Q1 26 EPS
$-0.49
BEAT +27.54%
Est. $-0.68
Q1 26 Revenue
$30.5M
MISS 27.68%
Est. $42.2M
vs S&P Since Q1 26
+189.6%
BEATING MARKET
FCEL +200.7% vs S&P +11.1%
Market Reaction
Did FCEL Beat Earnings? Q1 2026 Results
FuelCell Energy delivered a mixed first fiscal quarter of 2026, posting a loss per share of $0.49 that beat the consensus estimate of $0.68 by 27.54%, while revenue of $30.53 million fell 27.68% short of the $42.21 million Wall Street had expected, s… Read more FuelCell Energy delivered a mixed first fiscal quarter of 2026, posting a loss per share of $0.49 that beat the consensus estimate of $0.68 by 27.54%, while revenue of $30.53 million fell 27.68% short of the $42.21 million Wall Street had expected, sending shares down nearly 5%. The top-line shortfall masked genuine underlying momentum: revenue grew 60.7% year-over-year, lifted by a surge in Product revenues to $12.04 million from just $72,000 a year ago, driven by module deliveries to partners GGE and CGN in South Korea. A $6 million revenue slip into February due to commissioning timing delays was the primary culprit behind the miss. Despite widening its gross loss to $5.86 million, the company narrowed its operating loss 20% to $26.29 million as restructuring actions cut expenses sharply. Looking ahead, management targets $18 million in quarterly Korea repowering revenue for each of Q2 through Q4, while a 275% pipeline expansion, with data centers representing over 80% of that pipeline, signals the company's strategic bet on AI-driven power demand as its next growth engine.
Key Takeaways
- • Product revenue surge driven by GGE and CGN module deliveries and commissioning in South Korea
- • Operating expense reduction from November 2024 and June 2025 restructuring actions
- • R&D expenses decreased $4.1 million year-over-year
- • At-the-market equity sales generated approximately $56.3 million in gross proceeds
- • New EXIM Bank debt financing of approximately $25 million
FCEL YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
FCEL Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Jason Few, Q1 2026 Earnings Press Release
FCEL Earnings Trends
FCEL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
FCEL EPS Trend
Earnings per share: estimate vs actual
FCEL Revenue Trend
Quarterly revenue: estimate vs actual
FCEL Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $-0.44 | $-0.53 | -21.84% | $35.6M | -12.15% |
| Q1 26 BEAT | $-0.68 | $-0.49 | +27.54% | $30.5M | -27.68% |
| Q4 25 BEAT FY | $-1.03 | $-0.85 | +17.36% | $55.0M | +16.50% |
| FY Full Year | $-5.00 | $-7.42 | -48.26% | $158.2M | +5.08% |
| Q3 25 BEAT | $-1.63 | $-0.95 | +41.72% | $46.7M | -3.22% |
| Q2 25 MISS | $-1.38 | $-1.79 | -29.26% | $37.4M | +15.39% |
| Q1 25 MISS | $-1.35 | $-1.42 | -4.98% | $19.0M | -43.28% |