FuelCell Energy (NASDAQ:FCEL) Releases Earnings Results, Beats Expectations By $0.14 EPS

FuelCell Energy (NASDAQ:FCEL) released its quarterly earnings data on Thursday. The energy company reported ($0.83) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.97) by $0.14, FiscalAI reports. The business had revenue of $55.02 million for the quarter, compared to analysts’ expectations of $47.23 million. FuelCell Energy had a negative net margin of 118.80% and a negative return on equity of 19.32%. During the same quarter last year, the company earned ($1.99) EPS.

Here are the key takeaways from FuelCell Energy’s conference call:

• Management expects to reach positive Adjusted EBITDA once annualized production hits 100 megawatts per year, and believes the Torrington plant can scale up to ~350 MW with modest additional investment (capex guidance of $20–$30M for 2026 to start expansion).
• Commercial momentum in South Korea and a growing data center pipeline underpin a backlog of ~$1.19 billion, including >100 MW in Korea and continued module deliveries to GGE supported by a $25M Exxon financing.
• Fiscal 2025 showed a large GAAP net loss of $191M (driven by $65.8M of non?cash impairment and restructuring charges), even though non?GAAP metrics improved (adjusted EBITDA loss narrowed vs. prior year).
• Liquidity is solid with $341.8M of cash and equivalents at year?end, ~ $147M of net ATM proceeds raised after October 31, 2025, and a new $25M EXIM facility to support international project deployments.
• Company is prioritizing a focused data center strategy, highlighting technical advantages (modularity, low noise, integration with absorption chilling and carbon recovery) and expecting meaningful contract conversions in 2026 as customer conversations advance.

FuelCell Energy Stock Performance

FuelCell Energy stock opened at $8.34 on Friday. FuelCell Energy has a fifty-two week low of $3.58 and a fifty-two week high of $13.98. The firm’s 50 day simple moving average is $7.87 and its 200-day simple moving average is $6.60. The company has a debt-to-equity ratio of 0.21, a current ratio of 5.37 and a quick ratio of 3.85. The company has a market cap of $269.30 million, a P/E ratio of -1.06 and a beta of 1.17.

FuelCell Energy News Roundup

Here are the key news stories impacting FuelCell Energy this week:

• Positive Sentiment: Q4 results beat expectations: revenue of $55.0M and non?GAAP EPS of -$0.83 topped estimates, and backlog rose to $1.19B — evidence of demand that drove the prior day’s sharp rally. FuelCell Energy Ends FY2025 with Revenue Growth
• Positive Sentiment: Management is emphasizing a push into data?center power markets and says it has a solid cash runway to pursue those opportunities — a growth narrative some investors find attractive. FuelCell Energy Touts Strong Cash Runway
• Positive Sentiment: Analyst reaction mixed but mildly constructive: TD Cowen raised its price target to $9 (hold), giving a small cushion above current levels and signaling some analyst support for the company’s near?term outlook.
• Neutral Sentiment: Full earnings and call transcripts are available for review (useful for investors who want management commentary on margins, backlog conversion and timing). Q4 2025 Earnings Call Transcript
• Negative Sentiment: Despite the quarter’s beat, the company reported a much larger full?year net loss (net loss per share of -$7.42) and worsening annual metrics that raise strategic and execution questions for some investors. Quarterly Losses Narrow But Annual Deficit Raises Questions
• Negative Sentiment: Critical commentary and sell-side/opinion pieces flagged concerns about EBITDA, cash burn and long?term viability, which likely triggered profit?taking after the big post?earnings pop. Sell Thesis: A Day Late And A Dollar Short
• Negative Sentiment: Market commentary notes that, while revenue grew, underlying profitability/EBITDA hasn’t improved enough to convince some investors — a theme driving today’s downside pressure. Why FCEL Stock Is Down

Institutional Trading of FuelCell Energy

Large investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd lifted its holdings in shares of FuelCell Energy by 1,316.0% in the third quarter. Caitong International Asset Management Co. Ltd now owns 7,618 shares of the energy company’s stock valued at $59,000 after purchasing an additional 7,080 shares in the last quarter. PharVision Advisers LLC acquired a new position in FuelCell Energy during the third quarter valued at $107,000. Bank of America Corp DE lifted its stake in FuelCell Energy by 31.9% in the 2nd quarter. Bank of America Corp DE now owns 18,351 shares of the energy company’s stock worth $103,000 after acquiring an additional 4,435 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in FuelCell Energy by 638.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 19,016 shares of the energy company’s stock worth $107,000 after acquiring an additional 16,440 shares during the period. Finally, Marshall Wace LLP acquired a new stake in FuelCell Energy during the 2nd quarter worth about $122,000. 42.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. TD Cowen raised their price target on shares of FuelCell Energy from $7.00 to $9.00 and gave the company a “hold” rating in a research note on Friday. Wall Street Zen upgraded FuelCell Energy from a “sell” rating to a “hold” rating in a research report on Saturday. Zacks Research raised FuelCell Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. Canaccord Genuity Group reissued a “hold” rating and issued a $12.00 price target on shares of FuelCell Energy in a research note on Friday. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of FuelCell Energy in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, FuelCell Energy currently has a consensus rating of “Hold” and a consensus price target of $9.06.

FuelCell Energy Company Profile

FuelCell Energy, Inc (NASDAQ: FCEL) is a publicly traded company that designs, manufactures and operates turnkey molten carbonate fuel cell power plants. These stationary, on-site energy solutions generate electricity and heat through an electrochemical process that combines natural gas or biogas with oxygen, producing power with lower greenhouse gas emissions than traditional fossil fuel-based generation. The company’s fuel cell technology is engineered for continuous, baseload operation and can be integrated into microgrid architectures and industrial power systems to provide reliable, around-the-clock energy.

The company’s core product suite, marketed under the SureSource brand, encompasses both power generation and integrated carbon capture or hydrogen production capabilities.