FuelCell Energy Stock Drops 13% After Q3 Revenue Falls 29% and Loss Widens Beyond Estimates

FuelCell Energy reported fiscal third-quarter 2026 results before the open on September 2, sending shares down roughly 13% to $14.90 in early Wednesday trading. Revenue came in at $33 million, a 29% decline from $46.7 million in the year-ago period and well short of the $41.3 million analysts had expected, a miss of about $5.82 million or 15.65%. The adjusted loss per share of $0.64 was wider than the $0.41 consensus estimate, a shortfall of approximately $0.23 to $0.25 depending on the measure used, while the GAAP net loss reached $45.27 million for the quarter.

The revenue shortfall was driven by fewer fuel cell module deliveries to South Korea and weaker generation output. Costs were further pressured by inventory write-downs and purchase-commitment charges tied to a new data center power agreement, expenses that are currently running ahead of what the deal pays in revenue.

Despite the miss, FuelCell announced its first meaningful data center commercial activity. The company signed a 30-megawatt initial order under an agreement with Fit Energy and secured a 75-megawatt capacity reservation with a major colocation data center operator for a project in Texas. CEO Jason Few pointed to those deals as evidence of "long-term market tailwinds" from AI-driven power demand, and the company said the AI pivot is building its backlog even as near-term financials disappoint. Peer stocks showed limited contagion: Bloom Energy slipped modestly and Plug Power was nearly unchanged, while the Global X Hydrogen ETF held flat at $42.