TLDR
- FCEL stock fell around 12% in premarket trading after missing both revenue and earnings estimates in fiscal Q3 2026.
- Revenue came in at $33 million, down 29% year-over-year, well below the $38.8 million consensus.
- Loss per share was $0.64, wider than the expected $0.40 loss.
- Gross losses ballooned to $24.5 million from $5.1 million a year ago, partly due to charges under the Fit Energy agreement.
- Despite the miss, the committed backlog grew to $1.3 billion, and the company signed its first Capacity Reservation Agreement with a major data center operator.
FuelCell Energy posted a tough fiscal third quarter, and Wall Street made its feelings clear fast. FCEL stock dropped around 12% in premarket trading on Wednesday, hitting $15.11, after the company reported results that fell short on both the top and bottom lines.
Revenue came in at $33 million for the quarter ended July 31, a 29% drop from $46.7 million a year earlier. Analysts had expected around $38.8 million. The loss per share of $0.64 was also wider than the consensus estimate of around $0.40 to $0.41.
The stock had closed Tuesday at around $17.08, already down 0.9% on the day. Even with Wednesday’s drop, FCEL remained up around 134% for the year through Tuesday’s close, reflecting the strong tailwind the company has ridden from AI and data center demand.
FUELCELL ENERGY $FCEL Q3’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $33.0M (Est. $41.3M) 🔴; -29% YoY
🔹 Adj. EPS: -$0.64 (Est. -$0.41) 🔴
🔹 Committed Backlog: $1.3B; +4.1% YoY
🔹 Committed + Awarded Backlog: $3.6B
🔸 Signs first data center power agreement (75 MW)Segment Revenue:
🔹… pic.twitter.com/PMD3aEDdgM— Wall St Engine (@wallstengine) September 2, 2026
Since June 30, though, the stock had already fallen 53%. That slide started after the company announced a $200 million public offering of common stock in early July. Wednesday’s results added more pressure.
Gross Losses Widen Sharply
The most jarring number in the report was the gross loss figure. It ballooned to $24.5 million in the quarter, up from just $5.1 million in the same period a year ago.
A big chunk of that came from product costs that exceeded contractual pricing under the Fit Energy agreement, generating $17 million in charges during the quarter. Generation revenue was also hurt by the Groton facility being temporarily offline for an equipment upgrade.
These were company-specific issues, not sector-wide ones. Broader market indexes were largely flat on the day, with the S&P 500 essentially unchanged and the Nasdaq slipping just 0.3%.
Data Center Pipeline Still Growing
Despite the earnings miss, FuelCell did have some positive news. The company announced its first Capacity Reservation Agreement with a major data center operator for a planned 75 MW project in Texas.
The committed backlog also grew nearly 5% to $1.3 billion. CEO Jason Few pointed to accelerating electricity demand from AI and data centers as a long-term driver for the business.
“With a growing commercial pipeline, expanding manufacturing capacity, and differentiated technology, we believe FuelCell Energy is well positioned to capitalize on these long-term market tailwinds,” Few said.
Investors, however, seem less interested in the pipeline right now and more focused on when that backlog translates into actual revenue. That gap between near-term results and longer-term promises has been a recurring theme for the stock.
FCEL’s premarket price of around $15.49 sits well below its 52-week high of $37.88.
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