FuelCell Energy (NASDAQ: FCEL) grows Q1 sales as losses narrow and backlog dips
Rhea-AI Filing Summary
FuelCell Energy, Inc. reported first‑quarter fiscal 2026 results showing much stronger revenue but continued losses. Revenue reached $30.5 million, up 61% from $19.0 million a year earlier, driven largely by higher product and service activity. Net loss narrowed to $26.1 million from $32.4 million, and net loss per share attributable to common stockholders improved to $(0.49) from $(1.42), aided by both lower operating expenses and a higher share count. Adjusted EBITDA was $(17.0) million, better than $(21.1) million in the prior-year quarter, reflecting reduced research and development and administrative spending after prior restructurings.
Cash, cash equivalents and restricted amounts rose to $379.6 million as of January 31, 2026, compared with $341.8 million on October 31, 2025, supported by at-the-market stock sales totaling about 6.4 million shares for $56.3 million in gross proceeds and a new Export-Import Bank of the United States financing. Backlog declined about 10.8% year over year to $1.17 billion as revenue was recognized, with a weighted average term of roughly 15 years across service and generation contracts. Management highlighted strong commercial interest from data center customers, citing over 1.5 gigawatts of new proposals and a collaboration with Sustainable Development Capital LLP targeting up to 450 megawatts of projects.
Positive
- Revenue growth and margin progress: Q1 fiscal 2026 revenue rose 61% to $30.5 million, while loss from operations improved by 20% and Adjusted EBITDA improved from $(21.1) million to $(17.0) million, reflecting higher sales and lower operating expenses after prior restructurings.
- Stronger liquidity and new financing: Cash, cash equivalents and restricted balances increased to $379.6 million as of January 31, 2026, supported by at-the-market equity issuance and a new Export-Import Bank of the United States debt facility to support international utility-grade power projects.
Negative
- Backlog decline despite strong sales narrative: Total backlog fell about 10.8% year over year to $1.17 billion as of January 31, 2026, indicating that revenue recognition outpaced new contract additions even as management highlighted a large proposal pipeline.
- Continuing operating losses and gross loss: The company still posted a gross loss of $5.9 million and a net loss of $26.1 million in Q1 fiscal 2026, showing it has not yet reached breakeven despite cost reductions.
Insights
FuelCell posted strong Q1 revenue growth, narrower losses, and higher cash, but backlog shrank.
FuelCell Energy delivered a meaningful top-line acceleration, with Q1 fiscal 2026 revenue of
Loss from operations improved to
Liquidity strengthened, with cash, cash equivalents and restricted balances rising to
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
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Item 2.02. Results of Operations and Financial Condition.
On March 9, 2026, FuelCell Energy, Inc. (the “Company”) issued a press release announcing its financial results and providing a business update as of and for the three months ended January 31, 2026. A copy of this press release is furnished with this report as Exhibit 99.1 and is incorporated herein by reference.
The information furnished in this Item 2.02, including Exhibit 99.1, is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. This information will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.
Item 7.01. Regulation FD Disclosure.
A copy of the investor presentation slides that will be used by the Company during its March 9, 2026 earnings call is furnished with this report as Exhibit 99.2.
The information furnished in this Item 7.01, including Exhibit 99.2, is not deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. This information will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.
By furnishing the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD. The information contained in the investor presentation furnished as Exhibit 99.2 is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission (“SEC”) filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in this presentation, although it may do so from time to time. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
Exhibit No. | | Description |
99.1 | Press Release issued by FuelCell Energy, Inc. on March 9, 2026. | |
99.2 | Investor Presentation, dated March 9, 2026. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FUELCELL ENERGY, INC. | ||
Date: March 9, 2026 | By: | /s/ Michael S. Bishop |
Michael S. Bishop | ||
Executive Vice President, Chief Financial Officer and Treasurer | ||
| |
Exhibit 99.1
FuelCell Energy Delivers Strong Q1’26 Revenue Growth vs Q1’25;
Advances Data Center Power Strategy
DANBURY, Conn., March 9, 2026 (GLOBE NEWSWIRE) — FuelCell Energy, Inc. (NASDAQ: FCEL) today reported financial results for its first quarter ended January 31, 2026.
First Quarter Fiscal 2026 Highlights
(All comparisons are year-over-year unless otherwise noted)
| ● | Revenue of $30.5 million, compared to $19.0 million, an increase of approximately 61% |
| ● | Gross loss of $(5.9) million, compared to $(5.2) million, an increase of approximately 13% |
| ● | Loss from operations of $(26.3) million, compared with $(32.9) million, a decrease of approximately 20% |
| ● | Net loss per share attributable to common stockholders was $(0.49), compared with $(1.42) |
| ● | Backlog of $1.17 billion, compared to $1.31 billion, a decrease of approximately 10.8% |
“During the first fiscal quarter, we delivered strong revenue growth, sharpened operating discipline, and strengthened our liquidity position — all while positioning FuelCell Energy to capture the defining opportunity of the AI era,” said Jason Few, President and Chief Executive Officer of FuelCell Energy.
Few added, “Data center developers and hyperscalers are prioritizing reliable, immediate power solutions—which is precisely what we provide. Our fuel cell systems deliver faster time to power than other sources and have consistently operated on a commercial scale for an average of 10 years, supplying clean, dependable baseload energy. No other distributed power option can match this proven track record in real-world conditions.
We are seeing strong commercial momentum from the data center space by delivering over 1.5 GW of new commercial proposals in the first quarter of fiscal 2026 and announcing a collaboration with Sustainable Development Capital LLP (SDCL), targeting up to 450 megawatts of identified projects. We are intensely focused on converting the robust pipeline of opportunities in front of us to definitive agreements.
It may sound counterintuitive for a power generation company to reduce power demand, but that is exactly what our platform enables. By integrating high temperature thermal output with absorption chilling, we can lower cooling load, free up more power for compute and improve overall PUE (Power Usage Effectiveness). In addition, our platform is the only fuel cell platform with an economically viable, integrated carbon-capture pathway. This is not a promise for tomorrow. This is proven power, ready today for the always-on demands of AI.”
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Consolidated Financial Metrics
Three Months Ended January 31, | | |||||
(Amounts in thousands, except per share data) | 2026 | 2025 | Change | | ||
Total revenues | $30,531 | $18,997 | 61% | |||
Gross loss | (5,857) | (5,204) | 13% | |||
Loss from operations | (26,290) | (32,851) | (20%) | |||
Net loss | (26,051) | | (32,386) | | (20%) | |
Net loss attributable to common stockholders | (23,660) | (29,126) | (19%) | |||
Net loss per basic and diluted share attributable to common stockholders (1) | $ (0.49) | $ (1.42) | | (65%) | ||
| ||||||
EBITDA * | (15,772) | | (22,905) | | (31%) | |
Adjusted EBITDA * | $ (17,029) | $ (21,073) | (19%) | |||
Adjusted net loss per basic and diluted share attributable to common stockholders (1) * | $ (0.52) | | $ (1.33) | | (61%) | |
(1) All historic per share figures have been retroactively adjusted to reflect the Company’s reverse stock split that became effective on November 8, 2024.
* Reconciliations of non-GAAP measures EBITDA, Adjusted EBITDA and Adjusted net loss per basic and diluted share attributable to common stockholders are contained in the appendix to this press release.
First Quarter of Fiscal 2026 Results
(All comparisons are between first quarter of fiscal 2026 and first quarter of fiscal 2025 unless otherwise noted)
First quarter revenue of $30.5 million represents an increase of 61% from the comparable prior year
quarter.
| ● | Product revenues were $12.0 million compared to $0.1 million in the comparable prior year period. The increase was primarily driven by $6.0 million of revenue recognized under the Company’s long-term service agreement with Gyeonggi Green Energy Co., Ltd. (“GGE”) for the delivery and commissioning of 2 fuel cell modules for GGE’s 58.8 MW fuel cell power plant platform in Hwaseong-si, Korea (the “GGE Platform”) and $6.0 million of revenue recognized under the Company’s long-term service agreement with CGN-Yulchon Generation Co., Ltd. (“CGN”) for the delivery and commissioning of 2 fuel cell modules for CGN’s Yulchon facility in South Korea (the “CGN Platform”). Revenue for the quarter was $6.0 million lower than planned, driven by the timing of commissioning for two delivered and installed modules that entered service in February 2026, which had previously been expected within the three months ended January 31, 2026. |
| ● | Service agreement revenues increased to $3.2 million from $1.8 million. The increase in service agreement revenues during the three months ended January 31, 2026 was primarily driven by revenue recognized under the Company’s long-term service agreement with GGE (“GGE LTSA”) for service provided by the Company to the GGE Platform. |
| ● | Generation revenues decreased to $11.0 million from $11.3 million. The decrease in generation revenues for the three months ended January 31, 2026 reflects lower output from plants in the Company’s generation operating portfolio during the quarter. |
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| ● | Advanced Technologies contract revenues decreased to $4.3 million from $5.7 million. Advanced Technologies contract revenues recognized under our Joint Development Agreement with ExxonMobil Technology and Engineering Company (“EMTEC”) were approximately $1.7 million, revenues arising from the purchase order received from Esso Nederland B.V. (“Esso”), an affiliate of EMTEC and Exxon Mobil Corporation, related to the Rotterdam project were approximately $1.9 million and revenue recognized under government contracts and other contracts were approximately $0.7 million for the three months ended January 31, 2026. This compares to Advanced Technologies contract revenues recognized under our Joint Development Agreement with EMTEC of approximately $1.2 million, revenue recognized under the Esso purchase order of approximately $3.5 million and revenue recognized under government contracts and other contracts of approximately $1.1 million for the three months ended January 31, 2025. |
Gross loss for the first quarter of fiscal 2026 totaled $(5.9) million, compared to a gross loss of $(5.2) million in the comparable prior quarter. The increase in gross loss for the first quarter of fiscal 2026 was primarily related to increased gross loss from manufacturing variances and lower gross profit from Advanced Technologies contracts, partially offset by higher gross profit for service agreement revenues and lower gross loss from generation revenues.
Operating expenses for the first quarter of fiscal 2026 decreased to $20.4 million from $27.6 million in the first quarter of fiscal 2025, primarily due to a $4.1 million decrease in research and development expenses, a decrease of $1.5 million in administrative and selling expenses and no restructuring expense recorded in the first quarter of fiscal year 2026, compared to $1.5 million of restructuring expense included in the first quarter of fiscal year 2025.
Administrative and selling expenses decreased to $13.5 million during the first quarter of fiscal 2026 from $15.0 million during the first quarter of fiscal 2025. The decrease in administrative and selling expenses is primarily due to lower compensation expense resulting from the restructuring actions taken in November 2024 and June 2025.
Research and development expenses decreased to $7.0 million during the first quarter of fiscal 2026 compared to $11.1 million in the first quarter of fiscal 2025. The decrease in research and development expenses is primarily due to a decrease in spending on the Company’s commercial development efforts related to our solid oxide power generation and electrolysis platforms and related lower compensation expense as a result of the restructuring actions in November 2024 and June 2025.
Net loss was $(26.1) million in the first quarter of fiscal 2026, compared to net loss of $(32.4) million in the first quarter of fiscal 2025.
Net loss attributable to common stockholders was $(23.7) million in the first quarter of fiscal 2026, compared to net loss attributable to common stockholders of $(29.1) million in the first quarter of fiscal 2025.
Adjusted EBITDA totaled $(17.0) million in the first quarter of fiscal 2026, compared to Adjusted EBITDA of $(21.1) million in the first quarter of fiscal 2025. Please see the discussion of non-GAAP financial measures, including Adjusted EBITDA, in the appendix at the end of this release.
The net loss per share attributable to common stockholders in the first quarter of fiscal 2026 was $(0.49), compared to $(1.42) in the first quarter of fiscal 2025. The decrease in net loss per share attributable to common
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stockholders is primarily due to the benefit of the higher number of weighted average shares outstanding due to share issuances since January 31, 2025, and the decrease in net loss attributable to common stockholders.
Cash and Restricted Cash
Cash and cash equivalents and restricted cash and cash equivalents totaled $379.6 million as of January 31, 2026, compared to $341.8 million as of October 31, 2025. Of the $379.6 million as of January 31, 2026, unrestricted cash and cash equivalents totaled $311.8 million and restricted cash and cash equivalents totaled $67.8 million. Of the $341.8 million total as of October 31, 2025, unrestricted cash and cash equivalents totaled $278.1 million and restricted cash and cash equivalents totaled $63.7 million.
During the three months ended January 31, 2026, approximately 6.4 million shares of the Company’s common stock were sold under the Company’s Open Market Sale Agreement, as amended, at an average sale price of $8.82 per share, resulting in gross proceeds of approximately $56.3 million and net proceeds to the Company of approximately $54.9 million after deducting sales commissions and fees totaling approximately $1.4 million. Subsequent to the end of the quarter, approximately 0.3 million shares of the Company’s common stock were sold under the Company’s Open Market Sale Agreement, as amended, at an average sale price of $7.67 per share, resulting in gross proceeds of approximately $2.6 million and net proceeds to the Company of approximately $2.5 million after deducting sales commissions and fees totaling approximately $0.1 million.
During the first quarter of fiscal year 2026, the Company closed a new round of debt financing with the Export-Import Bank of the United States (“EXIM”), which we believe marks a continued commitment from EXIM to support the Company’s goal of expanding its delivery of utility grade power in international markets through long-term service agreements with companies like GGE in Korea.
Backlog
As of January 31, | |||||
(Amounts in thousands) | 2026 | | 2025 | | Change |
Product | $ 54,113 | | $ 111,211 | | $ (57,098) |
Service | 159,393 | 172,326 | (12,933) | ||
Generation | 939,525 | 997,397 | (57,872) | ||
Advanced Technologies | 18,210 | 31,566 | (13,356) | ||
Total Backlog | $ 1,171,241 | $ 1,312,500 | $ (141,259) | ||
Overall, backlog decreased by approximately 10.8% to $1.17 billion as of January 31, 2026, compared to $1.31 billion as of January 31, 2025, primarily as a result of revenue recognized over the period from January 31, 2025 through January 31, 2026, partially offset by new contract backlog. Backlog by revenue category is as follows:
| ● | Service agreements backlog totaled $159.4 million as of January 31, 2026, compared to $172.3 million as of January 31, 2025. Service agreements backlog includes future contracted revenue from maintenance and scheduled module exchanges for power plants under service agreements. Since January 31, 2025, the Company entered into a long-term service agreement (“LTSA”) with CGN (the “CGN LTSA”) for the CGN Platform. The contract value of the CGN LTSA totaled approximately $31.7 million, of which approximately $7.7 million was allocated to service backlog at the time of the execution of the CGN LTSA and is being recognized as revenue as the Company performs service at the CGN Platform over the term of the CGN LTSA. |
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| ● | Generation backlog totaled $939.5 million as of January 31, 2026, compared to $997.4 million as of January 31, 2025. Generation backlog represents future contracted energy sales under power purchase agreements (“PPAs”) or approved utility tariffs. |
| ● | Product backlog totaled $54.1 million as of January 31, 2026, compared to $111.2 million as of January 31, 2025. Product backlog decreased from January 31, 2025 primarily as a result of the product backlog that was recognized as revenue as the Company completed commissioning of certain replacement modules for the GGE Platform. Under the GGE LTSA, commissioning of 28 1.4-MW replacement fuel cell modules was completed prior to the end of fiscal year 2025. The Company completed the commissioning of 2 additional replacement modules for GGE during the first quarter of fiscal year 2026. The remaining 12 1.4-MW replacement fuel cell modules for GGE are expected to be commissioned during the remainder of fiscal year 2026, with 6 replacement modules scheduled for commissioning in the second fiscal quarter and 6 replacement modules scheduled for commissioning in the third fiscal quarter. Partially offsetting the decrease in product backlog was the CGN LTSA, which added $24.0 million to product backlog (representing 8 replacement modules) during the fourth quarter of fiscal year 2025, of which $6.0 million was recognized as revenue for the commissioning of 2 replacement modules for the CGN Platform during the first quarter of fiscal year 2026. The remaining 6 replacement modules are currently scheduled for commissioning in the fourth quarter of fiscal year 2026. |
| ● | Advanced Technologies contract backlog totaled $18.2 million as of January 31, 2026, compared to $31.6 million as of January 31, 2025. Advanced Technologies contract backlog primarily represents remaining revenue under our Joint Development Agreement with EMTEC and remaining revenue under our government contracts. |
The CGN Platform is comprised of four SureSource 3000 molten carbonate fuel cells (each, a “CGN Plant”). Each CGN Plant is comprised of two carbonate fuel cell modules. Pursuant to the CGN LTSA, CGN and the Company have agreed that (i) CGN will purchase from the Company eight carbonate fuel cell modules to replace existing fuel cell modules at the CGN Platform, (ii) the Company will provide certain balance of plant replacement components if and to the extent the parties reasonably determine existing components should be replaced, and (iii) the Company will provide long term operations and maintenance services for the CGN Platform. The total amount payable by CGN under the CGN LTSA for the eight replacement fuel cell modules, balance of plant replacement components, and service is $31.7 million USD, with payments being made and to be made over time as such replacement fuel cell modules are commissioned and the service obligations under the CGN LTSA for such CGN Plants commence. This amount was recorded as backlog concurrent with the execution of the CGN LTSA on July 30, 2025 and has since been reduced as revenue has been recognized under the CGN LTSA, which commenced in the first quarter of fiscal year 2026.
Backlog represents definitive agreements executed by the Company and our customers. Projects for which we have an executed PPA are included in generation backlog, which represents future revenue under long-term PPAs. The Company’s ability to recognize revenue in the future under a PPA is subject to the Company’s completion of construction of the project covered by such PPA. Should the Company not complete the construction of the project covered by a PPA, it will forgo future revenues with respect to the project and may incur penalties and/or impairment expenses related to the project. Projects sold to customers (and not retained by the Company) are included in product sales and service agreements backlog, and the related generation backlog is removed upon sale. Together, the service and generation portion of backlog had a weighted average term of approximately 15 years as of January 31, 2026, with weighting based on the dollar amount of backlog and utility service contracts of up to 20 years in duration at inception.
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Conference Call Information
FuelCell Energy will host a conference call today beginning at 10:00 a.m. ET to discuss first quarter 2026 results as well as key business highlights. Participants can access the live call via webcast on the Company’s website or by telephone as follows:
| (1) | The live webcast of the call and supporting slide presentation will be available at www.fuelcellenergy.com. To listen to the call, select “Investors” on the home page located under the “Our Company” pull-down menu, proceed to the “Events & Presentations” page and then click on the “Webcast” link listed under the March 9th earnings call event, or click here. |
| ● | Alternatively, participants can dial 888-330-3181 and state FuelCell Energy or the conference ID number 1099808. |
The replay of the conference call will be available via webcast on the Company’s Investors’ page at www.fuelcellenergy.com approximately two hours after the conclusion of the call.
Cautionary Language
This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or our future financial performance that involve certain contingencies and uncertainties. The forward-looking statements include, without limitation, statements with respect to the Company’s anticipated financial results and statements regarding the Company’s plans and expectations regarding the continuing development, commercialization and financing of its current and future fuel cell technologies, the Company’s business plans and strategies, the Company’s plan to reduce operating costs, the capabilities of the Company’s products, the Company’s potential sales pipeline, opportunities, and partners, and the markets in which the Company expects to operate. Projected and estimated numbers contained herein are not forecasts and may not reflect actual results. These forward-looking statements are not guarantees of future performance, and all forward-looking statements are subject to risks and uncertainties, known and unknown, that could cause actual results and future events to differ materially from those projected. Factors that could cause such a difference include, without limitation: general risks associated with product development and manufacturing; general economic conditions; changes in interest rates, which may impact project financing; supply chain disruptions; changes in the utility regulatory environment; changes in the utility industry and the markets for distributed generation, distributed hydrogen, and fuel cell power plants configured for carbon capture or carbon separation; potential volatility of commodity prices that may adversely affect our projects; availability of government subsidies and economic incentives for alternative energy technologies; our ability to remain in compliance with U.S. federal and state and foreign government laws and regulations; our ability to maintain compliance with the listing rules of The Nasdaq Stock Market; rapid technological change; competition; the risk that our bid awards will not convert to contracts or that our contracts will not convert to revenue; market acceptance of our products; changes in accounting policies or practices adopted voluntarily or as required by accounting principles generally accepted in the United States; factors affecting our liquidity position and financial condition; government appropriations; the ability of the government and third parties to terminate their development contracts at any time; the ability of the government to exercise “march-in” rights with respect to certain of our patents; our ability to successfully market and sell our products internationally; delays in our timeline for bringing commercially viable products to market; our ability to develop additional commercially viable products in the future; our ability to implement our strategy; our ability to reduce our levelized cost of energy and deliver on our cost reduction strategy generally; our ability to protect our intellectual property; litigation and other proceedings; the risk that commercialization of our new products will not occur when anticipated or, if it does, that we will not have adequate capacity to satisfy demand; our need for and the availability of additional financing; our ability to generate positive cash flow from operations; our ability to service our long-term debt; our ability to increase the output and longevity of our platforms and to meet the performance requirements of our contracts; our ability to expand our customer base and maintain relationships with our largest customers and strategic business allies; the risk that our restructuring plans will not result in the intended benefits or savings or will
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result in unanticipated costs; the risk that our restructuring plans will yield unintended consequences to our remaining workforce and results of operations; and our ability to reduce operating costs, as well as other risks set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2025. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.
About FuelCell Energy
FuelCell Energy, Inc. (Nasdaq: FCEL) is an American clean energy technology company delivering continuous, scalable baseload power for mission-critical applications globally. The company’s fuel cell systems generate electricity directly at the point of use, enabling reliable, low-emissions power for data centers, industrial facilities, utilities, and distributed generation customers. FuelCell Energy delivers commercially proven, modular, utility-scale systems—backed by global fuel cell deployments. Learn more at www.fuelcellenergy.com.
Contact
Media Relations:
Kathleen Blomquist
kblomquist@fce.com
203.546.5844
Investor Relations:
ir@fce.com
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FUELCELL ENERGY, INC.
Consolidated Balance Sheets
(Unaudited)
(Amounts in thousands, except share and per share amounts)
| | January 31, 2026 | | | October 31, 2025 |
ASSETS | | | | | |
Current assets: | | | | | |
Cash and cash equivalents, unrestricted | $ | 311,778 | | $ | 278,099 |
Restricted cash and cash equivalents – short-term | | 17,675 | | | 16,601 |
Accounts receivable, net | | 6,225 | | | 3,999 |
Unbilled receivables | | 53,353 | | | 49,008 |
Inventories | | 90,275 | | | 86,196 |
Other current assets | | 15,457 | | | 15,907 |
Total current assets | | 494,763 | | | 449,810 |
| | | | ||
Restricted cash and cash equivalents – long-term | | 50,147 | | | 47,092 |
Inventories – long-term | | 2,082 | | | 3,216 |
Project assets, net | | 211,026 | | | 216,847 |
Property, plant and equipment, net | | 95,747 | | | 96,436 |
Operating lease right-of-use assets, net | | 11,067 | | | 11,232 |
Intangible assets, net | | 3,566 | | | 3,891 |
Other assets | | 110,080 | | | 103,622 |
Total assets (1) | $ | 978,478 | | $ | 932,146 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | |
Current liabilities: | | | | | |
Current portion of long-term debt | $ | 17,795 | | $ | 15,847 |
Current portion of operating lease liabilities | | 975 | | | 932 |
Accounts payable | 14,547 | | 17,009 | ||
Accrued liabilities | | 24,868 | | | 31,318 |
Deferred revenue | 3,950 | | 2,733 | ||
Total current liabilities | | 62,135 | | | 67,839 |
Long-term deferred revenue | | 8,553 | | | 5,985 |
Long-term operating lease liabilities | | 11,857 | | | 11,954 |
Long-term debt and other liabilities | | 131,933 | | | 115,227 |
Total liabilities (1) | | 214,478 | | | 201,005 |
| | | | | |
Redeemable Series B preferred stock (liquidation preference of $64,020 as of January 31, 2026 and October 31, 2025) | | 59,857 | | | 59,857 |
Total equity: | | | | | |
Stockholders’ equity: | | 5 | | | 5 |
Additional paid-in capital | | 2,548,939 | | | 2,493,318 |
Accumulated deficit | | (1,852,309) | | | (1,829,449) |
Accumulated other comprehensive loss | | (1,769) | | | (1,695) |
Treasury stock, Common, at cost (51,122 and 44,913 shares as of January 31, 2026 and October 31, 2025, respectively) | | (1,453) | | | (1,406) |
Deferred compensation | | 1,453 | | | 1,406 |
Total stockholders’ equity | | 694,866 | | | 662,179 |
Noncontrolling interests | | 9,277 | | | 9,105 |
Total equity | | 704,143 | | | 671,284 |
Total liabilities, redeemable Series B preferred stock and total equity | $ | 978,478 | | $ | 932,146 |
| (1) | As of January 31, 2026 and October 31, 2025, the combined assets of the variable interest entities (“VIEs”) were $339,112 and $325,661, respectively, that can only be used to settle obligations of the VIEs. These assets include cash of $2,650, accounts receivable of $858, unbilled accounts receivable of $14,066, operating lease right of use assets of $1,638, other current assets of $172,000, restricted cash and cash equivalents of $827, project assets of $139,630, derivative assets of $5,701 and other assets of $1,741 as of January 31, 2026, and cash of $2,490, accounts receivable of $722, unbilled accounts receivable of $12,865, operating lease right of use assets of $1,643, other current assets of $162,005, restricted cash and cash equivalents of $731, project assets of $141,414, derivative assets of $2,047 and other assets of $1,743 as of October 31, 2025. The combined liabilities of the VIEs as of January 31, 2026 include short-term operating lease liabilities of $205, accounts payable of $207,362, accrued liabilities of $1,848, long-term operating lease liability of $2,117, deferred revenue of $386 and other non-current liabilities of $355 and, as of October 31, 2025, include short-term operating lease liabilities of $204, accounts payable of $198,736, accrued liabilities of $1,222, derivative liabilities of $21, long-term operating lease liability of $2,123 and other non-current liabilities of $307. |
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FUELCELL ENERGY, INC.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(Amounts in thousands, except share and per share amounts)
| | | | | | | | |
| | Three Months Ended January 31, | ||||||
| | 2026 | | | 2025 | |||
Revenues: | | | | | | |||
Product | | $ | 12,042 | | | $ | 72 | |
Service | | | 3,189 | | | | 1,848 | |
Generation | | | 10,988 | | | | 11,346 | |
Advanced Technologies | | | 4,312 | | | | 5,731 | |
Total revenues | | | 30,531 | | | | 18,997 | |
| | | | | | | | |
Costs of revenues: | | | | | | | | |
Product | | | 16,395 | | | | 3,036 | |
Service | | | 2,822 | | | | 1,668 | |
Generation | | | 14,092 | | | | 15,294 | |
Advanced Technologies | | | 3,079 | | | | 4,203 | |
Total costs of revenues | | | 36,388 | | | | 24,201 | |
| | | | | | | | |
Gross loss | | | (5,857) | | | | (5,204) | |
| | | | | | | | |
Operating expenses: | | | | | | | | |
Administrative and selling expenses | | | 13,470 | | | | 15,030 | |
Research and development expenses | | | 6,963 | | | | 11,081 | |
Restructuring expense | | | - | | | | 1,536 | |
Total costs and expenses | | | 20,433 | | | | 27,647 | |
| | | | | | | | |
Loss from operations | | | (26,290) | | | | (32,851) | |
| | | | | | | | |
Interest expense | | | (2,758) | | | | (2,607) | |
Interest income | | | 2,527 | | | | 2,388 | |
Other income, net | | | 470 | | | | 684 | |
| | | | | | | | |
Loss before provision for income taxes | | | (26,051) | | | | (32,386) | |
Provision for income taxes | | | - | | | | - | |
| | | | | | | | |
Net loss | | | (26,051) | | | | (32,386) | |
Net loss attributable to noncontrolling interest | | | (3,191) | | | | (4,060) | |
Net loss attributable to FuelCell Energy, Inc. | | | (22,860) | | | | (28,326) | |
Series B preferred stock dividends | | | (800) | | | | (800) | |
| | | | | | | | |
Net loss attributable to common stockholders | | $ | (23,660) | | | $ | (29,126) | |
| | | | | | | | |
Loss per share basic and diluted: | | | | | | | | |
Net loss per share attributable to common stockholders | | $ | (0.49) | | | $ | (1.42) | |
Basic and diluted weighted average shares outstanding | | | 48,206,002 | | | | 20,501,663 | |
9
Appendix
Non-GAAP Financial Measures
Financial results are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Management also uses non-GAAP measures to analyze and make operating decisions on the business. Earnings before interest, taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders are non-GAAP measures of operations and operating performance by the Company.
These supplemental non-GAAP measures are provided to assist readers in assessing operating performance. Management believes EBITDA, Adjusted EBITDA, Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders are useful in assessing performance and highlighting trends on an overall basis. Management also believes these measures are used by companies in the fuel cell sector and by securities analysts and investors when comparing the results of the Company with those of other companies. EBITDA differs from the most comparable GAAP measure, net loss attributable to the Company, primarily because it does not include finance expense, income taxes and depreciation of property, plant and equipment and project assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation, impairment and restructuring expenses, unrealized non-cash (gain) loss on derivative instruments and other unusual items, which are considered either non-cash or non-recurring. Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders differ from the most comparable GAAP measures, Net loss attributable to common stockholders and Net loss per share attributable to common stockholders, primarily because they do not include stock-based compensation, impairment and restructuring expenses, unrealized non-cash (gain) loss on derivative instruments and other unusual items, which are considered either non-cash or non-recurring.
While management believes that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these measures. The measures are not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to differences in the exact method of calculation. The Company’s non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP.
The following table calculates EBITDA and Adjusted EBITDA and reconciles these figures to the GAAP financial statement measure Net loss.
Three Months Ended January 31, | ||||||||||
(Amounts in thousands) | 2026 | 2025 | ||||||||
Net loss | $ (26,051) | $ (32,386) | ||||||||
Depreciation and amortization (1) | 10,518 | 9,946 | ||||||||
Other income, net (2) | (470) | (684) | ||||||||
Interest income | (2,527) | | (2,388) | | ||||||
Interest expense | 2,758 | 2,607 | ||||||||
EBITDA | $ (15,772) | $ (22,905) | ||||||||
Stock-based compensation expense | 2,392 | 2,142 | ||||||||
Unrealized gain on natural gas contract derivative assets (3) | (3,649) | | (1,846) | | ||||||
Restructuring expense | - | | 1,536 | | ||||||
Adjusted EBITDA | $ (17,029) | $ (21,073) | ||||||||
10
The following table calculates Adjusted net loss attributable to common stockholders and reconciles that figure to the GAAP financial statement measure Net loss attributable to common stockholders and calculates Adjusted net loss per share attributable to common stockholders.
| Three Months Ended January 31, | ||
(Amounts in thousands except share and per share amounts) | 2026 | | 2025 |
Net loss attributable to common stockholders | $ (23,660) | | $ (29,126) |
Stock-based compensation expense | 2,392 | | 2,142 |
Unrealized gain on natural gas contract derivative assets (3) | (3,649) | | (1,846) |
Restructuring expense | - | | 1,536 |
Adjusted net loss attributable to common stockholders | $ (24,917) | | $ (27,294) |
| | | |
Net loss per share attributable to common stockholders | $ (0.49) | | $ (1.42) |
Adjusted net loss per share attributable to common stockholders | $ (0.52) | | $ (1.33) |
Basic and diluted weighted average shares outstanding | 48,206,002 | | 20,501,663 |
| (1) | Includes depreciation and amortization on our Generation portfolio of $8.7 million and $8.0 million for the three months ended January 31, 2026 and 2025, respectively. |
| (2) | Other income, net includes gains and losses from transactions denominated in foreign currencies, interest rate swap income earned from investments and other items incurred periodically, which are not the result of the Company’s normal business operations. |
| (3) | The Company recorded mark-to-market net gains of $3.6 million and $1.8 million for the three months ended January 31, 2026 and 2025, respectively, related to natural gas purchase contracts as a result of net settling certain natural gas purchases under previous normal purchase normal sale contract designations, which resulted in a change to mark-to-market accounting. These gains are classified as Generation cost of sales. |
11
| © 2026 FuelCell Energy 1 First Quarter 2026 Financial Results & Business Update A rendering of a 50-MW FuelCell Energy data center installation © 2026 FuelCell Energy Exhibit 99.2 |
| © 2026 FuelCell Energy This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or our future financial performance that involve certain contingencies and uncertainties. The forward-looking statements include, without limitation, statements with respect to the Company’s anticipated financial results and statements regarding the Company’s plans and expectations regarding the continuing development, commercialization and financing of its current and future fuel cell technologies, the expected timing of completion of the Company’s ongoing projects, the expected timing of module replacements, the Company’s business plans and strategies, the Company’s plan to reduce operating costs, the Company’s plans and ability to achieve positive Adjusted EBITDA, the capabilities of the Company’s products, the Company's potential sales pipeline, opportunities, and partners, and the markets in which the Company expects to operate. Projected and estimated numbers contained herein are not forecasts and may not reflect actual results. These forward-looking statements are not guarantees of future performance, and all forward-looking statements are subject to risks and uncertainties, known and unknown, that could cause actual results and future events to differ materially from those projected. Factors that could cause such a difference include, without limitation: general risks associated with product development and manufacturing; general economic conditions; changes in interest rates, which may impact project financing; supply chain disruptions; changes in the utility regulatory environment; changes in the utility industry and the markets for distributed generation, distributed hydrogen, and fuel cell power plants configured for carbon capture or carbon separation; potential volatility of commodity prices that may adversely affect our projects; availability of government subsidies and economic incentives for alternative energy technologies; our ability to remain in compliance with U.S. federal and state and foreign government laws and regulations; our ability to maintain compliance with the listing rules of The Nasdaq Stock Market; rapid technological change; competition; the risk that our bid awards will not convert to contracts or that our contracts will not convert to revenue; market acceptance of our products; changes in accounting policies or practices adopted voluntarily or as required by accounting principles generally accepted in the United States; factors affecting our liquidity position and financial condition; government appropriations; the ability of the government and third parties to terminate their development contracts at any time; the ability of the government to exercise “march -in” rights with respect to certain of our patents; our ability to successfully market and sell our products internationally; delays in our timeline for bringing commercially viable products to market; our ability to develop additional commercially viable products in the future; our ability to implement our strategy; our ability to reduce our levelized cost of energy and deliver on our cost reduction strategy generally; our ability to protect our intellectual property; litigation and other proceedings; the risk that commercialization of our new products will not occur when anticipated or, if it does, that we will not have adequate capacity to satisfy demand; our need for and the availability of additional financing; our ability to generate positive cash flow from operations; our ability to service our long-term debt; our ability to increase the output and longevity of our platforms and to meet the performance requirements of our contracts; our ability to expand our customer base and maintain relationships with our largest customers and strategic business allies; the risk that our restructuring plans will not result in the intended benefits or savings; the risk that our restructuring plans will result in unanticipated costs; the risk that our restructuring plans will yield unintended consequences to our remaining workforce and results of operations; our ability to reduce operating costs; and our ability to achieve positive Adjusted EBITDA, as well as other risks set forth in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2025. The forward-looking statements contained herein speak only as of the date of this presentation. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based. The Company refers to non-GAAP financial measures in this presentation. The Company believes that this information is useful to understanding its operating results and assessing performance and highlighting trends on an overall basis. Please refer to Company’s earnings release and the appendix to this presentation for further disclosure and reconciliation of non-GAAP financial measures. (As used herein, the term “GAAP” refers to generally accepted accounting principles in the U.S.) The information set forth in this presentation is qualified by reference to, and should be read in conjunction with, our Annual Report on Form 10-K for the fiscal year ended October 31, 2025, filed with the SEC on December 18, 2025, our Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2026, filed with the SEC on March 9, 2026, and our earnings release for the first quarter ended January 31, 2026, filed as an exhibit to our Current Report on Form 8-K filed with the SEC on March 9, 2026. Safe Harbor Statement 2 |
| © 2026 FuelCell Energy 3 FuelCell Energy is an American clean energy company delivering continuous, scalable power to support mission-critical applications and grid resilience1 1 The metrics provided are as of January 31, 2026, unless otherwise provided. 2 Represents cumulative module deployments, including replacement modules, since 2003. 3 Patents held by FuelCell Energy, Inc. and our subsidiary Versa Power Systems, Inc. as of October 31, 2025. 4 Based on FY2025 cost data for the 3000 Fuel Cell System platform. Note: The rendering on this page is of a 50 MW FuelCell Energy data center installation. About FuelCell Energy |
| © 2026 FuelCell Energy 4 Key Messages Commercial Operations Financial ▪ Strong Liquidity: $379.6M in total cash (including restricted cash) as of January 31, 2026, providing runway to execute growth strategy. ▪ Flexible Financing: Established access to capital, including $25M EXIM financing to support Korean projects. ▪ Cost Discipline: Restructuring strengthened operating discipline, reduced structural overhead, and sharpened focus on a single, scalable product platform—supporting sustained margin expansion. ▪ South Korea Momentum: Continued execution on GGE LTSA and 100-MW MOU with Inuverse. ▪ Carbon Capture Progress: Both carbon capture modules scheduled for shipment to Rotterdam in FY2026. ▪ Manufacturing Scale-Up: Unlocking existing Torrington manufacturing capabilities, with capacity expansion underway to support up to a 3X output increase. ▪ U.S. Manufacturing Advantage: U.S.-based supply chain and manufacturing to meet growing demand for power. ▪ Data Centers Opportunities: DC-native power, ready backbone for AI data centers, delivering scalable, continuous power that improves capital efficiency and protects long-term investment. ▪ Collaboration with SDCL targeting up to 450 MW of fuel cell power for global data centers. ▪ Pipeline Strength: GW of pricing proposals across data centers, digital infrastructure, and utilities. ▪ Policy Support: Project economics supported by U.S. policy certainty, including reinstatement of the ITC under the OBBBA. |
| © 2026 FuelCell Energy Commercial Update 5 |
| © 2026 FuelCell Energy 6 Accelerated Time to Power & Revenue Infrastructure Grade Scalability Capital Preservation & Regulatory Resilience ▪ Ability to meet customer demand this year ▪ 1.25 MW building blocks ▪ Up to 33 MW/acre density ▪ Near-silent operations ▪ Negligible criteria emissions ▪ Reduced permitting friction ▪ User-paid, on-site generation ▪ Modular power blocks scalable to GWs ▪ Up to 80% CHP efficiency ▪ 50% electrical efficiency ▪ Thermal integration cuts electric demand, improves PUE ▪ Behind-the-meter, grid parallel, or microgrid ▪ Layered architecture: UPS | BESS | generation ▪ 10+ years continuous operation across multiple 20MW+ sites ▪ 7-year stack life design ▪ 90% US sourced materials, 100% US built ▪ Carbon capture ready ▪ Community friendly ▪ Designed for evolving environmental frameworks a AI-Native Architecture ▪ DC-native power backbone ▪ Designed for high density compute ▪ Compatible with rack-level architecture ▪ Next-gen data center design-ready Revenue & Return Acceleration ▪ Avoids grid delays ▪ Unlocks stranded capacity ▪ Improves site-level energy utilization ▪ Thermal integration → higher IT load ▪ Enables phased capital deployment FuelCell Energy Unique Value Proposition DC-native power, ready backbone for AI data centers, delivering scalable, continuous power that improves capital efficiency and protects long-term investment Carbonate Fuel Cells: Architected for Scale |
| © 2026 FuelCell Energy Power Built for How AI Runs: Carbonate Fuel Cells Native DC output drives efficiency, reliability, responsiveness and cost reduction for the future of AI ▪ Fewer conversions ▪ Lower copper and installation cost ▪ Higher system efficiency ▪ Simpler, more reliable architecture ▪ Higher power density ▪ Proven ecosystem with EV and solar adoption 800 VDC output tied to facility DC distribution: Fuel cells power can be shared across multiple AI racks to increase load diversity and redundant scalability. 13.8 kV AC: Fuel cells can be deployed as grid-replacement to serve the entire facility load. 800 VDC output close-coupled to AI racks: Responsive, efficient, can be integrated with local energy storage to match AI loads. for fuel cell deployment in future 800 VDC data centers: 3 OPTIONS 7 Image source: NVIDIA |
| © 2026 FuelCell Energy FuelCell Energy’s carbonate fuel cells generate high -grade heat that can enable high-efficiency absorption chilling at the scale required by today’s data centers, materially improving PUE 1 and freeing up power for IT load Previously deployed absorption chilling configuration: ▪ UC San Diego, CA4 ▪ 2.8 MW fuel cell system ▪ 400-ton absorption chiller Baseline 100 MW FCEL 100 MW FCEL + Absorption Chilling2 IT load 69.5 MW 77.2 MW Net IT EBITDA per year3 baseline + 10% (~$7.7M/yr) Capex (fuel cells, electric chillers, absorption chillers, cooling towers) baseline + 10% (~$27M) Opex (fuel and LTSA) baseline same as baseline 20-year value baseline + $127M Absorption Chilling: Turning Fuel Cell Heat into More Compute 8 (1) PUE: power usage effectiveness. (2) Estimates are based on FuelCell Energy fuel cell module specifications, publicly available absorption chiller performance data, and internal engineering assumptions, including operating conditions, heat recovery efficiency, and data center power usage characteristics. Actual results may vary based on site-specific design, operating profile, and market conditions. (3) Based on an estimate from industry sources of $1M EBITDA per additional 1 MW IT load. (4) The site was decommissioned at the end of the term. Integrating heat-driven absorption chilling: Representative example for 100-MW data center2 100-MW data center powered by carbonate fuel cells 18,000 tons chilled water output $127M added EBITDA over 20 years >10% increase in IT load >60% reduction in total chiller plant power use >10% reduction in PUE |
| © 2026 FuelCell Energy $2.5N Strategic Collaboration with SDCL FuelCell Energy and SDCL signed LOI, targeting up to 450 MW of potential data center and AI-driven power projects Key Terms Applications: Data centers and distributed power. Planned Roles: ▪ FuelCell Energy: Power infrastructure and long-term service agreements. ▪ SDCL: Experience in financing, developing, and operating gigawatts of decentralized energy infrastructure. ▪ Sustainable Development Capital LLP (SDCL) is a leading developer, investor and fund manager focused on energy efficiency and decarbonization. ▪ Operations: Develops and invests in decentralized energy infrastructure in the US, UK, and Europe. ▪ Track Record: Established in 2007, SDCL invests in projects with long-term contracts for commercial, industrial, and data center customers. Notable assets include the RED-Rochester district energy system in New York. SDCL Profile $2.5N 450 MW $2.5B in assets focused on energy efficiency and decentralized energy infrastructure pipeline of near- and long-term identified projects Up to 9 |
| © 2026 FuelCell Energy Our carbonate fuel cells are uniquely positioned to address macro trends driving global electricity demand growth Our Unique Value Proposition is Driving Demand Demand Growth 81% 8% 6% 6% Data centers Utilities 40% 10% 30% 20% Themes driving pipeline growth and opportunities: ▪ Demand surge from AI/Cloud ▪ Long utility interconnection timelines ▪ Gas turbine queues ▪ Environmental & permitting constraints ▪ Policy certainty through the Investment Tax Credit and 45Q carbon capture incentive underpins long-term project economics ▪ Scarcity of powered land Sales pipeline highlights: ▪ >1.5 GW of proposals were delivered in Q1 2026 ▪ 275% increase in total pipeline in February 2026 from February 2025 ▪ Data center pipeline grew significantly year over year accounting for > 80% of the total pipeline Note: Pipeline consists of ongoing commercial discussions that range from solutions discussion through contract negotiation and does not represent signed agreements. There can be no assurance that these discussions will result in executed contracts or actual sales. Pipeline by type, Feb 2025 Pipeline by type, Feb 2026 10 |
| © 2026 FuelCell Energy Operations Update 11 |
| © 2026 FuelCell Energy 12 South Korean Market Korea Repowering: Deliveries and Revenue 100-MW MOU with Inuverse ▪ July 2025: FuelCell Energy and Inuverse signed MOU for data center development in South Korea to explore opportunities to deploy up to 100 MW of fuel cell-based power in phased increments starting in 2027 at the AI Daegu Data Center. ▪ January 2026: Inuverse announced the execution of a land purchase agreement with Daegu University for the development of the AI Daegu Data Center. FY ‘24 & 25 FY2026 Customer Prior 5 Q Actuals Q1 Actual Q2 Estimate Q3 Estimate Q4 Estimate GGE # of Modules 28 2 6 6 0 CGN # of Modules - 2 0 0 6 Revenue $84M $12M $18M $18M $18M *Source: https://en.inuverse.co.kr/Hyperscale GGE fuel cell park, South Korea Rendering of AI Daegu Data Center, South Korea* Inuverse is a developer of next-generation AI-specialized hyperscale data centers. Developing the AI Daegu Data Center with the aspiration to become Korea’s largest data center. FuelCell Energy is an established long-term player in South Korea, with positioning aligned to increasing power demand from data-center applications |
| © 2026 FuelCell Energy Project Pipeline Statistics Market Feedback trends Carbon Capture Unlike other carbon capture technologies that require a power source, our carbonate fuel cell technology is unique in its design to natively capture CO2 and can do so without an external power source ▪ FuelCell Energy is expected to ship to Rotterdam two carbon capture modules in Q2 FY2026. ▪ Modular design supports GW scalability. ▪ Target: large-scale industrial emitters and power producers. ▪ Captured CO2 can be transported and stored via the Porthos project for permanent storage under the North Sea which is expected to be operational in 2026*. External Source Carbon Capture in development with ExxonMobil: Rotterdam Carbonate Fuel Cell Pilot * Source: https://www.porthosco2.nl/en/project/ 13 |
| © 2026 FuelCell Energy 1 Including investments in machinery, equipment, tooling, labor, outsourcing of certain processes and inventory. 2 2026 estimates include certain long-lead items to enable this capacity expansion. As demand above our current capacity dictates, the Company may commit additional capital for capacity expansion and will provide updated estimates at that time. 3 Investments to be made when supported by market demand Planning for Global GW-scale Manufacturing Capacity Opportunities for localization and optimization of operating costs, product assembly, supply chain, logistics, service and job growth Expansion to > 350MW 500 MW – 1 GW+ ▪ Torrington, CT factory expansion underway, which would enable a ramp to up to 350 MW of estimated annualized production capacity with additional capital investment, automation and outsourcing.1 ▪ $20-30 million of estimated capital investments in FY2026 to begin capacity expansion beyond 100 MW.2 ▪ Scalable supply chain: 90% U.S.-based suppliers; no reliance on rare-earth elements. Phase 2 Phase 3 Global Assembly Footprint Centralized Core Replicable Scale Phase 1 Optimize Torrington, CT New High Volume Cell Manufacturing Facility3& ▪ Global Distributed Assembly Footprint ▪ Centralized Core ▪ Replicable Scale We have done this before: South Korea & Germany — we know how to localize final assembly, condition product in-market and scale manufacturing beyond our current footprint. 14 |
| © 2026 FuelCell Energy Financial Update 15 |
| © 2026 FuelCell Energy (Amounts in millions, except per share amounts) 2026 2025 Total revenue $30.5 $19.0 Loss from Operations $(26.3) $(32.9) Net loss $(26.1) $(32.4) Net loss attributable to common stockholders $(23.7) $(29.1) Net loss per share attributable to common stockholders 1 $(0.49) $(1.42) Adjusted EBITDA 2 $(17.0) $(21.1) Adjusted net loss per share attributable to common stockholders 1, 2 $(0.52) $(1.33) 16 (FYE = 10/31) (Q1) Three Months Ended January 31 1 Historic per share information reflects the impact of the reverse stock split implemented on November 8, 2024. 2 Reconciliations of Adjusted EBITDA and Adjusted net loss per share attributable to common stockholders to most directly comparable GAAP financial measures is included in the appendix. First Quarter 2026 Operating Performance |
| © 2026 FuelCell Energy $(5.9) $(5.2) $(20.4) $(27.6) Q1 2026 Q1 2025 17 39.3% 10.5% 36.1% 14.1% Product Service Generation Advanced Technologies $4.3 $12.0 $11.0 Gross Loss and Operating Expenses ($M)1 Gross Loss Operating Expenses $0.16 $0.17 $0.94 $1.00 $0.02 $0.03 Service Generation Adv. Tech. Product $1.17 $1.31 1/31/26 1/31/25 $0.05 $0.11 Backlog ($B) 1 Operating expenses for the first quarter of FY2026 decreased to $20.4 million from $27.6 million in the first quarter of FY2025, primarily due a $4.1 million decrease in research and development expenses. Q1 Fiscal 2026 Financial Performance and Backlog $3.2 |
| © 2026 FuelCell Energy Our liquidity position has enabled us to execute on our strategic initiatives through investment in manufacturing and R&D (advanced product development) ▪ $379.6M in total cash (including restricted cash and equivalents) as of January 31, 2026 ▪ Sale of 6.4 million shares of common stock during the 1 st quarter resulted in gross proceeds of $56.3M1 ▪ Closed new debt financing round with the Export-Import Bank of the United States (EXIM), resulting in ~$25M of gross proceeds Capacity utilization at Torrington expected to drive future profitability ▪ Company continues to target positive Adjusted EBITDA results once our Torrington facility achieves an annualized production rate of 100 MW2 311.8 278.1 67.8 63.7 1/31/26 10/31/25 Cash and Equivalents ($M) Restricted Unrestricted $379.6 $341.8 Sequential Quarters 1 Average sale price was $8.82 per share. Net proceeds to the Company of approximately $54.9 million after deducting sales commissions and fees totaling approximately $1.4 million. 2 For the three months ended January 31, 2026, we operated at an annualized production rate of approximately 32.6 MW in our Torrington, CT manufacturing facility on a single production shift. Maximum annualized capacity (module manufacturing, final assembly, testing and conditioning) is 100 MW per year under the Torrington facility’s current configuration when being fully utilized. 18 Cash and Liquidity, Path to Profitability Strong cash balance allows significant runway to pursue our focused strategy |
| © 2026 FuelCell Energy Thank you 19 |
| © 2026 FuelCell Energy Appendix 20 |
| © 2026 FuelCell Energy Non-GAAP Financial Measures Financial results are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Ma nagement also uses non-GAAP measures to analyze and make operating decisions on the business. Earnings before interest, taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders are non-GAAP measures of operations and operating performance by the Company. These supplemental non-GAAP measures are provided to assist readers in assessing operating performance. Management believes EBITDA, Adjusted EBITDA, Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders are useful in assessing performance and highlighting trends on an overall basis. Management also believes these measures are used by companies in the fuel cell sector and by securities analysts and investors when comparing the results of the Company with those of other companies. EBITDA differs from the most comparable GAAP measure, net loss attributable to the Company, primarily because it does not include finance expense, income taxes and depreciation of property, plant and equipment and project assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation, impairment and restructuring expenses, unrealized non-cash (gain) loss on derivative instruments and other unusual items, which are considered either non-cash or non-recurring. Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders differ from the most comparable GAAP measures, Net loss attributable to common stockholders and Net loss per share attributable to common stockholders, primarily because they do not include stock-based compensation, impairment and restructuring expenses, unrealized non-cash (gain) loss on derivative instruments and other unusual items, which are considered either non-cash or non-recurring. While management believes that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these measures. The measures are not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to differences in the exact method of calculation. The Company’s non -GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. On the following slides, we calculate EBITDA and Adjusted EBITDA and reconcile these figures to the GAAP financial statement measure Net loss; we calculate Adjusted net loss attributable to common stockholders and reconcile that figure to the GAAP financial statement measure Net loss attributable to common stockholders; and we calculate Adjusted net loss per share attributable to common stockholders. 21 |
| © 2026 FuelCell Energy 22 (1) Includes depreciation and amortization on our Generation portfolio of $8.7 million and $8.0 million for the three months ended January 31, 2026 and 2025, respectively. (2) Other income net includes gains and losses from transactions denominated in foreign currencies, interest rate swap income earned from investments and other items incurred periodically, which are not the result of the Company’s normal business operations. (3) The Company recorded mark-to-market net gains of $3.6 million and $1.8 million for the three months ended January 31, 2026 and 2025, respectively, related to natural gas purchase contracts as a result of net settling certain natural gas purchases under previous normal purchase normal sale contract designations, which resulted in a change to mark-to-market accounting. These gains are classified as Generation cost of sales. GAAP to Non-GAAP Reconciliation The following table calculates EBITDA and Adjusted EBITDA and reconciles these figures to the GAAP financial statement measure Net loss |
| © 2026 FuelCell Energy 23 GAAP to Non-GAAP Reconciliation (1) Includes depreciation and amortization on our Generation portfolio of $8.7 million and $8.0 million for the three months ended January 31, 2026 and 2025, respectively. (2) Other income, net includes gains and losses from transactions denominated in foreign currencies, interest rate swap income earned from investments and other items incurred periodically, which are not the result of the Company’s normal business operations. (3) The Company recorded a mark-to-market net gain of $3.6 million and $1.8 million for the three months ended January 31, 2026 and 2025, respectively, related to natural gas purchase contracts as a result of net settling certain natural gas purchases under previous normal purchase normal sale contract designations, which resulted in a change to mark-to-market accounting. These gains are classified as Generation cost of sales. The following table calculates Adjusted net loss attributable to common stockholders and reconciles that figure to the GAAP financial statement measure Net loss attributable to common stockholders and calculates Adjusted net loss per share attributable to common stockholders. |
| © 2026 FuelCell Energy Note: Quarters shown are fiscal quarters for fiscal years ending October 31st . Service Business Profile for Module Replacement Projects with LTSA Size of Plant (MW) Module Restack Quantity Est. Date of Next Module Restack United Illuminating - Glastonbury 2.8 2 Q4-2026 United Illuminating - Seaside 2.8 2 Q1-2027 E.ON - Friatec 1.4 1 Q1-2027 E.ON - Radisson 0.4 1 Q1-2028 Pepperidge Farm - 1 1.4 1 Q2-2028 Pepperidge Farm - 2 1.4 1 Q2-2028 KOSPO 2.5 2 Q2-2028 KOSPO 2.5 2 Q1-2029 KOSPO 2.5 2 Q3-2029 United Illuminating - Woodbridge 2.2 2 Q1-2030 KOSPO 2.5 2 Q1-2030 KOSPO 10 8 Q2-2030 Trinity College 1.4 1 Q2-2030 KOSPO 2.5 2 Q3-2030 Noeul Green Energy 20 16 Q4-2030 Total under LTSA 56.3 45 ▪ Near term replacement activities limited with 5 expected before 2028 ▪ Module replacement activities expected to ramp up in next 3-4 years as stacks near end of life across domestic and international portfolio ▪ Utility scale Korea installs expected to drive majority of restacks with 34 expected to occur between mid-2028 and Q4 2030 24 |
| © 2026 FuelCell Energy 25 1 Rated capacity is the platform’s design rated output as of the date of initiation of commercial operations, except with respect to the Groton Project which did not achieve its design rated output of 7.4 MW until December 2023. 2 Quarters for Actual Commercial Operation Date refer to FuelCell Energy fiscal quarters. Central CT State University (”CCSU”) Riverside Regional Water Quality Control Plant Pfizer, Inc. Santa Rita Jail Bridgeport Fuel Cell Project Tulare BioMAT San Bernardino LIPA Yaphank Project Groton Project Toyota Derby - CT RFP-2 Derby (SCEF) CCSU (CT University) City of Riverside (CA Municipality) Pfizer, Inc. Alameda County, California Connecticut Light and Power (CT Utility) Southern California Edison (CA Utility) San Bernardino Municipal Water Dept. PSEG/LIPA, LI NY (Utility) CMEEC (CT Electric Co-op) Southern California Edison, Toyota Eversource/United Illuminating (CT Utilities) Eversource/United Illuminating (CT Utilities) New Britain, CT Riverside, CA Groton, CT Dublin, CA Bridgeport, CT Tulare, CA San Bernardino, CA Long Island, NY Groton, CT Los Angeles, CA Derby, CT Derby, CT 1.4 1.4 5.6 1.4 14.9 2.8 1.4 7.4 7.4 2.3 14.0 2.8 Q2 ’12 Q4 ‘16 Q4 ‘16 Q1 ‘17 Q1 ‘13 Q1 ‘20 Q3 ‘21 Q1 ‘22 Q1 ’23 Q1’24 Q1’24 Q1’24 15 20 20 20 15 20 20 20 20 20 20 20 62.8 Project Name Power Off-Taker Location Rated Capacity1 (MW) Actual Commercial Operation Date 2 PPA Term (Years) Total MW Operating FuelCell Energy Owned U.S. Operating Portfolio Overview On-Balance Sheet Generation Operating Portfolio as of January 31, 2026 |
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