FuelCell Energy Inc (FCEL)
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FuelCell Energy builds fuel-cell power plants, and suddenly the AI world wants its electricity: a framework agreement covering up to 380 megawatts for data centers catapulted the stock up more than 350 percent in three months. We read the annual report (10-K), the quarterly reports (10-Q) and the fresh current reports (8-K): only 30 megawatts are firmly ordered so far, the customer was handed warrants on 12 million shares — and the company has been selling its products below manufacturing cost for years. Not investment advice — just the sonar ping before you leap after the echo.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
NeutralKI ist in den Filings kein Produkt, kein dokumentierter operativer Einsatz und keine konkrete Bedrohung — sie erscheint ausschließlich als externer Nachfrage-Treiber für den Rechenzentrums-Strommarkt, den FuelCell mit Brennstoffzellen-Kraftwerken bedienen will.
View the full file — quotes, sources, reviewed filings
„As global energy demand rises driven by artificial intelligence (“AI”), electrification, and the need for enhanced grid resiliency, we believe solutions like ours will be vital in addressing next-generation needs, helping to strengthen the grid, reducing pollution, and supporting decarbonization goals."
Da die weltweite Energienachfrage — getrieben von künstlicher Intelligenz („KI“), Elektrifizierung und dem Bedarf an höherer Netzstabilität — steigt, glauben wir, dass Lösungen wie unsere entscheidend sein werden, um die Anforderungen der nächsten Generation zu erfüllen, das Netz zu stärken, Umweltbelastung zu verringern und Dekarbonisierungsziele zu unterstützen.
„According to the International Energy Agency, global electricity demand from data centers is projected to more than double by 2030 to approximately 945 terawatt-hours. The primary driver: the exponential rise of AI-optimized workloads."
Nach Angaben der Internationalen Energieagentur dürfte sich der weltweite Strombedarf von Rechenzentren bis 2030 auf rund 945 Terawattstunden mehr als verdoppeln. Haupttreiber: der exponentielle Anstieg KI-optimierter Rechenlasten.
„The fuel cell systems are intended to supply baseload electricity for data center applications."
Die Brennstoffzellen-Systeme sollen Grundlast-Strom für Rechenzentrums-Anwendungen liefern.
Filings Reviewed: 10-Q 2026-06-08 · 10-Q 2026-03-09 · 10-Q 2025-09-09 · 10-Q 2025-06-06 · 10-K 2025-12-18 · 10-K 2024-12-27
Rated on July 9, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | -0.43 | – | 19 | 13.80 | -153.30 | -46 | -53 |
| 2025: Q2 | -0.56 | – | 37 | 66.80 | -101.70 | -30 | -35 |
| 2025: Q3 | -1.36 | – | 47 | 97.30 | -196.10 | -27 | -36 |
| 2025: Q4 | -0.44 | – | 55 | 11.50 | -54.30 | -23 | -24 |
| 2026: Q1 | -0.35 | – | 31 | 60.70 | -77.50 | -34 | -37 |
| 2026: Q2 | -1.15 | – | 36 | -4.90 | -218.10 | -27 | -27 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
A signed framework agreement with Fit Energy for up to 380 megawatts powering AI data centers (June 22, 2026), phase 0 of 30 megawatts with immediately effective payment obligations; plus 57 years of engineering history and reference plants up to 58.8 megawatts.
$373.2 million in cash (April 30, 2026) plus roughly $245 million net from the July offering plus a $49 million package from the Export-Import Bank of the United States; no going-concern warning — the quarterly report (10-Q) expressly confirms twelve-month coverage.
Weinstein stage 2, a relative strength of 98 (weekly basis), 12 momentum-scanner hits, +356 percent in three months (data as of July 9, 2026) — the market has fully embraced the story.
No profitable year since fiscal 1997, a $1.83 billion accumulated deficit, a record $187.9 million loss in fiscal 2025 — and the gross margin is negative at minus 16.7 percent even before any fixed costs.
Share count up from 13.5 million (October 2022, today's basis) to roughly 79.9 million (July 2026); a 1-for-30 reverse split in November 2024; 17.2 million ATM shares at an average of $9.22 in the first half of fiscal 2026, 12.3 million shares at $21.00 in July — plus up to 12 million possible warrant shares for customer Fit.
82 percent of fiscal 2025 revenue from a few large customers (Gyeonggi Green Energy alone 46 percent, with the order running out in fiscal 2026); only 30 of the 380 framework megawatts are firm; the $42.6 million Groton impairment shows operational delivery risk.
FuelCell Energy is the bet that AI power demand hands a 57-year-old company its first profitable year since 1997. The till is full and the Fit agreement is real — but only 30 of 380 megawatts are firm, the customer was courted with warrants on 12 million shares, the products still sell below manufacturing cost, and all of it is paid for with a steady stream of new shares. Not investment advice.
- The fiscal year ends October 31: "fiscal year 2025" = November 2024 through October 2025. The next quarterly report (10-Q, as of July 31, 2026) is due on schedule in September 2026.
- No insolvency verdict: despite the hit in the bankruptcy-risk scanner, there is no going-concern warning; per the quarterly report (10-Q), cash and the offering cover the next twelve months. The scanner measures balance-sheet patterns, not a prediction.
- A very volatile stock: an average daily range around 16 percent, +356 percent in three months and at the same time roughly 92 percent below its level of five years earlier (data as of July 9, 2026); an insider sale by the chief technology officer on July 6, 2026 (2,500 shares at $28.71, Form 4).
About the Company
FuelCell Energy, Inc. befasst sich zusammen mit seinen Tochtergesellschaften mit Entwurf, Entwicklung, Produktion, Bau, Betrieb und Wartung von Hochtemperatur-Brennstoffzellen für die saubere Stromerzeugung.
| Employees | 629 |
|---|---|
| Headquarters | Danbury, CT |
| Website | fuelcellenergy.com |
| IPO Date | 25. Jun 1992 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Jason B. Few | President, CEO & Director | 1967 |
| Michael S. Bishop CPA | Executive VP, CFO & Treasurer | 1968 |
| Shankar Achanta | Executive VP, Chief Product & Technology Officer | 1979 |
| Amanda Schreiber J.D. | Executive VP, General Counsel & Corporate Secretary | 1974 |
| Betsy Schaefer | Senior VP, Chief Marketing & Sustainability Officer | – |
| Eric Strayer | Senior VP & Global Head of Sales | – |
| Karen Farrell | Senior VP & Chief Human Resources Officer | – |
| Kix Ryen | Senior VP, Chief of Staff & Transformation Officer | – |
| Robert Strobl | SVP of Europe, Carbonate Manufacturing, and Operations | – |
| Jill Crossman | Senior VP & Global Controller | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.