Fuelcell Energy (FCEL)
NASDAQ:FCEL
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Fuelcell Energy
(NASDAQ:FCEL)
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Rating:59Neutral
Price Target:
$22.50
▲(210.34% Upside)
Action:Reiterated
Date:05/22/26
FCEL scores as balanced: strong technical momentum and a constructive earnings narrative (pipeline, liquidity, and improving losses) are meaningfully supportive, but the overall score is held back by weak financial performance—ongoing gross losses, very large operating/net losses, and persistent cash burn—plus valuation limitations from unprofitability.
Positive Factors
Large data-center commercial pipeline
A >1.5 GW proposal pipeline concentrated in data centers ties FuelCell Energy to structurally growing AI and hyperscaler demand. If converted, these multi‑MW projects support predictable, multi-year product and service revenue, improving long-term commercial visibility and scale economics.
Negative Factors
Persistent unprofitability and negative margins
Deep negative gross and operating margins indicate the business has not yet achieved sustainable unit economics. Without durable margin improvement, growth can amplify losses, limiting strategic flexibility and making profitability dependent on material manufacturing or pricing gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Large data-center commercial pipeline
A >1.5 GW proposal pipeline concentrated in data centers ties FuelCell Energy to structurally growing AI and hyperscaler demand. If converted, these multi‑MW projects support predictable, multi-year product and service revenue, improving long-term commercial visibility and scale economics.
Read all positive factors
Fuelcell Energy Key Performance Indicators (KPIs)
Any
Total Backlog
Indicates the value of pending orders, providing insight into future revenue streams and demand for the company's products.
Indicates the value of pending orders, providing insight into future revenue streams and demand for the company's products.
Data provided by:
The Fly
The FlyFuelcell Energy (FCEL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.31B
Dividend YieldN/A
Average Volume (3M)11.36M
Price to Earnings (P/E)―
Beta (1Y)0.67
Revenue Growth48.29%
EPS Growth11.56%
CountryUS
Employees584
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-6.91
Shares Outstanding52,977,867
10 Day Avg. Volume12,684,776
30 Day Avg. Volume11,360,717
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.32
Price to Sales (P/S)1.46
P/FCF Ratio-1.56
Enterprise Value/Market Cap0.76
Enterprise Value/Revenue5.88
Enterprise Value/Gross Profit-36.89
Enterprise Value/Ebitda-7.48
Forecast
1Y Price Target
$8.75Price Target Upside20.69% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)-2.07
Revenue Forecast (FY)$162.54M
Fuelcell Energy Business Overview & Revenue Model
Company Description
FuelCell Energy, Inc., together with its subsidiaries, designs, manufactures, sells, installs, operates, and services stationary fuel cell power plants for distributed baseload power generation. It offers SureSource1500, a 1.4-megawatt (MW) platfo...
How the Company Makes Money
FuelCell Energy primarily makes money by selling and servicing its stationary fuel cell power solutions under a few main revenue streams: (1) Product and project-related revenue: The company recognizes revenue from designing and delivering fuel ce...
Fuelcell Energy Earnings Call Summary
Earnings Call Date:Mar 09, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jun 08, 2026
Earnings Call Sentiment Positive
The call presents a constructive commercial and operational story: strong top-line momentum (+61% revenue growth), sizable data center pipeline (>1.5 GW proposals with data centers >80% of pipeline), strategic partnerships (SDCL, EXIM) and an important carbon capture demonstration in Rotterdam. Liquidity is ample (~$380M) and operating metrics showed sequential improvement (smaller operating loss, improved adjusted EBITDA). However, material risks remain: the company is still loss-making with negative adjusted EBITDA, backlog declined ~10.8% YoY, gross loss widened due to manufacturing variances, advanced technology revenues fell ~24.6%, and the Torrington production ramp must more than double to hit the 100 MW annualized threshold to reach positive adjusted EBITDA. Overall, progress and strong forward-looking commercial indicators outweigh the near-term financial and execution challenges, but substantial execution is required to convert pipeline into contracted backlog and scale manufacturing to profitability.Positive Updates
Strong Revenue Growth
Total revenue of $30.5M in Q1 FY2026 versus $19.0M in prior-year quarter, an increase of approximately 61% driven primarily by module deliveries to GGE and CGN.
Negative Updates
Persistent Net Losses and Negative Adjusted EBITDA
Company remains unprofitable: net loss $26.1M in the quarter, net loss attributable to common stockholders $23.7M, and adjusted EBITDA still negative at $17.0M, indicating continued need for scale to reach profitability.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth
Total revenue of $30.5M in Q1 FY2026 versus $19.0M in prior-year quarter, an increase of approximately 61% driven primarily by module deliveries to GGE and CGN.
Read all positive updates
Company Guidance
Management guided that positive adjusted EBITDA is targeted once Torrington reaches an annualized production rate of 100 MW (current run rate ~40–41 MW), with $20–30 million planned investment in FY2026 to advance capacity from ~100 MW/year toward 350 MW/year within the existing Torrington footprint and a longer-term pathway to ~1 GW; they reported submitting >1.5 GW of proposals in Q1 (data centers >80% of pipeline), an SDCL collaboration identifying up to 450 MW of opportunities, backlog of ~$1.17 billion (down ~10.8% YoY), and a near-term operational milestone of shipping two carbon-capture modules to Rotterdam in April. Financial and operating metrics cited include Q1 revenue $30.5M (+61% YoY) with product revenue $12.0M, service $3.2M, generation $11.0M, and advanced technology $4.3M; gross loss $5.9M, loss from operations $26.3M, net loss $26.1M (net loss attributable to common $23.7M, $0.49/share), adjusted EBITDA -$17.0M (improved from -$21.1M); liquidity was ~$379.6M cash (01/31/2026), proceeds from ~6.4M shares sold in-quarter at avg $8.82 of ~$54.9M (plus 3.0M post-quarter at $7.67 for ~$2.5M) and ~$25M of EXIM financing.Fuelcell Energy Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 169.70M | 158.16M | 112.13M | 123.39M | 130.48M | 69.58M |
| Gross Profit | -27.06M | -26.41M | -35.92M | -10.54M | -29.57M | -15.64M |
| EBITDA | -133.40M | -140.46M | -110.87M | -74.85M | -118.75M | -73.79M |
| Net Income | -183.23M | -187.90M | -126.01M | -107.57M | -142.72M | -101.03M |
Balance Sheet | ||||||
| Total Assets | 978.48M | 932.15M | 944.12M | 955.52M | 939.72M | 875.25M |
| Cash, Cash Equivalents and Short-Term Investments | 311.78M | 278.10M | 257.26M | 353.71M | 458.06M | 432.21M |
| Total Debt | 162.56M | 143.96M | 156.47M | 139.25M | 104.29M | 97.84M |
| Total Liabilities | 214.48M | 201.00M | 216.66M | 195.22M | 185.33M | 169.92M |
| Stockholders Equity | 754.72M | 722.04M | 716.78M | 742.35M | 744.25M | 702.29M |
Cash Flow | ||||||
| Free Cash Flow | -131.67M | -147.83M | -212.46M | -232.61M | -158.82M | -143.67M |
| Operating Cash Flow | -113.52M | -125.29M | -152.91M | -140.25M | -112.17M | -70.44M |
| Investing Cash Flow | 93.23M | 88.86M | -60.05M | -192.37M | -46.65M | -73.23M |
| Financing Cash Flow | 239.23M | 169.26M | 122.15M | 151.07M | 180.58M | 411.91M |
Fuelcell Energy Technical Analysis
Positive
7.25
Price Trends
13.01
Positive
10.42
Positive
8.92
Positive
Market Momentum
3.18
Positive
65.12
Neutral
55.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FCEL, the sentiment is Positive. The current price of 7.25 is below the 20-day moving average (MA) of 19.75, below the 50-day MA of 13.01, and below the 200-day MA of 8.92, indicating a bullish trend. The MACD of 3.18 indicates Positive momentum. The RSI at 65.12 is Neutral, neither overbought nor oversold. The STOCH value of 55.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FCEL.
Fuelcell Energy Risk Analysis
Fuelcell Energy disclosed 41 risk factors in its most recent earnings report. Fuelcell Energy reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fuelcell Energy Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $77.80B | 14,144.33 | 0.82% | ― | 56.53% | -246.15% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $1.31B | -6.48 | -26.54% | ― | 48.29% | 11.56% | |
53 Neutral | $2.86B | ― | 41.50% | ― | 725.76% | 20.97% | |
51 Neutral | $5.51B | ― | -139.28% | ― | 15.19% | 42.87% | |
50 Neutral | $816.69M | >-0.01 | -21.56% | ― | -6.92% | 4.50% | |
47 Neutral | $28.19M | -0.04 | 1227.16% | ― | 6.76% | 56.18% |
* Industrials Sector Average
FCEL
Fuelcell Energy
24.64
19.01
337.66%
PLUG
Plug Power
4.09
3.18
349.45%
BE
Bloom Energy
302.85
282.44
1383.83%
EOSE
Eos Energy Enterprises
9.42
5.56
144.04%
SLDP
Solid Power
3.63
2.16
146.94%
DFLI
Dragonfly Energy Holdings Corp
2.20
-1.81
-45.14%
Fuelcell Energy Corporate Events
Business Operations and StrategyExecutive/Board Changes
FuelCell Energy Adds Cybersecurity Expert to Board of Directors
Positive
May 21, 2026
FuelCell Energy, Inc. has expanded its Board of Directors by electing cybersecurity entrepreneur and former McKinsey partner John Livingston as a director, effective May 19, 2026, a move announced publicly on May 21, 2026. Livingston, who founded ...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
FuelCell Energy Shareholders Approve Directors and Incentive Plans
Positive
Apr 6, 2026
At the 2026 Annual Meeting of Stockholders held on April 2, 2026, FuelCell Energy shareholders re-elected eight directors, approved on an advisory basis the compensation of named executive officers, and ratified KPMG LLP as independent auditor for...
Business Operations and StrategyFinancial Disclosures
FuelCell Energy Reports Q1 Results, Pivots Toward AI Data Centers
Neutral
Mar 9, 2026
On March 9, 2026, FuelCell Energy reported first-quarter fiscal 2026 results for the period ended January 31, 2026, highlighting a 61% year-over-year revenue jump to $30.5 million, driven mainly by product and service revenues from long-term agree...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.