FuelCell Energy reported a weak quarter for the three months ended April 30, 2026, with higher losses driven by a major asset write-down. Revenue was $35.6 million, slightly below $37.4 million a year earlier, while cost of revenues rose, leading to a gross loss of $12.9 million.
The company recorded a $42.6 million impairment tied mainly to its Groton project, pushing net loss attributable to common stockholders to $78.7 million, up from $38.8 million. For the first half, net loss to common reached $102.4 million. Operating cash outflow was $61.2 million over six months, though unrestricted cash and cash equivalents increased to $373.2 million, helped by at the market share sales that raised $155.3 million net. Management believes current liquidity, contracted backlog and restricted cash releases are sufficient to meet obligations for at least the next year, but the business still depends on external financing, project execution and cost reductions to reach profitability.
FuelCell Energy reported second fiscal quarter 2026 revenue of $35.6 million, down 5% year over year, as lower service and generation revenue more than offset higher product and advanced technologies sales. Backlog was $1.14 billion as of April 30, 2026, about 9.9% lower than a year earlier.
Net loss widened to $77.6 million from $37.7 million, largely due to a $42.6 million impairment tied to upgrading equipment at the Groton Project, while Adjusted EBITDA improved modestly to $(17.1) million from $(19.3) million. Cash, cash equivalents and restricted cash rose to $440.9 million, helped by at-the-market stock sales totaling roughly $153.3 million in net proceeds, as the company plans to expand its Torrington facility toward an annualized production rate of up to 500 MW.
FuelCell Energy, Inc. has elected John Livingston to its Board of Directors, effective May 19, 2026, increasing the board size from eight to nine members. He will serve until the 2027 annual stockholders’ meeting or until an earlier resignation or removal.
Livingston joins the Audit, Finance and Risk Committee and the Compensation and Leadership Development Committee. As a non-employee director, he will receive an annual board retainer of $50,000, committee fees of $10,000 and $7,500, and a grant of 5,896 restricted stock units that vest at the 2027 annual meeting.
FUELCELL ENERGY INC executive Shankar Achanta, EVP and chief product & technology officer, reported routine equity compensation activity. On May 8, 2026, restricted stock units converted into 2,020 shares of common stock on a one-for-one basis. To satisfy tax obligations upon vesting, 492 shares were withheld at $13.70 per share, described as a tax-withholding disposition rather than an open-market sale. Following these transactions, Achanta directly holds 5,118 shares of common stock.
FuelCell Energy director Natica von Althann exercised restricted stock units into common shares. On April 21, 2026, 23,859 Director Restricted Stock Units converted on a one-for-one basis into 23,859 shares of Common Stock at a stated price of $0.00 per share.
After this compensation-related conversion, von Althann directly holds 23,988 shares of FuelCell Energy common stock. The RSUs vested and were settled in shares, with no open-market purchases or sales reported in this filing.
FuelCell Energy Inc. director Betsy B. Bingham acquired 23,859 shares of common stock through the vesting of restricted stock units. On April 21, 2026, 23,859 director RSUs converted into an equal number of common shares on a one-for-one basis and were settled in stock. After this compensation-related transaction, she directly holds 23,859 common shares, with no remaining RSUs from this grant.
FUELCELL ENERGY INC executive Shankar Achanta sold shares under a pre-planned program. As EVP and Chief Product & Technology Officer, he completed an open-market sale of 2,500 shares of common stock at $8.00 per share. Following this transaction, he directly holds 3,590 common shares. The filing notes the sale was executed pursuant to a Rule 10b5-1 trading plan adopted on January 5, 2026, indicating the trade was scheduled in advance rather than opportunistic.
FuelCell Energy director Cynthia L. Hansen received a grant of deferred equity as part of her regular board compensation. On April 15, 2026, she was awarded 2,657 Deferred Common Stock Units, representing director retainer and committee fees paid in stock rather than cash.
These units are issued under the company’s Director Compensation Program and deferred pursuant to the Directors Deferred Compensation Plan. Each unit is payable in one share of common stock on a one-for-one basis when she leaves board service. Following this award, Hansen directly holds 62,910 deferred common stock units, reflecting a routine, compensation-related acquisition rather than an open-market purchase.
England James Herbert reported acquisition or exercise transactions in this Form 4 filing.
FuelCell Energy Inc. director James Herbert England received 3,902 Deferred Common Stock Units as stock-based director compensation. These units represent his director retainer and committee fees paid in stock under the company’s Director Compensation Program and deferred under the Directors Deferred Compensation Plan.
The units are tied one-for-one to shares of common stock and are payable only when he separates from service as a director. After this award, he holds 86,496 Deferred Common Stock Units directly, reflecting ongoing, routine equity-based compensation rather than an open-market share purchase or sale.