Companies /Industrials

Fuelcell Energy Inc

NASDAQ: FCEL Electrical Equipment & Parts
$15.89
▲ $0.30 (+1.92%) today
Markets closed · 3:06am ET

Q1 2026 Earnings

Reported Mar 9, 2026, 7:35am ET · SEC source
$-0.49
Beat +27.54%
EPS · est. $-0.68
$30.5M
Miss −27.68%
Revenue · est. $42.2M
−11.5%
Trailing market
FCEL vs S&P since report
2 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−6%0+6%+12%Mar 9Mar 10report 7:35am ETearnings+2.4%+1.4%
−6%0+6%+12%Mar 9Mar 10earnings+2.4%+1.4%
FCEL +1.4%S&P 500 +2.4%
−6%0+6%+12%Mar 9Mar 10report 7:35am ETearnings+2.9%+1.4%
−6%0+6%+12%Mar 9Mar 10earnings+2.9%+1.4%
FCEL +1.4%NASDAQ +2.9%
−8%−4%0+4%Mar 9Mar 17report 7:35am ETearnings+0.9%−3.8%
−8%−4%0+4%Mar 9Mar 17earnings+0.9%−3.8%
FCEL −3.8%S&P 500 +0.9%
−8%−4%0+4%Mar 9Mar 17report 7:35am ETearnings+1.4%−3.8%
−8%−4%0+4%Mar 9Mar 17earnings+1.4%−3.8%
FCEL −3.8%NASDAQ +1.4%
−2.89%
Day of report
−4.47%
Next session
−6.37%
One week
−11.25%
30 days

S&P 500 over the same 30 days: +0.24%.

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, 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

“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.”

FuelCell Energy CEO, on the earnings call

Forward Guidance & Outlook

FuelCell Energy targets positive Adjusted EBITDA once its Torrington facility reaches an annualized production rate of 100 MW, compared to the current rate of approximately 32.6 MW. The company plans $20-30 million of capital investments in FY2026 to begin capacity expansion beyond 100 MW, with longer-term plans to expand to over 350 MW and eventually to 500 MW-1 GW+ through a global assembly footprint. For the remainder of FY2026, the company expects to commission 12 additional replacement modules for GGE (6 in Q2 and 6 in Q3) and 6 modules for CGN in Q4, with estimated quarterly revenue of $18 million each for Q2, Q3, and Q4 from Korea repowering projects. The company delivered over 1.5 GW of new commercial proposals in Q1 FY2026, saw a 275% increase in total pipeline in February 2026 versus February 2025, and has a collaboration with SDCL targeting up to 450 MW of identified data center projects. Two carbon capture modules are scheduled for shipment to Rotterdam in Q2 FY2026.

FCEL YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$-20,000,000$0$20.0M$19.0M$30.5MRevenue$-6,697,541$-5,857,000Gross Profit$-21,913,812$-26,290,000Operating Income$-23,562,771$-26,051,000Net Income
$-20,000,000$0$20.0MRevenueGross ProfitOperating IncomeNet Income

FCEL Revenue by Segment

Product$12.0M+16,625.0%
Generation$11.0M−3.2%
Service Agreements$3.2M+72.6%
Advanced Technologies$4.3M−24.8%
Service

Figures from SEC filings and company reports. Not investment advice.