FuelCell Energy Reports Widened Losses in Q2

By Philip Seaworth • Monday, June 08 16:07 • Permanent Link

FuelCell Energy reported second fiscal quarter revenue of $35.6 million, down 5% from $37.4 million a year earlier. The company’s gross loss widened to $12.9 million from $9.4 million, a 37% increase, while loss from operations more than doubled to $77.9 million from $35.8 million, up 118%.

Net loss was $77.6 million, compared with $37.7 million in the prior-year quarter, and net loss attributable to common stockholders widened to $78.7 million from $38.8 million. Loss per share attributable to common stockholders improved to $1.45 from $1.79, helped by a higher share count.

Adjusted EBITDA was a loss of $17.1 million, narrower than the $19.3 million loss a year ago. EBITDA was a loss of $67.1 million, compared with a $24.9 million loss in the prior-year period.

Backlog at April 30, 2026, was $1.14 billion, down from $1.26 billion a year earlier, a decline of 9.9%. Within that total, 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 cash equivalents, including restricted cash, totaled $440.9 million at April 30, 2026, up from $341.8 million at October 31, 2025. Unrestricted cash rose to $373.2 million from $278.1 million over that span.

The company said its sales pipeline reached 4 gigawatts in the quarter, up 267% from the first quarter of 2026. During the quarter, FuelCell Energy also advanced expansion work at its Torrington, Connecticut manufacturing facility, with the target now set at an annualized production rate of up to 500 megawatts, up from the previously contemplated 350 megawatts. The company estimates the expansion will cost between $200 million and $275 million over the next 24 months.

FuelCell Energy said the first two carbon capture modules are en route to Rotterdam as part of its collaboration with ExxonMobil Technology and Engineering Company. The market has reacted to these announcements by moving the company's shares -11.77% to a price of $15.29. Check out the company's full 8-K submission here.

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