FuelCell Sinks 13% as Wider Loss Overshadows First Data Center Reservation Deal, Bloom Energy Slips, Plug Power Barely Budges

FuelCell Energy (NASDAQ:FCEL) stock is down 13% to $14.90 in early trading Wednesday after the company reported fiscal Q3 2026 results before the open. The Global X Hydrogen ETF (NASDAQ:HYDR) is unchanged at $42.06, keeping the sector barometer flat while FuelCell Energy takes the hit alone.

Meanwhile, Bloom Energy (NYSE:BE) stock is down 2% to $209.98, and Plug Power (NASDAQ:PLUG) stock is down 0.6% to $2.08. Through Tuesday’s close, FuelCell Energy stock was up 134% year to date (YTD), Bloom Energy stock was up 146%, and Plug Power stock was up 6%.

Wider Loss and Fit Energy Charge Overshadow the Data Center Win

FuelCell Energy reported revenue of $33 million, down 29% from $46.7 million a year ago, missing the $40 million consensus. The company posted a loss of $0.64 per share against an expected loss of $0.40 per share, and gross loss widened to $24.5 million from $5.1 million a year earlier.

The core issue was a $17 million charge tied to product costs and firm purchase commitments that exceed the contractual pricing set under the capital equipment purchase agreement with Fit Energy. FuelCell Energy operated at an annualized production rate of 37.1 MW during the quarter, below the volume at which its cost structure aligns with the pricing on orders of that scale. FuelCell Energy’s loss from operations improved to $46.7 million from $95.4 million a year earlier, since the prior period carried a Groton impairment.

Backlog Growth and the First Data Center Reservation

FuelCell Energy’s Committed Backlog rose to $1.3 billion as of July 31, up from $1.24 billion a year earlier, with total Committed and Awarded Capacity Backlog reaching $3.6 billion after Fit Energy’s option for up to 350 MW was added. After the quarter closed, FuelCell Energy signed its first Capacity Reservation Agreement with a major data center operator for a planned 75 MW project in Texas, consisting of six 12.5 MW blocks and supported by an upfront reservation payment. Financial terms weren’t disclosed.

CEO Jason Few stated in the earnings release, “During the third quarter, FuelCell Energy accelerated the commercial execution of our data center strategy while continuing to expand the manufacturing capacity we believe is required to support long-term growth.” The Torrington, Connecticut plant is expanding to 500 MW of annualized capacity, scheduled for completion by June 2028, with a targeted 100 MW annualized rate in October 2026. FuelCell Energy’s cash, cash equivalents and restricted cash totaled $737.3 million as of July 31.

FuelCell Energy also delivered its first two carbonate fuel cell carbon capture modules to Exxon Mobil (NYSE:XOM | XOM Price Prediction) at the Rotterdam manufacturing complex in the Netherlands under a multi-year joint development agreement. Separately, the company signed a memorandum of understanding with Siemens under which Siemens will design and supply electrical balance of plant systems.

Peers Move on Their Own Clocks

Bloom Energy stock is holding up because today’s action is a FuelCell Energy earnings event, and Bloom Energy remains the group’s year-to-date leader. Its onsite power positioning with hyperscalers and AI data center operators gives it a distinct customer narrative that sits apart from FuelCell Energy’s Fit Energy execution issues (the power, cooling, and networking companies behind that same data center buildout are the subject of a free report on seven AI infrastructure suppliers that aren’t chipmakers).

Plug Power stock is the outlier on the YTD figures, having barely budged while FuelCell Energy and Bloom Energy roughly doubled or better through Tuesday’s close. Its business mix in material handling and electrolyzers occupies a different point in the hydrogen value chain, so the FuelCell Energy earnings report is passing through Plug Power without much impact. The Global X Hydrogen ETF holding flat reinforces that the hydrogen group is trading on individual company stories today.

What to Watch Next

The unresolved question is whether Awarded Capacity Backlog converts into Committed Backlog, since Fit Energy holds the phase elections at its sole option and awarded capacity is not contracted revenue. The second open question is whether the Torrington ramp lifts production volumes enough to close the gap between per-unit cost and contract pricing before more charges land. FuelCell Energy’s earnings call at 10:00 a.m. ET could sharpen the timeline on both.

Investors should size their positions carefully given the dilution risk, since shares outstanding rose from 46 million to 80 million since October 2025 and FuelCell Energy is targeting positive adjusted EBITDA in the fourth quarter of fiscal 2027. Traders can watch for whether today’s opening reaction holds once management addresses the Fit Energy charge on the call.

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