FuelCell Energy reported second-quarter revenue of $35.6 million, a 5% decrease year-over-year, and a net loss per share of $1.45. The wider loss compared to the prior year was primarily driven by a significant impairment charge related to its Groton Project.
Key Highlights
- Reported a sales pipeline of 4 gigawatts, representing a 267% increase from the first quarter, with data center demand comprising approximately 90% of the new proposals.
- Total backlog was $1.14 billion as of April 30, 2026, down 9.9% from the prior year, mainly due to revenue recognition.
- In response to increased demand, the company is advancing its manufacturing capacity expansion to support an annualized production rate of 500 MW, up from a previous target of 350 MW.
- Recorded a non-cash impairment expense of $42.6 million for an equipment upgrade at its Groton Project, which heavily impacted the quarter's net loss.