EarningsQ3 2026 Earnings Report
MX:FCEL Q3 2026 EPS Results
Actual EPS-$10.87
Consensus EPS-$7.01
Beat/MissMissed by -$3.86
One Year Ago EPS-$64.19
MX:FCEL Q3 2026 Revenue Results
Actual Revenue$560.44M
Expected Revenue$658.68M
Beat/MissMissed by -$98.24M
YoY Revenue Growth-29.40%
Earnings Announcement Details
QuarterQ3 2026
Date09/02/2026
TimeBefore Open
Conference CallWednesday, September 2, 2026
MX:FCEL Upcoming Earnings
Fuelcell Energy's next earnings date is estimated for December 22, 2026, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:FCEL Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented strong commercial momentum, including the first data center order, a $3.6 billion committed and awarded capacity backlog, a 10-gigawatt proposal pipeline, manufacturing expansion, a strong cash position, and technology partnerships with ExxonMobil and Siemens. However, the quarter also showed a 29% revenue decline, a substantially larger gross loss, negative adjusted EBITDA, low production volumes, and material Fit Energy-related charges. The strategic and commercial highlights outweighed the reported-quarter financial challenges, although several growth and profitability milestones remain dependent on execution and customer elections.Company Guidance
First Data Center FuelCell Energy Blocks Order
FuelCell Energy secured its first order for FuelCell Energy Blocks to supply baseload power for data center applications. The capital equipment purchase agreement with Fit Energy covers up to 380 megawatts across four phases, with an upfront deposit received for the initial committed 30-megawatt Phase 0, expected to begin delivery in the fourth quarter of fiscal 2026.
Backlog Expanded to $3.6 Billion
Total committed and awarded capacity backlog reached $3.6 billion as of July 31, 2026, consisting of $1.3 billion of committed backlog, up approximately 4.1% year-over-year, and $2.4 billion of awarded capacity backlog.
Large Data Center Pipeline
The fiscal 2026 year-to-date pipeline grew to approximately 10 gigawatts of active proposals, with data center opportunities accounting for about 97% of the total third-quarter pipeline.
75-Megawatt Capacity Reservation Agreement
Subsequent to quarter-end, FuelCell Energy closed a 75-megawatt capacity reservation agreement with a major co-location data center operator for a Texas project. The company said it anticipates follow-on opportunities with the same customer and is working through the definitive agreement.
South Korea Repowering Completed
The company successfully completed the repowering of the 42-module Gyeonggi Green Energy project in South Korea and delivered all 42 modules committed under the program since 2024.
Manufacturing Capacity Expansion on Schedule
FuelCell Energy finalized the comprehensive Torrington factory design, made significant equipment purchase commitments, and began installing a new high-volume tape caster. The company expects to reach an annualized production rate of 100 megawatts in October 2026 and is targeting 500 megawatts of annualized production capacity by June 2028.
Fully Funded Torrington Expansion
The company stated that the Torrington expansion is fully funded. The estimated total requirement to expand annualized production capacity to 500 megawatts is between $200 million and $275 million, supported in part by approximately $298 million of net proceeds raised from common-stock sales during the quarter.
Strongest Cash Position in Company History
Total cash, cash equivalents, and restricted cash was $737.3 million as of July 31, 2026, up from $440.9 million at April 30, 2026. Unrestricted cash and cash equivalents were $658.1 million, while restricted cash and cash equivalents were $79.2 million.
No Corporate Convertible or High-Yield Debt
FuelCell Energy reported no corporate convertible or high-yield debt. Total debt and finance obligations were $153.6 million, primarily consisting of project-level financing, Export-Import Bank working capital facilities supported by Korean deliveries, and sale-leaseback obligations.
Path to Positive Adjusted EBITDA
Management is targeting positive adjusted EBITDA in the fourth quarter of fiscal 2027. The company said the target depends on converting awarded capacity backlog into definitive revenue-generating contracts, aligning with customer delivery schedules, and continuing manufacturing cost-reduction initiatives.
ExxonMobil Carbon Capture Demonstration
FuelCell Energy delivered and installed the first two carbonate fuel cell carbon capture modules at ExxonMobil's Rotterdam complex in the Netherlands. The demonstration is expected to capture 90% plus of the carbon while simultaneously producing power, thermal energy, and hydrogen, including from a low-CO2-concentration emissions stream.
Siemens Collaboration
The company signed a memorandum of understanding with Siemens to design and supply electrical balance-of-plant systems for fuel cell installations. The collaboration is intended to accelerate deployment and lower the cost of large-scale commercial projects exceeding 100 megawatts, combining fuel cells with battery storage, microgrid controls, and medium-voltage electrical equipment.
Supply Chain Security and Recyclability
FuelCell Energy stated that its carbonate platform does not rely on rare-earth minerals and is scandium-free, using globally abundant commodity metals such as nickel and steel. More than 90% of its supply chain is sourced domestically in the United States, and approximately 93% of FuelCell Energy Block components are reusable or recyclable through a take-back program.
Data Center Operating Benefits
Management said its behind-the-meter platform can provide lower levelized cost of energy, higher reliability, absorption chilling to reduce data center power usage effectiveness, low noise, water-neutral operation, and no contribution to poor air quality because the company does not combust the natural gas used to power its systems.
Operating Expense Reduction
Third-quarter operating expenses were $22.2 million, down from $90.2 million in the prior-year quarter. The reduction was primarily due to the absence of $68.5 million of asset impairment and restructuring charges recorded in the third quarter of fiscal 2025.
Improved Operating and Net Loss
The third-quarter operating loss was $46.7 million, a 51% improvement from an operating loss of $95.4 million in the prior-year quarter. Net loss was $45.3 million compared with $91.9 million, while net loss attributable to common stockholders was $0.64 per share compared with $3.78 per share.
MX:FCEL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed