Description

FuelCell Energy’s 4-Gigawatt AI Power Pipeline: Can It Finally Scale?

FuelCell Energy reported second quarter fiscal 2026 revenues of $35.6 million, reflecting a 5% decline from $37.4 million a year earlier. This decrease was primarily due to lower service revenues, tied to no module exchanges during the quarter, and reduced generation revenue attributable to repair work at the Groton project. These factors were partially offset by scheduled module deliveries to the Gyeonggi Green Energy project in South Korea and increased advanced technology revenues. The company recognized a net loss of $77.6 million, compared to $37.7 million in the prior-year quarter. Operating losses widened primarily due to a non-cash impairment charge of $42.6 million related to the Groton project, which aligns with the strategic decision to upgrade the facility with newer 2.5 megawatt power blocks for improved reliability. Adjusted EBITDA improved 12% year-over-year to a negative $17.1 million, reflecting some progress on cost discipline. The company’s backlog stood at $1.