The market may look past the weak quarter given the $3.6B total backlog and data center momentum. Watch for conversion of Awarded Capacity Backlog into firm orders and progress toward the 100 MW production rate target in October 2026. The next catalyst is the 10-Q filing and any additional data center agreements.
Price Chart
Executive Summary
FuelCell Energy reported Q3 FY2026 revenue of $33.0M (down 29% YoY) and GAAP EPS of -$0.64, missing consensus estimates of $38.8M and -$0.39. Gross loss widened to -$24.5M and Adjusted EBITDA worsened to -$36.7M. However, Committed Backlog grew 4.1% to $1.3B and the company added $2.4B in Awarded Capacity Backlog from a Fit Energy agreement (up to 380 MW). Post-quarter, it signed its first Capacity Reservation Agreement for a 75 MW data center project in Texas. The strong cash position ($737M) funds a 500 MW manufacturing expansion, but near-term financials remain weak.
Key Financial Metrics
Key Facts
- Revenue $33.0M, down 29% YoY from $46.7M
- GAAP EPS -$0.64 vs consensus -$0.39 (64% miss)
- Gross loss -$24.5M vs -$5.1M YoY (377% increase)
- Adjusted EBITDA -$36.7M vs -$16.4M YoY (124% worse)
- Committed Backlog $1.3B (+4.1% YoY); Awarded Capacity Backlog $2.35B
- Total cash $737.3M (unrestricted $658.1M)
- Fit Energy agreement for up to 380 MW; 30 MW initial phase deposit received
- Post-quarter: first Capacity Reservation Agreement for 75 MW data center project in Texas
- Targeting positive Adjusted EBITDA in Q4 FY2027
- Torrington manufacturing expansion to 500 MW by June 2028, fully funded
Financial Impact
Revenue miss of ~$5.8M (15% below consensus) and EPS miss of $0.25 (64% below consensus). Gross loss widened by $19.4M YoY due to $17M inventory valuation charges on Fit Energy contract.
Risk Factors
- Awarded Capacity Backlog ($2.35B) is non-binding and may not convert to revenue
- Manufacturing scale-up to 500 MW carries execution and cost overrun risk
- Continued cash burn: Adjusted EBITDA -$36.7M in Q3, cash runway dependent on equity raises
- Revenue decline of 29% YoY signals operational headwinds from Groton project downtime and lower module deliveries
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-104498 |
| Document: fcel-20260902xex99d2.htm | 0001104659-26-104498 |
| Document: fcel-20260902x8k.htm | 0001104659-26-104498 |
| Document: 0001104659-26-104498-index-headers.html | 0001104659-26-104498 |
| Document: 0001104659-26-104498-index.html | 0001104659-26-104498 |
| Document: 0001104659-26-104498.txt | 0001104659-26-104498 |
| 8-K Data (Synthetic) | 0001104659-26-104498 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 16d ago | Press Release | $15.50 $17.18 | ▼ −10.84% | ▼ −8.28% | $17.71 (−14.26%) |
Sep 15, 2026 17d ago | Insider Buy | $15.25 $18.11 | ▲ +18.75% | ▲ +17.94% | $17.71 (+16.13%) |
Sep 2, 2026 4w ago | 8-K | $14.40 $15.59 | ▲ +8.26% | ▲ +9.22% | $17.71 (+22.99%) |
Sep 2, 2026 4w ago | Press Release | $14.40 $15.59 | ▼ −8.26% | ▼ −9.22% | $17.71 (−22.99%) |
Jul 20, 2026 10w ago | Insider Buy | $19.84 $21.26 | ▲ +7.16% | ▲ +7.58% | $17.71 (−10.74%) |
Jul 9, 2026 12w ago | 8-K | $23.00 $17.26 | ▲ +24.96% | ▲ +24.82% | $17.71 (+23.00%) |
Jul 9, 2026 12w ago | Press Release | $23.00 $17.26 | ▼ −24.96% | ▼ −24.82% | $17.71 (−23.00%) |
Jun 8, 2026 16w ago | Press Release | $15.50 $17.50 | ▼ −12.90% | ▼ −10.79% | $17.71 (−14.26%) |
Mar 9, 2026 29w ago | Press Release | $7.38 $6.91 | ▼ −6.37% | ▼ −5.01% | $17.71 (+139.97%) |
US Market Status
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