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FuelCell Energy Is Chasing Hyperscalers for On-Site Power—Can Data Centers Become the Breakout Growth Engine?

FuelCell Energy’s recent financial results reveal several noteworthy aspects of their progress and challenges as they continue restructuring efforts aimed at profitability. For the fourth quarter of fiscal 2025, the company reported an increase in revenues to $55 million from $49.3 million in the previous year, representing a 12% rise. This growth was driven largely by increasing demand and successful service agreement executions. Despite these gains, the company continues to face operating losses, reporting a loss of $28.3 million this quarter, although this is an improvement from a loss of $41 million the year prior. The net loss also saw some reduction, decreasing from $39.6 million to $29.3 million, reflecting positive impacts of cost restructuring activities initiated earlier in the year.