FuelCell Energy’s second fiscal quarter brought in $35.6 million in revenue, down from $37.4 million a year earlier, while its gross loss widened to $12.9 million from $9.4 million.
The company’s loss from operations more than doubled to $77.9 million from $35.8 million, and net loss rose to $77.6 million from $37.7 million. Net loss attributable to common stockholders increased to $78.7 million from $38.8 million.
Per-share loss improved to $1.45 from $1.79, even as the company reported a larger overall loss, reflecting a higher share count after issuances since last year.
Backlog fell to $1.14 billion at April 30, 2026, from $1.26 billion a year earlier, a drop of $124.2 million, or 9.9%. The decline came across all four categories: product backlog fell to $36.1 million from $98.2 million, service backlog slipped to $155.4 million from $164.4 million, generation backlog declined to $928.5 million from $967.4 million, and advanced technologies backlog dropped to $15.4 million from $29.6 million.
Cash and restricted cash totaled $440.9 million at quarter-end, up from $341.8 million at October 31, 2025. Unrestricted cash rose to $373.2 million from $278.1 million, while restricted cash increased to $67.7 million from $63.7 million.
The sales pipeline reached 4 gigawatts in the quarter, up 267% from the first quarter of 2026. During the quarter, the company also advanced work on its Torrington, Connecticut manufacturing expansion, with the target annualized production rate lifted to 500 megawatts from the previously planned 350 megawatts.
FuelCell said the Torrington expansion is expected to cost between $200 million and $275 million over the next 24 months. As of May 31, work had started on a new high-volume tape caster and a new conditioning room had been commissioned.
The company also said its first two carbon capture modules were en route to Rotterdam as part of its collaboration with ExxonMobil Technology and Engineering Company.
During the quarter, FuelCell sold about 10.9 million shares under its open market sale agreement at an average price of $9.45, raising $102.6 million in gross proceeds and $100.4 million net. After the quarter ended, it sold another 4.1 million shares at an average price of $13.31, bringing in $54.0 million gross and $52.9 million net. After those sales, about $0.5 million of shares remained available for sale under the agreement. As a result of these announcements, the company's shares have moved 3.49% on the market, and are now trading at a price of $17.9353. If you want to know more, read the company's complete 8-K report here.
