Fuelcell Energy (FCEL)
NASDAQ:FCEL
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Fuelcell Energy
(NASDAQ:FCEL)
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Rating:48Neutral
Price Target:
$6.50
▼(-0.46% Downside)
Action:ReiteratedDate:03/09/26
The score is held down primarily by persistent losses and material cash burn despite modest revenue momentum and a stronger balance-sheet posture. Technicals are neutral-to-soft in the near term, valuation support is limited given negative earnings, while the latest earnings call adds some upside via improving operating metrics, strong pipeline commentary, and ample liquidity—but with significant execution and profitability risks remaining.
Positive Factors
Data center pipeline
A >1.5 GW proposal pipeline concentrated in data centers creates durable demand optionality where customers value resilient, low-emissions power. The SDCL collaboration (up to 450 MW) helps convert proposals into funded projects, supporting multi-year project revenue and long-term service annuities if execution holds.
Negative Factors
Cash burn
Sustained negative operating and free cash flow means the business is not self-funding and requires ongoing external capital to sustain operations and scale. Persistent cash burn increases dilution or leverage risk over months if operational improvements or contracting do not convert pipeline into predictable cash receipts.
Read all positive and negative factors
Positive Factors
Negative Factors
Data center pipeline
A >1.5 GW proposal pipeline concentrated in data centers creates durable demand optionality where customers value resilient, low-emissions power. The SDCL collaboration (up to 450 MW) helps convert proposals into funded projects, supporting multi-year project revenue and long-term service annuities if execution holds.
Read all positive factors
Fuelcell Energy (FCEL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$345.95M
Dividend YieldN/A
Average Volume (3M)1.30M
Price to Earnings (P/E)―
Beta (1Y)0.68
Revenue Growth41.05%
EPS Growth-1.02%
CountryUS
Employees584
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.49
Shares Outstanding52,977,867
10 Day Avg. Volume1,197,356
30 Day Avg. Volume1,304,230
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 Cap0.52
Enterprise Value/Revenue1.07
Enterprise Value/Gross Profit-6.68
Enterprise Value/Ebitda-1.36
Forecast
1Y Price Target
$8.75Price Target Upside34.00% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)-2.1
Revenue Forecast (FY)$164.68M
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 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 Earnings Call Summary
Earnings Call Date:Mar 09, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jun 04, 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
Negative
6.53
Price Trends
7.75
Negative
7.72
Negative
7.04
Negative
Market Momentum
-0.30
Positive
40.19
Neutral
47.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FCEL, the sentiment is Negative. The current price of 6.53 is below the 20-day moving average (MA) of 7.19, below the 50-day MA of 7.75, and below the 200-day MA of 7.04, indicating a bearish trend. The MACD of -0.30 indicates Positive momentum. The RSI at 40.19 is Neutral, neither overbought nor oversold. The STOCH value of 47.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | $37.38B | -234.84 | -13.63% | ― | 44.53% | ― | |
50 Neutral | $3.04B | -1.40 | -110.00% | ― | 2.53% | -2.83% | |
48 Neutral | $345.95M | -4.17 | -26.54% | ― | 41.05% | -1.02% | |
48 Neutral | $644.09M | -7.26 | -23.87% | ― | 25.24% | -12.96% | |
46 Neutral | $1.65B | -3.08 | 73.98% | ― | 324.10% | -214.91% | |
42 Neutral | $20.78M | -209.02 | 1402.30% | ― | 18.24% | 24.49% |
* Industrials Sector Average
FCEL
Fuelcell Energy
6.53
1.94
42.27%
PLUG
Plug Power
2.18
0.83
61.48%
BE
Bloom Energy
133.24
113.58
577.72%
EOSE
Eos Energy Enterprises
4.86
1.08
28.57%
SLDP
Solid Power
2.92
1.87
178.10%
DFLI
Dragonfly Energy Holdings Corp
1.72
-8.08
-82.45%
Fuelcell Energy Corporate Events
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...
Executive/Board ChangesRegulatory Filings and Compliance
FuelCell Energy Finalizes Separation Terms for Former Counsel
Neutral
Feb 4, 2026
FuelCell Energy disclosed that its employment relationship with former Executive Vice President, General Counsel and Corporate Secretary Joshua Dolger ended on January 6, 2026, and on February 3 the parties executed a separation agreement granting...
Executive/Board Changes
FuelCell Energy appoints new executive vice president and counsel
Neutral
Jan 7, 2026
On January 5, 2026, FuelCell Energy terminated, without cause, the employment of Executive Vice President, General Counsel and Corporate Secretary Joshua Dolger, effective January 6, 2026, and the parties are expected to enter into a separation ag...
Glossary
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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.