FuelCell Energy reports first data center order, lifts backlog to $3.6 billion

FuelCell Energy (NASDAQ: FCEL ) held its third-quarter earnings conference call on Wednesday.

Below is the complete transcript from the call.

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View the webcast at Summary FuelCell Energy reported a 29% year-over-year decline in total revenue for Q3 2026, primarily due to fewer module deliveries and lower service and generation revenues.

The company secured its first order for FuelCell Energy Blocks for data center applications and increased its backlog to $3.6 billion, with $2.4 billion in awarded capacity backlog.

FuelCell Energy is expanding its manufacturing capacity in Torrington, Connecticut, aiming for a production rate of 100 megawatts by October 2026 and 500 megawatts by June 2028.

The company reports a strong cash position of $737.3 million, with no corporate debt, supporting its manufacturing capacity expansion.

FuelCell Energy aims to achieve positive adjusted EBITDA by Q4 2027, contingent on converting pipeline opportunities into backlog and scaling production efficiently.

Full Transcript OPERATOR Thank you for standing by.

My name is Jail, and I will be your conference operator today.

At this time, I would like to welcome everyone to the FuelCell Energy third quarter of fiscal 2026 financial results conference call.

All lines have been placed on mute to prevent any background noise.

After the speakers' remarks, there will be a question-and-answer session.

If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad.

If you'd like to withdraw your question, simply press star one again.

I would now like to turn the conference over to Michael Bishop, Chief Financial Officer.

You may begin.

Michael Bishop, Executive Vice President, Chief Financial Officer & Treasurer Thank you, operator.

Good morning, everyone, and thank you for joining us on the call today.

This morning, FuelCell Energy released our financial results for the third quarter of fiscal year 2026, and our earnings press release is available in the Investors section of our website at In addition to this call and our earnings press release, we have posted a slide presentation on our website.

The webcast is being recorded and will be available for replay on our website approximately two hours after we conclude.

Before we begin, please note that some information that you will hear or be provided with today consists of forward-looking statements within the meaning of the Securities and Exchange Act of 1934.

Such statements express our expectations, beliefs, and intentions regarding the future and include statements concerning our anticipated financial results, plans and expectations regarding the continuing development, commercialization, and financing of our fuel cell technology, our anticipated market opportunities, and our business plans and strategies.

Our actual future results could differ materially from those described in or implied by such forward-looking statements because of a number of risks and uncertainties.

More information regarding such risks and uncertainties is available in the safe harbor statement in the slide presentation and in our filings with the SEC, particularly the Risk Factors section of our most recent Form 10-K and any subsequently filed quarterly reports on Form 10-Q.

During this call we'll be discussing certain non-GAAP financial measures, and we refer you to our website, our earnings press release, and the appendix of the slide presentation for the reconciliation of those measures to GAAP financial measures.

Our earnings press release and a copy of today's webcast presentation are available on our website under the Investor Relations tab.

For this call, I am joined by Jason Few, our President and Chief Executive Officer.

Following our prepared remarks, the leadership team will be available to take your questions.

I will now hand the call over to Jason for opening remarks.

Jason Few, President and Chief Executive Officer Thank you, Mike, and good morning, everyone.

Thank you for joining us today.

I am pleased to welcome you to our third quarter fiscal year 2026 earnings call.

In the third quarter we took an important step in the commercial development of FuelCell Energy's data center strategy.

The rapid growth of AI and high-density computing is creating power requirements that the existing grid cannot address quickly enough for data center customers.