DANBURY - FuelCell Energy, Inc. (NASDAQ: FCEL) today reported financial results for its first quarter ended January 31, 2026.
First Quarter Fiscal 2026 Highlights
(All comparisons are year-over-year unless otherwise noted)
Revenue of $30.5 million, compared to $19.0 million, an increase of approximately 61%
Gross loss of $(5.9) million, compared to $(5.2) million, an increase of approximately 13%
Loss from operations of $(26.3) million, compared with $(32.9) million, a decrease of approximately 20%
Net loss per share attributable to common stockholders was $(0.49), compared with $(1.42)
Backlog of $1.17 billion, compared to $1.31 billion, a decrease of approximately 10.8%
'During the first fiscal quarter, we delivered strong revenue growth, sharpened operating discipline, and strengthened our liquidity position - all while positioning FuelCell Energy to capture the defining opportunity of the AI era,' said Jason Few, President and Chief Executive Officer of FuelCell Energy.
Few added, 'Data center developers and hyperscalers are prioritizing reliable, immediate power solutions-which is precisely what we provide. Our fuel cell systems deliver faster time to power than other sources and have consistently operated on a commercial scale for an average of 10 years, supplying clean, dependable baseload energy. No other distributed power option can match this proven track record in real-world conditions.
We are seeing strong commercial momentum from the data center space by delivering over 1.5 GW of new commercial proposals in the first quarter of fiscal 2026 and announcing a collaboration with Sustainable Development Capital LLP (SDCL), targeting up to 450 megawatts of identified projects. We are intensely focused on converting the robust pipeline of opportunities in front of us to definitive agreements.
It may sound counterintuitive for a power generation company to reduce power demand, but that is exactly what our platform enables. By integrating high temperature thermal output with absorption chilling, we can lower cooling load, free up more power for compute and improve overall PUE (Power Usage Effectiveness). In addition, our platform is the only fuel cell platform with an economically viable, integrated carbon-capture pathway. This is not a promise for tomorrow. This is proven power, ready today for the always-on demands of AI.'
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; the risk that our restructuring plans will not result in the intended benefits or savings or will result in unanticipated costs; the risk that our restructuring plans will yield unintended consequences to our remaining workforce and results of operations 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:
Kathleen Blomquist
Email: kblomquist@fce.com
Tel: 203.546.5844
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