FuelCell Energy Reports Third Fiscal Quarter 2026 Results
FuelCell Energy, Inc. has reported its financial and operational results for the third fiscal quarter of 2026, highlighting progress in its data center strategy, a growing commercial backlog and plans to significantly expand manufacturing capacity.
The company’s committed backlog stood at $1.3 billion as of July 31, 2026, up approximately 4.1% from $1.24 billion a year earlier. The increase includes Fit Energy USA LP’s commitment to purchase fuel cell systems representing 30 MW of generation capacity. FuelCell Energy also added $2.4 billion to its awarded capacity backlog following Fit Energy’s option to purchase additional fuel cell systems representing up to 350 MW.
Following the quarter, FuelCell Energy signed its first Capacity Reservation Agreement with a major data center operator for a planned 75 MW project in Texas. The agreement is supported by an upfront reservation payment and represents a significant step in the company’s strategy to provide utility-scale, behind-the-meter power for data center applications.
The company’s sales pipeline also expanded during the quarter, reaching approximately 10 GW for fiscal 2026. FuelCell Energy said growing demand is being driven by the rapid expansion of artificial intelligence and data centers, as well as broader electrification, creating increased demand for reliable power that can be deployed without relying entirely on constrained transmission infrastructure.
FuelCell Energy is also expanding its Torrington, Connecticut manufacturing facility to support an annualized production capacity of 500 MW. The expansion is underway and is expected to be completed by June 2028, giving the company additional manufacturing capabilities as it works to convert its growing commercial pipeline into future revenue.
During the quarter, FuelCell Energy signed a memorandum of understanding with Siemens aimed at supporting the faster and more cost-effective deployment of commercial projects exceeding 100 MW. The company also delivered its first two carbon capture modules to ExxonMobil Technology and Engineering Company in Rotterdam, Netherlands, as part of their ongoing carbon capture collaboration.
For the third quarter, FuelCell Energy reported revenue of $33.0 million, compared with $46.7 million in the same period a year earlier, representing a decline of approximately 29%. Gross loss increased to $24.5 million from $5.1 million, while the loss from operations narrowed to $46.7 million from $95.4 million.
Net loss per share attributable to common stockholders was $0.64, compared with $3.78 a year earlier. The company ended the quarter with $737.3 million in cash, cash equivalents, restricted cash and restricted cash equivalents.
Jason Few, President and CEO of FuelCell Energy, said the company accelerated execution of its data center strategy during the quarter while continuing to invest in manufacturing capacity. He described the Fit Energy agreement, covering up to 380 MW across four potential phases, as an important commercial milestone demonstrating the company’s ability to provide baseload power for data center applications.
Few also pointed to the company’s $3.6 billion combined committed and awarded capacity backlog as evidence of growing demand for scalable power infrastructure that can reduce reliance on constrained transmission systems, simplify permitting and enable AI-driven computing capacity to be deployed more quickly.
With electricity demand continuing to rise from AI, data centers and wider electrification, FuelCell Energy said its expanding commercial pipeline, increased manufacturing capacity and fuel cell technology position the company to pursue long-term opportunities in the growing distributed and behind-the-meter power market.
