Companies /Industrials

Fuelcell Energy Inc

NASDAQ: FCEL Electrical Equipment & Parts
$15.89
▲ $0.30 (+1.92%) today
Markets closed · 3:03am ET

Q2 2026 Earnings

Reported Jun 8, 2026, 7:35am ET · SEC source
$-0.53
Miss −21.84%
EPS · est. $-0.44
$35.6M
Miss −12.15%
Revenue · est. $40.5M
+33.6%
Beating market
FCEL vs S&P since report
2 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−14%−7%0Jun 8Jun 9report 7:35am ETearnings−1.4%−2.4%
−14%−7%0Jun 8Jun 9earnings−1.4%−2.4%
FCEL −2.4%S&P 500 −1.4%
−14%−7%0Jun 8Jun 9report 7:35am ETearnings−1.9%−2.4%
−14%−7%0Jun 8Jun 9earnings−1.9%−2.4%
FCEL −2.4%NASDAQ −1.9%
−14%−7%0+7%Jun 8Jun 16report 7:35am ETearnings+1.6%−4.5%
−14%−7%0+7%Jun 8Jun 16earnings+1.6%−4.5%
FCEL −4.5%S&P 500 +1.6%
−14%−7%0+7%Jun 8Jun 16report 7:35am ETearnings+4.0%−4.5%
−14%−7%0+7%Jun 8Jun 16earnings+4.0%−4.5%
FCEL −4.5%NASDAQ +4.0%
−10.56%
Day of report
+12.84%
Next session
+12.90%
One week
+35.68%
30 days

S&P 500 over the same 30 days: +2.13%.

Did FCEL Beat Earnings? Q2 2026 Results

FuelCell Energy posted a narrower adjusted loss in fiscal Q2 2026, with revenue of $35.59 million declining 5% year-over-year as softer service and generation revenue weighed on the top line, while an adjusted loss per share of $0.53 improved sharply from $1.53 in the prior-year period. The headline results were overshadowed, however, by a $42.57 million non-cash impairment charge tied to the planned upgrade of the Groton Project, a 7.4 MW Navy installation in Connecticut, which pushed operating losses to $77.91 million. The more compelling story may be what is building beyond the income statement: the company's commercial pipeline expanded to 4 GW, a 267% increase from Q1 2026, with data centers accounting for nearly 90% of proposals and average proposal size doubling to 130 MW quarter-over-quarter. FuelCell is targeting manufacturing capacity of up to 500 MW at its Torrington facility, with $200 to $275 million in planned investment over 24 months, positioning the company to capture demand from grid-constrained AI and data center developers.

Key Takeaways
  • Higher product revenues from module deliveries to customers in Korea ($18 million in Q2)
  • Higher Advanced Technologies revenues
  • Lower service revenue due to lack of module exchanges in the quarter
  • Lower generation revenue due to Groton Project undergoing repairs
  • $42.6 million non-cash impairment expense related to Groton Project equipment upgrade decision
  • Lower cash operating costs improving Adjusted EBITDA

“This past quarter reflected strong commercial momentum and disciplined operational execution across the business, including continued progress on our data center strategy. Our carbonate fuel cell platform was designed from inception as a megawatt-scale distributed generation solution and has been proven through more than two decades of commercial operations. Unlike architectures that aggregate numerous sub-scale units to achieve meaningful output, FuelCell Energy deploys utility-scale energy blocks capable of bringing resilient, continuous power directly to the customer. In effect, we are focused on extending the grid to the data center, enabling customers to accelerate time-to-power, reducing dependence on constrained transmission infrastructure, removing permitting friction, and supporting the growing energy demands of AI-driven compute environments with proven, scalable technology.”

FuelCell Energy CEO, on the earnings call

Forward Guidance & Outlook

FuelCell Energy is targeting expansion of its Torrington, CT manufacturing facility to support annualized production capacity of up to 500 MW, with estimated total capital investment of $200-$275 million over the next 24 months. FY2026 growth capital spending of $20-$30 million for the Torrington expansion remains on track. The company's sales pipeline grew to 4 GW in Q2 2026, a 267% increase from Q1 2026, with approximately 89-90% of the pipeline tied to data centers. Korean product deliveries are estimated at $18 million per quarter for Q3 and Q4 FY2026. Module replacement activities under long-term service agreements remain limited before 2028, with ramped replacement activities expected in the next 3-4 years. The carbon capture demonstration at ExxonMobil's Rotterdam refinery is targeted for late 2026.

FCEL YoY Financials

Revenue$35.6M
Gross Profit$-12,929,000
Operating Income$-77,913,000
Net Income$-77,629,000

FCEL Revenue by Segment

Product$18.0M+38.3%
Generation$8.7M−28.4%
Service Agreements
Advanced Technologies$4.7M+14.7%
Service$4.2M

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