Fuelcell Energy (FCEL)
NASDAQ:FCEL
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Fuelcell Energy
(NASDAQ:FCEL)
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Rating:51Neutral
Price Target:
$17.50
▲(141.38% Upside)
Action:Reiterated
Date:06/10/26
FCEL scores in the low-50s primarily due to weak financial performance (ongoing losses, negative gross profit, and cash burn), partially offset by a low-leverage balance sheet and an earnings-call narrative showing strong liquidity and commercial pipeline growth. Technical signals are mixed (weaker short-term trend but better longer-term positioning), while valuation is constrained by negative earnings and no dividend support.
Positive Factors
Strong Liquidity
A large cash balance plus recent equity proceeds provides durable financial flexibility to fund incremental Torrington capacity, support project deliveries, and underwrite an execution window while margins and operating cash flow recover. This reduces near-term refinancing risk and enables disciplined, staged capex alignment with contracted backlog.
Negative Factors
Persistent Cash Burn
Sustained negative operating and free cash flow shows the business still consumes cash to fund operations and growth. Even with a strong cash balance, continued burn without structural margin improvement or conversion of pipeline requires external funding or slower growth, increasing dilution or limiting strategic options over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Liquidity
A large cash balance plus recent equity proceeds provides durable financial flexibility to fund incremental Torrington capacity, support project deliveries, and underwrite an execution window while margins and operating cash flow recover. This reduces near-term refinancing risk and enables disciplined, staged capex alignment with contracted backlog.
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
$1.10B
Dividend YieldN/A
Average Volume (3M)12.02M
Price to Earnings (P/E)―
Beta (1Y)0.79
Revenue Growth29.71%
EPS Growth11.38%
CountryUS
Employees584
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-6.57
Shares Outstanding67,608,170
10 Day Avg. Volume10,875,498
30 Day Avg. Volume12,017,233
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 Cap0.91
Enterprise Value/Revenue5.95
Enterprise Value/Gross Profit-32.67
Enterprise Value/Ebitda-5.67
Forecast
1Y Price Target
$18.75Price Target Upside158.62% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)-2.07
Revenue Forecast (FY)$158.13M
Fuelcell Energy Business Overview & Revenue Model
Company Description
FuelCell Energy, Inc., alongside its subsidiaries, is involved in the complete lifecycle of stationary fuel cell power plants, covering their design, manufacturing, sales, installation, continuous operation, and servicing. These systems are develo...
How the Company Makes Money
FuelCell Energy makes money primarily by (1) selling fuel cell power plant systems and related equipment, and (2) providing long-term service and maintenance for those systems after installation. Revenue typically comes from: (a) product/system sa...
Fuelcell Energy Earnings Call Summary
Earnings Call Date:Jun 08, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Sep 15, 2026
Earnings Call Sentiment Positive
The call highlights meaningful commercial momentum (4 GW pipeline, 2x average proposal size), strategic product and manufacturing moves (12.5 MW block, plan to expand Torrington to 500 MW), strong liquidity (~$441M cash and recent ~$153M equity proceeds), and continued partnership progress (ExxonMobil carbon capture, Korea deliveries). These positives are tempered by a quarter-over-quarter revenue decline (-5%), a sizable non-cash $42.6M impairment tied to the Groton upgrade that drove sharply higher reported losses and elevated operating expenses, and a ~9.5% YoY decline in total backlog. Overall, the narrative emphasizes long-term opportunity and disciplined scaling despite near-term financial impact from the impairment and the timing uncertainty around large transactions.Positive Updates
Pipeline Expansion
Submitted proposals expanded to 4.0 GW, representing >250% increase versus the prior quarter; average proposal size doubled from 65 MW to 130 MW (2x increase); ~89% of pipeline is potential data center customers.
Negative Updates
Quarterly Revenue Decline
Total revenue of $35.6M versus $37.4M prior year quarter, a ~5% year-over-year decrease, driven primarily by lower service revenue (no module exchanges) and reduced generation output due to Groton repairs.
Read all updates
Q2-2026 Updates
Positive
Negative
Pipeline Expansion
Submitted proposals expanded to 4.0 GW, representing >250% increase versus the prior quarter; average proposal size doubled from 65 MW to 130 MW (2x increase); ~89% of pipeline is potential data center customers.
Read all positive updates
Company Guidance
Management guided that the company’s pipeline has grown to ~4.0 GW of submitted proposals (a >250% increase quarter‑over‑quarter) with average proposal size doubling from 65 MW to 130 MW and ~89% of pipeline tied to data‑center customers, and they aim to convert submitted proposals into contracted backlog within this fiscal year; they are increasing planned Torrington manufacturing capacity from 350 MW to 500 MW annualized (to be unlocked incrementally over the next ~24 months) at an estimated capital cost of $200–$275 million, while expanding only in line with contracted backlog and structured capital support; financial targets reiterated include reaching adjusted EBITDA‑positive once production sustainably exceeds ~100 MW annualized, product gross margins of ~10–20% (lower when acting as EPC), and service margins north of 20%; reported metrics include Q2 revenue $35.6M (vs. $37.4M prior year), adjusted EBITDA of negative $17.1M (improved from negative $19.3M, ~12% YoY improvement), net loss $77.6M (net loss attributable to common stockholders $78.7M, $1.45/share), backlog $1.14B (product $36.1M; service $155.4M; generation $928.5M with ~15‑year weighted average remaining term; advanced tech $15.4M), total cash/cash equivalents/restricted cash $440.9M (unrestricted $373.2M; restricted $67.7M), ATM equity proceeds of ~$153.3M post‑quarter, and near‑term revenue drivers including six remaining GGE module deliveries, upcoming CGN Yulchon deliveries, and two carbon‑capture modules en route to Rotterdam for June delivery.Fuelcell Energy Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 167.88M | 158.16M | 112.13M | 123.39M | 130.48M | 69.58M |
| Gross Profit | -30.55M | -26.41M | -35.92M | -10.54M | -29.57M | -15.64M |
| EBITDA | -176.01M | -140.46M | -110.87M | -74.85M | -118.75M | -73.79M |
| Net Income | -222.81M | -187.90M | -126.01M | -107.57M | -142.72M | -101.03M |
Balance Sheet | ||||||
| Total Assets | 1.00B | 932.15M | 944.12M | 955.52M | 939.72M | 875.25M |
| Cash, Cash Equivalents and Short-Term Investments | 373.17M | 278.10M | 257.26M | 353.71M | 458.06M | 432.21M |
| Total Debt | 159.70M | 143.96M | 156.47M | 139.25M | 104.29M | 97.84M |
| Total Liabilities | 274.87M | 201.00M | 216.66M | 195.22M | 185.33M | 169.92M |
| Stockholders Equity | 719.43M | 722.04M | 716.78M | 742.35M | 744.25M | 702.29M |
Cash Flow | ||||||
| Free Cash Flow | -123.38M | -147.83M | -212.46M | -232.61M | -158.82M | -143.67M |
| Operating Cash Flow | -110.93M | -125.29M | -152.91M | -140.25M | -112.17M | -70.44M |
| Investing Cash Flow | 42.28M | 88.86M | -60.05M | -192.37M | -46.65M | -73.23M |
| Financing Cash Flow | 336.20M | 169.26M | 122.15M | 151.07M | 180.58M | 411.91M |
Fuelcell Energy Technical Analysis
Positive
7.25
Price Trends
14.40
Positive
11.07
Positive
9.35
Positive
Market Momentum
0.80
Positive
45.18
Neutral
12.55
Positive
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 20.97, below the 50-day MA of 14.40, and below the 200-day MA of 9.35, indicating a neutral trend. The MACD of 0.80 indicates Positive momentum. The RSI at 45.18 is Neutral, neither overbought nor oversold. The STOCH value of 12.55 is Positive, 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 | $66.63B | 10,939.50 | 0.82% | ― | 56.53% | -246.15% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
52 Neutral | $2.06B | -4.33 | 41.50% | ― | 725.76% | 20.97% | |
51 Neutral | $1.10B | -3.94 | -26.54% | ― | 29.71% | 11.38% | |
51 Neutral | $3.99B | -2.37 | -139.28% | ― | 15.19% | 42.87% | |
50 Neutral | $623.20M | >-0.01 | -21.56% | ― | -6.92% | 4.50% | |
47 Neutral | $22.55M | -0.30 | 1227.16% | ― | 6.76% | 56.18% |
* Industrials Sector Average
FCEL
Fuelcell Energy
16.21
9.57
144.13%
PLUG
Plug Power
2.86
1.48
107.25%
BE
Bloom Energy
234.23
211.70
939.64%
EOSE
Eos Energy Enterprises
6.07
2.06
51.37%
SLDP
Solid Power
2.77
0.90
48.13%
DFLI
Dragonfly Energy Holdings Corp
1.76
-2.24
-56.00%
Fuelcell Energy Corporate Events
Business Operations and StrategyFinancial Disclosures
FuelCell Energy Q2 Loss Widens Amid Capacity Expansion
Negative
Jun 8, 2026
FuelCell Energy reported results for the second fiscal quarter ended April 30, 2026, showing revenue down 5% year on year to $35.6 million and a wider gross loss of $12.9 million, while loss from operations more than doubled to $77.9 million and n...
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...
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.