FuelCell Energy Inc. shares fell 13.5% in premarket trading after the company reported a wider-than-expected loss and missed revenue estimates for the third quarter ended July 31, 2026.
The Danbury, Connecticut-based fuel cell manufacturer posted an adjusted loss of $0.64 per share, compared with analyst expectations of a $0.40 loss. Revenue totaled $33 million, missing the $40.1 million estimate and declining 29% year-over-year from $46.7 million.
Gross losses widened to $24.5 million from $5.1 million in the prior-year period. The company cited $17 million in charges tied to contractual pricing provisions and manufacturing overhead costs that exceeded pricing under its agreement with Fit Energy USA LP. FuelCell Energy’s annualized production rate stood at approximately 37.1 megawatts during the quarter.
Cash and restricted cash totaled $737.3 million as of July 31, 2026. Committed backlog increased 4.1% year-over-year to $1.3 billion, while total committed and awarded capacity backlog reached $3.6 billion. The backlog includes $2.4 billion tied to Fit Energy’s option to purchase up to 350 megawatts of additional fuel cell systems.
Revenue declined primarily due to fewer module deliveries to customers in South Korea and lower generation revenue from the company’s power plant portfolio. FuelCell Energy noted that manufacturing overhead costs currently exceed pricing under its Fit Energy agreement, and its production rate remains below the volume required for cost alignment with market-based pricing.
Following the quarter-end, the company secured its first capacity reservation agreement with a major data center operator for a planned 75-megawatt project in Texas.
Chief Executive Jason Few stated that FuelCell Energy accelerated its data center strategy while expanding manufacturing capacity to support long-term growth.
