FuelCell Energy (FCEL) reported a fiscal third-quarter 2026 adjusted loss of 67 cents per share on October 31, 2026, a 29.5% improvement from the year-ago adjusted loss of 95 cents. However, this loss was wider than the Zacks Consensus Estimate of 35 cents, representing a negative surprise of 91.4%. Revenues for the quarter fell 29.4% year-over-year to $33 million, missing the $39 million consensus estimate by 15.65%.
Key pressures on sales included lower module deliveries to South Korea and decreased generation output, contributing to a gross loss that widened to $24.5 million from $5.1 million, with $17 million attributed to charges related to the Fit Energy Phase 0 agreement. Despite these challenges, committed backlog rose 4.1% to $1.3 billion while awarded capacity backlog totaled $2.4 billion. FuelCell’s cash position stood at $737.3 million as of July 31, 2026.
Amidst disappointing revenues, the company is progressing with expansion plans, targeting an annual production rate of 100 MW by October 2026 and committing to a broader goal of 500 MW by June 2028. FCEL’s backlog is heavily supported by a new agreement with Fit Energy USA for up to 380 MW of fuel cell systems, with initial deliveries anticipated in the fiscal fourth quarter.
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