FuelCell Energy, Inc. reported financial results for the third quarter ended July 31, 2026, revealing a significant decline in revenue while highlighting substantial growth in its backlog and new commercial agreements.
For the three months ended July 31, 2026, the company reported total revenue of $33.0 million. This figure represents a 29% decrease compared to the same period in the prior year, driven primarily by fewer module deliveries to customers in South Korea and lower operating output from plants in its generation portfolio.
Despite the revenue decline, the company reported a 51% reduction in its loss from operations, which decreased to $46.7 million from $95.4 million in the prior year. The company also noted a gross loss of $24.5 million, which widened by 377% compared to the prior year.
FuelCell Energy’s backlog saw a significant increase. The company reported a total Committed and Awarded Capacity Backlog of $3.646 billion as of July 31, 2026, up from $1.245 billion in the prior year. This growth was driven by a new capital equipment purchase agreement with Fit Energy USA LP for up to 380 MW of generation capacity, intended for data center applications. Additionally, the company signed its first Capacity Reservation Agreement with a major data center operator for a 75 MW project in Texas.
On the operational front, the company is expanding its manufacturing capabilities. The company is working to increase the annualized production rate at its Torrington, CT facility to 500 MW by June 2028. The company also announced a memorandum of understanding with Siemens to design and supply electrical balance of plant systems, aiming to accelerate the deployment of commercial projects.
Other notable developments during the quarter included the delivery of the first two carbon capture modules to ExxonMobil Technology and Engineering Company in Rotterdam, The Netherlands, and the completion of the repowering of the Gyeonggi Green Energy fuel cell park in South Korea.
