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Earnings in 4d

FCEL · NASDAQ · Electrical Equipment & Parts

FuelCell Energy

Provides fuel-cell platforms and services for continuous power, hydrogen, and carbon-capture development.

$17.82

After-hours close+0.05 (+0.28%)

At close$17.77(−8.02%)

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Profile

FuelCell Energy, Inc.FCELIndustrials

Proprietary molten-carbonate fuel-cell platforms provide continuous power and support hydrogen-production and carbon-capture development. Technology, manufacturing, and service activity span commercial energy applications.

Designs, manufactures, and services proprietary molten-carbonate fuel-cell platforms for continuous power. The platform also supports hydrogen-production and carbon-capture development, extending work beyond electricity generation. It provides engineering and service work that supports commercial deployment of these systems at customer sites.

Operations are rooted in Danbury, Connecticut, with a workforce concentrated in the United States and smaller teams in Canada, Germany, and South Korea. A settlement confirmed exclusive rights to sell platform technology across Asia, while POSCO retained rights to service its installed base. A restructuring refocused operating priorities on core technologies.

Company facts

CEOJason Few

ListedJun 25, 1992

ExchangeNASDAQ

HeadquartersDanbury, CT

CountryUnited States

Employees424

CIK0000886128

ISINUS35952H7008

Key statistics

Market cap$1.42B

EPS (ttm)−$6.57

P/E (ttm)−2.70

ROE-31.7%

P/B1.34

P/S8.46

Dividend yield—

Beta3.80vs XLI 0.66

Year to date +118% · Average volume (30d) 8.3M

Analysts

Price target, next 12 months$25.50+43.6%Median of 20 analysts · vs the Aug 28 close

ConsensusBuy9 of 20 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $17.76

High$30.00+68.9%

Median$25.50+43.6%

Low$8.00−55.0%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating
Jul 14, 2026	BMO Capital	Initiate		Outperform
Jul 14, 2026	Stephens	Upgrade		Overweight
Jul 14, 2026	HSBC	Downgrade		Reduce
Jul 14, 2026	Wells Fargo	Upgrade	Underweight	Overweight
Jul 14, 2026	Evercore ISI	Initiate		Outperform

Earnings

EPS

Estimate−$0.41

ReportedDue Sep 2, 2026

Revenue

Estimate$38.8M

ReportedDue Sep 2, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Jun 8, 2026Q2 FY26	−$0.52	−$0.53	−2.0%	$40.5M	$35.6M	−12.0%	+12.84%
Mar 9, 2026Q1 FY26	−$0.68	−$0.52	+23.5%	$42.2M	$30.5M	−27.6%	−4.47%
Dec 18, 2025Q4 FY25	−$0.97	−$0.83	+14.4%	$47.6M	$55.0M	+15.5%	−13.49%
Sep 9, 2025Q3 FY25	−$1.59	−$0.95	+40.3%	$47.4M	$46.7M	−1.4%	+10.04%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$19.0M	$37.4M	$46.7M	$55.0M	$30.5M	$35.6M
Gross profit	−$5.2M	−$9.4M	−$5.1M	−$6.6M	−$5.9M	−$12.9M
Operating income	−$32.9M	−$35.8M	−$95.4M	$42.8M	−$26.3M	−$77.9M
Net income	−$29.1M	−$38.0M	−$91.7M	−$29.9M	−$23.7M	−$77.6M
Diluted EPS	−$1.42	−$1.79	−$3.78	−$0.85	−$0.49	−$1.45
Gross margin	-27.4%	-25.2%	-11.0%	-12.1%	-19.2%	-36.3%
Operating margin	-172.9%	-95.7%	-204.0%	77.8%	-86.1%	-218.9%

Fiscal years (4-quarter sums)FY21 $69.6M · FY22 $130.5M · FY23 $123.4M · FY24 $112.1M · FY25 $158.2M

Revenue by product · Q2 FY26

Electricity, Generation$370.3M · 89%

Product$36.1M · 9%

Advanced Technologies$4.9M · 1%

Service$4.2M · 1%

Revenue by geography · Q2 FY26

Korea, Republic of$21.4M · 60%

United States$14.1M · 39%

Canada$106.0K · 0%

Europe$63.0K · 0%

Balance sheet, Apr 30, 2026Cash & short-term investments $373.2M · Total debt $159.7M · Total assets $1.00B · Shareholders' equity $719.4M

Dividends

No dividends on record.

Ownership

Institutions 51.92%41.51M sharesInsiders 0.23%181.8K sharesOther 47.85%38.26M shares

Shares outstanding 79.95M · Float 75.43M · 94.3% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
BlackRock, Inc.	4.17M	6.20%	13G	Jul 28, 2026
Legal & General Group PLC	2.42M	3.03%	13F	Aug 14, 2026
Vanguard Capital Management LLC	2.33M	2.92%	13F	Aug 13, 2026
State Street Corp	2.14M	2.68%	13F	Aug 7, 2026
Two Sigma Investments, LP	2.06M	2.58%	13F	Aug 14, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Jul 16, 2026	III Homer John Livingston	director	+26,343	$18.79
Jul 6, 2026	Shankar Achanta	officer: EVP, Chf. Product &Tech Ofc.	−2,500	$28.71
Apr 20, 2026	Shankar Achanta	officer: EVP, Chf. Product &Tech Ofc.	−2,500	$8.00
Dec 22, 2025	Betsy B. Bingham	director	−8,608	$8.52