensus Estimate calls for a loss of $1.58 per share, representing a 64.2% year-over-year improvement. Still, investors need to look beyond the percentage improvement. FCEL is not expected to be profitable yet, so the key question is whether its growing business opportunities can eventually produce steady earnings and cash flow.

Image Source: Zacks Investment Research

FCEL’s Earnings Outlook Is Improving

The expected reduction in losses is one of the strongest points in FuelCell Energy’s favor. A smaller loss suggests that the business may be moving closer to covering its costs, although the company is not yet expected to become profitable. The main question is whether this improvement can continue.

FuelCell Energy has said that annual production of at least 100 megawatts is important for moving toward positive adjusted EBITDA. Put simply, FCEL needs to make and sell more systems so that factory and operating costs are spread over a larger revenue base.

Bloom Energy (BE - Free Report) and Plug Power (PLUG - Free Report) also compete in parts of the fuel-cell and distributed-power market, making execution important for FCEL. As Bloom Energy expands its on-site power business and Plug Power develops its hydrogen and fuel-cell operations, FCEL will need higher sales volumes and better cost control to turn its improving earnings outlook into lasting financial progress.

AI Data Centers Offer FCEL a Big Opportunity

FuelCell Energy’s clearest growth driver is rising electricity demand from artificial intelligence and data centers. These facilities need reliable power around the clock and often cannot wait years for new grid connections. FCEL’s systems can generate electricity directly at the customer’s site, reducing dependence on the wider power grid.

Its proposal pipeline reached about 4 gigawatts, with roughly 89% linked to data-center opportunities. FCEL’s 12.5-megawatt FuelCell Energy Block can also be added in stages as customers need more power.

Image Source: FuelCell Energy

The opportunity is attracting rivals. Bloom Energy is also targeting data centers with on-site power systems, confirming the importance of this market. Plug Power, while better known for hydrogen, is pursuing fuel-cell power applications as well. Their presence shows that FCEL is addressing a promising market, but one where competition is intensifying.

FCEL also has projects in South Korea and is developing carbon-capture technology with ExxonMobil, giving it additional ways to grow beyond data centers.  

Price Performance Shows Expectations Have Risen

FuelCell Energy has already delivered a strong run in 2026, with shares up 156.5% year to date. The gain is well ahead of Plug Power, which has risen 10.1%, and also exceeds Bloom Energy’s 134.8% advance this year. The sharp rally suggests that investors have already become much more optimistic about FCEL’s growth prospects, particularly its exposure to rising data-center power demand.

Image Source: Zacks Investment Research

The strong performance also raises the bar for the company. With FCEL outperforming both Bloom Energy and Plug Power, further gains will increasingly depend on whether the company can turn its growing pipeline into signed contracts, increase production and continue narrowing losses. If business progress falls short of these expectations, the stock could face pressure after such a substantial rise.

FCEL’s Backlog and Funding Risks Keep the Story Balanced

FuelCell Energy had about $1.14 billion in orders already under contract, giving investors some idea of future revenues. However, its much larger sales pipeline is less certain because many projects are still only being discussed with potential customers. Until those talks turn into signed agreements, investors cannot assume that all of that potential business will eventually generate revenues.

FCEL had nearly $441 million in total cash, including restricted cash and equivalents, but manufacturing expansion will require meaningful spending. It has also raised money through common-stock sales, which can dilute existing shareholders.

These challenges are familiar across the sector. Bloom Energy also runs a manufacturing-heavy business, while Plug Power shows how costly clean-energy expansion can be before profits become consistent. FCEL must therefore balance growth spending with the need to improve margins and limit funding pressure.

Conclusion

FCEL’s expected improvement in fiscal 2026 losses is a strong step in the right direction. AI-driven data-center demand, manufacturing expansion, international opportunities and carbon capture give the company several ways to grow. However, the clean energy company is still expected to post a loss, much of its pipeline is not yet under contract, and expansion requires significant spending. The stock’s strong rally also means expectations are already high. For now, the improved earnings outlook is encouraging and supports a more positive stance. FuelCell Energy currently carries a Zacks Rank #2 (Buy), suggesting investors may consider the stock while watching for clearer signs of improving profitability and more proposal conversions.

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

Hydrogen stocks split sharply Thursday as one ticker absorbed almost every dollar of risk appetite flowing into the sector, and the reason has nothing to do with company news or fundamentals.

Risk appetite is drifting back into the hydrogen and fuel cell corner Thursday, and the market is sorting the group by share price rather than fundamentals. Plug Power (NASDAQ:PLUG) stock is up 4% to $2.26, taking almost the entire session move for the group. Bloom Energy (NYSE:BE) and FuelCell Energy (NASDAQ:FCEL) are barely green beside it.

A framing contrast makes the picture cleaner. The Global X Hydrogen ETF (NASDAQ:HYDR) is up 0.4% to $44.01, posting only a slim gain. Meanwhile, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 0.6% to $770.48, edging past the sector fund in the same session.

Bloom Energy stock is up 0.3% to $218.83, holding a small gain. At the same time, FuelCell Energy stock is up 1% to $19.26, posting a modest gain. Both names came into Thursday extended after huge year-to-date runs, while Plug shares entered as the clear group laggard.

Risk-On Session Reaches the Cheapest Ticker No company announcement, contract award, earnings release, regulatory action, or analyst rating change has been verified at any of these three names today. The mechanism is a broad risk-on session reaching the lowest-priced and highest-beta name in the group. When flows chase a theme without fresh news, they gravitate to the cheapest ticker on the board.

The overall market is higher following NVIDIA‘s (NASDAQ:NVDA | NVDA Price Prediction) results and guidance delivered Wednesday after the close. That link runs through risk appetite only. NVIDIA’s data-center demand touches different suppliers than these three, and Thursday’s price action shouldn’t be read as an operational tie into fuel cell orders at any of them.

Year-to-Date Splits Tell the Real Story Plug Power stock was up 10% year to date through Wednesday’s close, while Bloom Energy stock was up 151% year to date through Wednesday’s close. FuelCell Energy stock was up 161% year to date through Wednesday’s close. So the name that has participated least in the sector’s year is doing essentially all of the work on Thursday’s session.

That pattern is the opposite of a fundamental re-rating. When the market rebids a theme on new information, the highest-quality operators lead and the laggards follow; here it’s inverted. Plug shares trade at $2.26 and move on sentiment, with a beta of 2.22 and a 52-week range that spans $1.41 to $4.58. That profile catches flows on any risk-on session and hands them right back on the next red day.

Valuation and share price explain much of the dispersion. Bloom Energy trades at $218.83, so a dollar of new risk appetite barely nudges the percentage, while Plug Power sits at $2.26 with a market cap of roughly $3 billion, so modest buy pressure moves the price hard. FuelCell Energy sits between them at a market cap of about $1.5 billion and a share price at $19.26, closer to Plug in beta profile but with a large annual gain to protect.

The HYDR ETF’s minimal move confirms the read, as the fund carries Plug Power at 10.8% of net assets, Bloom Energy at 15.5%, and FuelCell Energy at 7.2%, with the balance spread across international fuel-cell, electrolyzer, and industrial gas names. A genuine sector re-rating would drag HYDR ahead of SPY, not behind it. Analyst positioning on Plug tells a similar story, with a consensus target of $3.55 and a rating mix skewed to 12 Hold ratings against 5 Buys and 3 Sells.

What to Watch Investors sizing their exposure across this trio can treat them as three separate risk profiles rather than one hydrogen basket. Bloom Energy and FuelCell Energy have already delivered outsized year-to-date gains, so their BE and FCEL positions carry heavy momentum risk if the AI-power narrative cools even slightly (we profiled seven of the non-chip suppliers riding that buildout, from power to cooling, in a free report here). Position sizing on those two should reflect how much of the annual move is already in the price and how quickly high-flyers can give back a quarter of a year’s gain in a handful of sessions.

Plug Power is the opposite problem: its stock is cheap, volatile, and driven by sentiment, so traders can keep their PLUG exposure sized for the beta rather than the story. Traders can watch for whether Plug Power shares hold the $2.20 to $2.30 area through the afternoon and whether the HYDR ETF closes its gap with the SPY ETF as the session progresses. If the hydrogen fund can’t catch up by the bell, the case that Thursday’s move is flows into one ticker rather than a sector bid only gets stronger.

Contact [email protected] for any questions or corrections.

Investors interested in Oils-Energy stocks should always be looking to find the best-performing companies in the group. FuelCell Energy (FCEL - Free Report) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Oils-Energy sector should help us answer this question.

FuelCell Energy is one of 252 companies in the Oils-Energy group. The Oils-Energy group currently sits at #11 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.

The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the 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 22.1% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

Based on the most recent data, FCEL has returned 196.9% so far this year. In comparison, Oils-Energy companies have returned an average of 31.8%. This means that FuelCell Energy is outperforming the sector as a whole this year.

Another stock in the Oils-Energy sector, Valero Energy (VLO - Free Report) , has outperformed the sector so far this year. The stock's year-to-date return is 115%.

The consensus estimate for Valero Energy's current year EPS has increased 53.2% over the past three months. The stock currently has a Zacks Rank #1 (Strong Buy).

Looking more specifically, FuelCell Energy belongs to the Alternative Energy - Other industry, which includes 56 individual stocks and currently sits at #152 in the Zacks Industry Rank. Stocks in this group have gained about 4.9% so far this year, so FCEL is performing better this group in terms of year-to-date returns.

Valero Energy, however, belongs to the Oil and Gas - Refining and Marketing industry. Currently, this 16-stock industry is ranked #24. The industry has moved +81% so far this year.

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

FuelCell Energy shares are climbing with conviction. What’s fueling FCEL momentum?
FCEL’s Longer-Term Trend Remains BullishThe bigger technical picture continues to favor buyers. Shares are trading 26.6% above their 100-day moving average of $17.47 and 75.2% above their 200-day moving average of $12.62, keeping the broader trend tilted higher. Closer in, the stock sits 4.9% above its 20-day moving average of $21.09 and 2.2% above its 50-day average of $21.63, a signal that the rally is trying to regain footing after a rougher patch.

The shorter-term moving-average structure is less clean. The 20-day average remains below the 50-day average, a bearish crossover on a near-term basis. But the longer-term golden cross from October 2025, when the 50-day average moved above the 200-day, continues to support the broader uptrend narrative.

RSI Shows Room Left to RunMomentum readings aren’t flashing a warning sign. The relative strength index sits at 51.78, squarely in neutral territory, suggesting the stock isn’t overbought and still has room to extend higher if buyers step back in. That neutral reading also means the stock isn’t oversold, leaving room for the rally to continue without an immediate momentum ceiling.

Key Levels FCEL Traders Are WatchingFCEL’s major turning points have clustered around June, including its 52-week high of $37.88. Traders are now watching whether the current bounce can establish a higher low and push back into prior resistance zones rather than stalling out at the first sign of selling.

Resistance sits at $25.50, a nearby pivot and round-number level where past rebounds have stalled before extending further. Support sits at $18.50, a zone where buyers have previously stepped in and one that lines up closer to the stock’s intermediate trend.

FCEL Shares Are JumpingFCEL Price Action: FuelCell shares were up 11.50% at $22.68 at the time of publication on Friday, according to Benzinga Pro.

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Key Takeaways Plug Power spans hydrogen production, storage, transport, dispensing and fuel-cell applications.FuelCell Energy's Tri-gen platform can produce hydrogen, electricity and water from one system.FCEL gained 369.1% in the past year, while PLUG trades at a lower 3.14 times forward sales. Plug Power Inc. (PLUG - Free Report) and FuelCell Energy (FCEL - Free Report) are both trying to capture a bigger role in the hydrogen economy, but they approach the opportunity from different angles. FCEL is building around fuel-cell platforms that can produce hydrogen alongside power and water, while PLUG is pursuing a broader, end-to-end green-hydrogen model spanning production, liquefaction, storage, transport, dispensing and fuel-cell use. That difference matters when weighing which stock looks better positioned today, especially as investors look beyond fuel cells alone and toward the full hydrogen supply chain.

The Case for PLUG StockPlug Power’s biggest strength is the broad range of products and services it offers across the hydrogen value chain. The company develops proton exchange membrane electrolyzers that use electricity to produce hydrogen from water. These systems are modular and can be expanded as demand increases, making them suitable for customers that want to produce hydrogen on-site using renewable energy sources such as wind and solar.

That production capability is supported by infrastructure further downstream. Plug Power’s GenFuel offering covers hydrogen delivery, storage systems, dispensing equipment and related services. It can design, procure, construct, commission and maintain storage installations, while its dispensers are integrated with its fuel-cell products.  In other words, PLUG can participate in more of the customer’s hydrogen journey instead of depending on a single product category.

The wider setup is especially relevant to the broader green-hydrogen ecosystem. The company describes its strategy as an end-to-end model that includes electrolyzers as well as equipment to liquefy, store, move and dispense hydrogen before converting it into carbon-free electricity. This gives PLUG several possible revenue paths if hydrogen adoption expands across material handling, mobility and stationary power.

The main challenge is execution. Building a business that spans the entire hydrogen value chain requires significant investment, efficient operations and steady demand. Plug Power must demonstrate that its broad platform can deliver stronger financial results as the business scales. If green hydrogen adoption continues to grow, the company's integrated approach could place it in a strong position to benefit.

The Case for FCEL StockFuelCell Energy has a different proposition. Its Tri-gen platform can generate hydrogen, electricity and water from one system. In a standard setup, natural gas or renewable biogas is reformed inside the fuel cell, after which hydrogen reacts electrochemically with air to produce power and heat. That multi-output design can create value for customers that need more than hydrogen alone.

The company also has an appealing transportation angle. Its platform can convert renewable biogas into hydrogen, electricity and water for vehicle-fueling stations, while its renewable hydrogen can qualify under California’s Low Carbon Fuel Standard. At Toyota’s Port of Long Beach site, the tri-generation system is designed to supply hydrogen for vehicles, generate electricity and produce water, showing how the technology can serve multiple needs at one location.

FuelCell Energy's opportunity extends beyond transportation. Its high-temperature fuel-cell systems can also produce usable heat along with electricity and hydrogen, making them suitable for manufacturers and other industrial customers that need both power and heat for their operations. This multi-purpose design allows a single system to meet several energy needs at the same location.

FuelCell Energy takes a different approach to hydrogen than Plug Power. Instead of focusing mainly on hydrogen produced from renewable electricity, its systems can use renewable biogas as well as natural gas to produce hydrogen, electricity and heat. This gives the company greater fuel flexibility and allows it to serve a wider range of customers, although it is less directly tied to the green-hydrogen market than Plug Power.

Price PerformancePrice performance favors FCEL by a wide margin. Over the past year, FuelCell Energy has surged 369.1%, versus a 37.1% gain for PLUG. That momentum is impressive, but it also raises the bar for future expectations.

Image Source: Zacks Investment Research

ValuationValuation swings the comparison toward Plug Power. FCEL trades at 6.98 times forward sales, more than double PLUG’s 3.14 times. Given FCEL’s much stronger share-price run, investors are paying a considerably richer sales multiple for its growth story.

Image Source: Zacks Investment Research

Earnings EstimatesEarnings estimates also favor PLUG. The Zacks Consensus Estimate calls for FuelCell Energy’s fiscal 2026 loss of $1.74 per share to improve 60.5% from fiscal 2025, followed by a 31.3% narrowing to $1.19 in fiscal 2027.

Image Source: Zacks Investment Research

PLUG’s projected 2026 loss of 36 cents suggests a 74.7% improvement, while the expected 2027 loss of 17 cents narrows another 52.5%.

Image Source: Zacks Investment Research

Which Stock Wins Now?Both stocks carry a Zacks Rank #2 (Buy), but PLUG looks like the better Buy right now. FCEL has stronger momentum, yet Plug Power combines a cheaper valuation, a faster expected improvement in losses and broader exposure across the green-hydrogen value chain. For investors seeking the stronger all-around hydrogen ecosystem story, PLUG has the edge.

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

FuelCell Energy stock is taking a hit today. Why is FCEL stock falling? What Sparked FuelCell Energy’s Recent Momentum?Despite that tailwind, Friday’s move is going the other way, suggesting some profit-taking after the prior momentum burst and a market that’s rotating within winners rather than selling the whole theme.

Critical Levels To Watch For FCEL StockFrom a trend perspective, FuelCell is still in a strong longer-term uptrend: it’s trading 92.4% above the 200-day SMA ($12.03) and 43.8% above the 100-day SMA ($16.09), which keeps the bigger picture constructive even on down days. Near-term, it’s only 6.8% above the 20-day SMA ($21.66) and 4.4% above the 50-day SMA ($22.16), so the stock is sitting close enough to short moving averages that routine pullbacks can feel sharp.

Momentum looks more "range/neutral" than "extended": RSI is 52.86, which typically signals neither overbought nor oversold conditions and often lines up with consolidation after a big move. The earlier golden cross in October 2025 (50-day SMA above the 200-day SMA) still supports the longer-term trend, even though the 20-day SMA remains below the 50-day SMA (a near-term bearish alignment).

Key Resistance: $25.00 — a nearby round-number area where rebounds can stall FCEL Stock Price Movement on FridayFCEL Stock Price Activity: FuelCell Energy shares were down 3.09% at $22.89 at the time of publication on Friday, according to Benzinga Pro data.

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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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