FuelCell Energy reported third-quarter fiscal 2026 revenue of $33.0 million, down 29% from $46.7 million a year earlier.
The company’s gross loss widened sharply to $24.5 million from $5.1 million, while its loss from operations narrowed to $46.7 million from $95.4 million. Net loss came in at $45.3 million, compared with $91.9 million in the prior-year quarter, and net loss per share improved to $0.64 from $3.78.
Cash, cash equivalents, restricted cash and restricted cash equivalents totaled $737.3 million at July 31, 2026.
Backlog climbed to $3.65 billion from $1.24 billion a year ago. Committed backlog rose 4.1% to $1.30 billion from $1.24 billion, while awarded capacity backlog reached $2.35 billion, up from zero in the prior-year period. The combined total increased by $2.40 billion year over year.
Within committed backlog, product backlog increased to $108.9 million from $96.2 million, service backlog rose to $263.6 million from $169.4 million, generation backlog declined to $915.7 million from $955.0 million, and advanced technologies backlog fell to $7.8 million from $24.3 million.
The company said its sales pipeline increased to about 10 gigawatts in fiscal 2026. It also continued expanding its Torrington, Connecticut manufacturing facility toward 500 megawatts of annualized production capacity, expected by June 2028, and said it is targeting 100 megawatts of annualized production in October 2026.
FuelCell Energy said it signed its first capacity reservation agreement with a major data center operator for a planned 75-megawatt project in Texas, and separately entered a capital equipment purchase agreement with FIT Energy USA for up to 380 megawatts across four phases. The initial phase is 30 megawatts, with additional phases of 100 megawatts, 125 megawatts and 125 megawatts available at FIT Energy’s option. The market has reacted to these announcements by moving the company's shares -12.09% to a price of $15.015. Check out the company's full 8-K submission here.
