StockDriftsFUELCELL ENERGY INC · FCEL · 8-K · Filed
Reports Q3 Revenue of $33.0M, Gross Loss of $(24.5)M
Source: SEC EDGAR, accession 0001104659-26-104498 · Items 2.02, 7.01, 9.01
What did FUELCELL ENERGY INC announce?
FuelCell Energy reported Q3 FY2026 revenue of $33.0 million, a 29% decrease year-over-year, and a gross loss of $(24.5) million.
FuelCell Energy reported a 29% decrease in revenue, totaling $33.0 million for the third fiscal quarter of 2026, compared to $46.7 million in the same period last year. This decline was primarily attributed to fewer module deliveries to customers in Korea and reduced generation revenue from plants in the company's portfolio, including the 7.4 MW Groton Project, which was undergoing an equipment upgrade. The company incurred a gross loss of $(24.5) million, a significant increase from the $(5.1) million gross loss in the prior year's third quarter. This higher gross loss was largely due to product costs and manufacturing overhead exceeding contractual pricing, particularly for the agreement with Fit Energy.
Despite the revenue decrease, the company's net loss per share attributable to common stockholders improved to $(0.64) from $(3.78) in Q3 FY2025. This improvement was mainly due to the absence of impairment and restructuring expenses that impacted the prior year's results. FuelCell Energy highlighted that product costs and fixed manufacturing overhead were impacted by an annualized production rate of approximately 37.1 MW during the quarter, which is below the volume needed for cost alignment with market-based pricing. The company expects improved absorption of fixed manufacturing overhead and greater purchasing scale as production volumes increase.
Total Committed Backlog increased by 4.1% to $1.3 billion as of July 31, 2026, up from $1.24 billion in the previous year. This includes a commitment from Fit Energy USA LP to purchase 30 MW of fuel cell systems. Additionally, the company added $2.4 billion to its Awarded Capacity Backlog, related to Fit Energy's option to purchase up to 350 MW more. Subsequent to the quarter, FuelCell Energy secured its first Capacity Reservation Agreement for a planned 75 MW data center project in Texas, which included an upfront reservation payment.
The company is targeting an annualized production rate of 100 MW by October 2026 and expects to complete its Torrington, CT manufacturing facility expansion to 500 MW by June 2028. It also announced a collaboration with Siemens to support the deployment of 100+ MW commercial projects. FuelCell Energy aims to achieve positive Adjusted EBITDA in Q4 FY2027, contingent on the conversion of Awarded Capacity Backlog into Committed Backlog, customer delivery schedules, and ongoing cost reduction initiatives.
Key details
- Net loss per share attributable to common stockholders was $(0.64), compared to $(3.78) in Q3 FY2025.
- Total Committed Backlog increased by 4.1% to $1.3 billion, with Awarded Capacity Backlog at $2.4 billion.
- The company secured its first Capacity Reservation Agreement for a planned 75 MW data center project in Texas.
- Annualized production rate is targeting 100 MW by October 2026, with facility expansion to 500 MW by June 2028.
Reported results
| Measure | Reported |
|---|---|
| Period | Q3 FY2026 |
| Revenue | $33.00M |
| Revenue, year ago | $46.74M |
| Revenue growth, YoY | -29.4% |
| Gross margin | -74.2% |
| Diluted EPS | $-0.64 |
| Reporting currency | USD |
Figures as reported by FUELCELL ENERGY INC in this filing, in USD. Year-over-year growth is calculated from the two revenue lines above.
Guidance
Targeting positive Adjusted EBITDA in Q4 FY2027 subject to conversion of Awarded Capacity Backlog into Committed Backlog, customer delivery schedules and continued execution of cost reduction initiatives.
Why it matters
This 8-K reports a results announcement at FUELCELL ENERGY INC. The likely share-price reaction reads as negative.