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.
FuelCell Energy (FCEL) filed a Form 4 reporting director equity compensation. On 10/15/2025, the director received 1,576 deferred common stock units as retainer and committee fees, issued at $0 under the company’s director compensation program and deferred compensation plan. Each unit is payable in one share of common stock upon separation from board service. Following this transaction, the director beneficially owned 40,563 derivative securities.
FuelCell Energy, Inc. (FCEL) reported a routine insider transaction. A company director acquired 2,743 deferred common stock units on 10/15/2025, coded “A” for an award under the director compensation program.
The units were issued at $0 as fees paid in stock and are deferred; each unit is payable in one share of common stock on a one-for-one basis upon the director’s separation from service.
Following this transaction, the director beneficially owns 61,227 derivative securities, reported as Direct (D) ownership.
FuelCell Energy reported operational and balance sheet updates for the nine months ended July 31, 2025, highlighting backlog, cash, project activity, and restructuring impacts. The company had $174.7 million of unrestricted cash and 62.8 MW of operating project assets that generated $35.8 million of revenue for the nine months ended July 31, 2025. Generation backlog totaled $955.0 million, service backlog $169.4 million, product backlog $96.2 million, and advanced technologies backlog $24.3 million. The firm recognized impairments totaling about $22.4 million (inventory ~$9.0M, IPR&D ~$9.3M, goodwill ~$4.1M) tied to a June 2025 restructuring that reduced workforce by ~122 employees (22%) and scaled back certain development efforts. Project assets were $224.5M with one Hartford Project under development requiring an estimated $34M–$36M more investment. Equity raises under an Amended Sales Agreement generated gross proceeds of about $39.0M in the quarter and $53.5M year-to-date, with remaining availability noted under the registration.
FuelCell Energy, Inc. furnished an update on its latest quarterly performance and business activities. The company issued a press release announcing financial results and a business update for the three and nine months ended July 31, 2025, and attached this release as Exhibit 99.1 to the report. These materials describe how the business performed over the quarter and year-to-date, but the specific figures are contained in the exhibits rather than in the body of the report.
The company also furnished an investor presentation, attached as Exhibit 99.2, that it planned to use during its September 9, 2025 earnings call. Both the press release and the presentation are being furnished, not filed, which means they are not automatically subject to certain Exchange Act liabilities or incorporated into other securities offerings unless specifically referenced.
FuelCell Energy, Inc. announced a leadership change in its commercial organization. On August 25, 2025, Michael Hill resigned as Executive Vice President and Chief Commercial Officer, effective September 5, 2025, to pursue another opportunity. The company stated that his departure is not due to any disagreement regarding its operations, policies or practices.
In connection with this change, FuelCell Energy promoted Eric Strayer, currently Vice President, International and Partner Sales, to Senior Vice President, Global Head of Sales, effective September 8, 2025. Strayer has been with the company since 2021 and previously held senior commercial roles at Altergy Systems and Doosan Fuel Cell America, Inc.
FuelCell Energy, Inc. is the subject of a Schedule 13G filed by multiple Legal & General entities, including Legal & General Group Plc, Legal & General Investment Management Ltd, LGIM Managers (Europe) Limited, Legal & General UCITS ETF Plc, Legal & General Investment Management America Inc and LGIM Singapore PTE Ltd. Each reporting person discloses 0 beneficially owned shares, representing 0% of the company’s common stock, with 0 sole or shared voting and dispositive power. Item 8 of the filing describes the LGIM group structure and regulatory authorizations for its managers and funds. The filing includes a certification signed by the Head of Asset Class Oversight attesting to the statement’s accuracy.