Q2 26 EPS
$-0.53
MISS 21.84%
Est. $-0.44
Q2 26 Revenue
$35.6M
MISS 12.15%
Est. $40.5M
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… Read more 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
FCEL 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
Q2 2026 vs Q2 2025, source: SEC Filings
FCEL Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Jason Few, Q2 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% |