FuelCell Energy Narrows Q1 Loss to $22.9M as Revenue Jumps 61%

FuelCell Energy, Inc. (NASDAQ: FCEL), a Danbury, Connecticut-based manufacturer of stationary fuel cell power plants, reported a net loss of $22.9 million for the quarter ending January 31, 2026, narrowing from a loss of $28.3 million in the same period a year earlier. The loss per share was $0.49, compared to $1.42 a year ago. Read more earnings reports.

Revenue for the three months ending January 31 rose 61% to $30.5 million from $19.0 million in the prior-year quarter. Cost of goods sold increased to $36.4 million from $24.2 million, resulting in a gross loss. The operating loss narrowed to $26.3 million from $32.9 million a year earlier.

Operating expenses fell 26% to $20.4 million from $27.6 million. Research and development spending dropped to $7.0 million from $11.1 million, while selling, general and administrative expenses declined to $13.5 million from $15.0 million.

The company burned $33.9 million in cash from operations during the quarter, an improvement from $45.7 million used in the year-ago period. Cash from financing activities brought in $74.8 million, compared to $4.8 million a year earlier. Cash and restricted cash stood at $379.6 million as of January 31, 2026, up from $160.4 million a year earlier.

Total assets rose to $978.5 million as of January 31, 2026, from $932.1 million at the end of October 2025. Stockholders' equity increased to $694.9 million from $662.2 million over the same period. The accumulated deficit stood at $1.85 billion.

Common shares outstanding increased to 52.6 million as of January 31, 2026, from 46.1 million three months earlier. Total liabilities climbed to $214.5 million from $201.0 million.

Financial Summary