FuelCell Energy, Inc. (NASDAQ:FCEL) reported fiscal first-quarter 2026 results on Monday, posting revenue of $30.5 million alongside an adjusted loss per share of $0.52 as the company continues shifting its strategy toward supplying power solutions for data centers.
Shares of the company fell 4.74% in pre-market trading following the announcement.
Revenue increased 61% year over year from $19.0 million in the same quarter last year. The growth was largely driven by $12.0 million in product revenue from fuel cell module deliveries and commissioning tied to long-term service agreements with Gyeonggi Green Energy and CGN-Yulchon Generation in South Korea.
However, revenue came in $6.0 million below the company’s internal expectations due to delays in commissioning two modules that ultimately entered service in February 2026 instead of during the first quarter as initially planned.
FuelCell Energy reported a net loss of $26.1 million for the quarter, improving from a $32.4 million loss recorded in the same period a year earlier.
Net loss attributable to common stockholders was $23.7 million, or $0.49 per share, compared with $29.1 million, or $1.42 per share, in the prior-year quarter. Adjusted EBITDA also improved to a loss of $17.0 million, compared with a loss of $21.1 million a year earlier.
“During the first fiscal quarter, we delivered strong revenue growth, sharpened operating discipline, and strengthened our liquidity position — all while positioning FuelCell Energy to capture the defining opportunity of the AI era,” said Jason Few, President and Chief Executive Officer.
The company said it delivered more than 1.5 gigawatts of new commercial proposals during the quarter and also announced a partnership with Sustainable Development Capital LLP aimed at developing up to 450 megawatts of projects focused on data center power applications.
Cash and restricted cash totaled $379.6 million as of January 31, 2026, up from $341.8 million as of October 31, 2025.
FuelCell Energy also raised approximately $54.9 million in net proceeds through equity sales during the quarter and secured new debt financing from the Export-Import Bank of the United States.
Meanwhile, the company’s backlog declined 10.8% year over year to $1.17 billion from $1.31 billion, mainly reflecting revenue recognized during the period.