FuelCell Energy raises $135.5M net via ATM, 15,380,413 shares

FuelCell Energy, Inc. reported recent share sales under its at-the-market program.

Rhea-AI Filing Summary

FuelCell Energy, Inc. reported recent share sales under its at-the-market program. Between September 15, 2025 and November 6, 2025, the company issued and sold 15,380,413 shares at an average price of $8.99, generating $138.3 million in gross proceeds and $135.5 million in net proceeds after $2.8 million in sales commissions.

As of November 6, 2025, approximately $1.1 million of shares remained available for sale under the amended sales agreement. Shares outstanding were 47,676,043 as of the same date.

Insights

Equity Capital Markets Analyst

Neutral: cash added via ATM; modest dilution trade-off.

FuelCell Energy raised primary capital through an at-the-market program, selling 15,380,413 shares at an average $8.99. Gross proceeds were $138.3 million, with net proceeds of $135.5 million after $2.8 million in commissions. This is a routine financing mechanism that brings cash directly to the company.

The filing states shares outstanding were 47,676,043 as of November 6, 2025. Additional capacity under the program was limited to approximately $1.1 million of shares, indicating the current ATM authorization is nearly utilized. Actual effects on per-share metrics hinge on issuance timing and pricing.

Subsequent disclosures may detail any changes to ATM capacity or new financing authorizations; impact will depend on future capital needs and market conditions.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did FCEL announce about its at-the-market (ATM) program?

FuelCell Energy sold 15,380,413 shares at an average price of $8.99 between September 15, 2025 and November 6, 2025.

How much cash did FCEL raise from the recent ATM sales?

Gross proceeds were $138.3 million and net proceeds were $135.5 million after $2.8 million in commissions.

How many FCEL shares are outstanding now?

Shares outstanding were 47,676,043 as of November 6, 2025.

How much capacity remains under FCEL's amended ATM agreement?

As of November 6, 2025, approximately $1.1 million of shares remained available for sale.

What was the average price per share in the ATM sales?

The average sale price was $8.99 per share.

Who are the agents under the amended sales agreement?

Agents include Jefferies LLC, B. Riley Securities, Inc., Barclays Capital Inc., BMO Capital Markets Corp., BofA Securities, Inc., Canaccord Genuity LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Loop Capital Markets LLC.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/10/2025 - 05:00 PM Learn about SEC filing dates

0000886128false00008861282025-11-062025-11-06

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 8-K

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CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): November 6, 2025

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FUELCELL ENERGY, INC.

(Exact Name of Registrant as Specified in its Charter)

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Delaware	​	1-14204	​	06-0853042
(State or Other Jurisdiction of Incorporation)	​	(Commission File Number)	​	(IRS Employer Identification No.)
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​	​	3 Great Pasture Road, Danbury, Connecticut	​	06810
​	​	(Address of Principal Executive Offices)	​	(Zip Code)

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Registrant’s telephone number, including area code: (203) 825-6000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class	​	Trading Symbol(s)	​	Name of each exchange on which registered
Common Stock, $0.0001 par value per share	​	FCEL	​	The Nasdaq Stock Market LLC (Nasdaq Global Market)

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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  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 8.01. Other Events.

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Recent Sales of Common Stock

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FuelCell Energy, Inc. (the “Company”) wishes to provide an update with respect to recent sales of its common stock under its previously announced at-the-market offering program and its outstanding shares of common stock following such sales.

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During the period beginning on September 15, 2025 and ending on (and including) November 6, 2025, the Company issued and sold, under its previously announced at-the-market offering program, a total of 15,380,413 shares of its common stock at an average sale price of $8.99 per share, resulting in aggregate gross proceeds of approximately $138.3 million before deducting sales commissions, and net proceeds to the Company of approximately $135.5 million after deducting sales commissions totaling approximately $2.8 million. These sales were completed pursuant to the Open Market Sale Agreement^SM, dated July 12, 2022 and amended on April 10, 2024 and December 27, 2024, between the Company and Jefferies LLC, B. Riley Securities, Inc., Barclays Capital Inc., BMO Capital Markets Corp., BofA Securities, Inc., Canaccord Genuity LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Loop Capital Markets LLC (the “Amended Sales Agreement”).

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As of November 6, 2025, only approximately $1.1 million of shares remained available for sale under the Amended Sales Agreement.

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As of November 6, 2025, there were 47,676,043 shares of common stock of the Company, par value $0.0001 per share, outstanding.

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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.

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​	FUELCELL ENERGY, INC.
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Date: November 10, 2025	By:	/s/ Michael S. Bishop
​	​	Michael S. Bishop
​	​	Executive Vice President, Chief Financial Officer and Treasurer

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