FuelCell Reports $1.3B Committed Backlog and $2.35B in Awarded Capacity
FuelCell Energy reported a committed backlog of $1.296 billion for its fiscal third quarter, representing an increase from the previous year's $1.245 billion. The company also disclosed an awarded capacity backlog of $2.350 billion tied to a capital equipment agreement with Fit Energy USA LP. However, this amount is not guaranteed revenue and depends on Fit Energy exercising options for project phases. Despite these figures, FuelCell recorded quarterly revenues of only $33 million—a 29% decline—and reported a gross loss of $24.5 million. The company highlighted its first capacity-reservation agreement with a major data-center operator in Texas as a positive demand signal. It also plans to expand production from approximately 37 megawatts annually to 100 megawatts by October and aims for 500 megawatts by mid-2028. The company's unit economics remain under pressure, with product costs exceeding pricing at current volumes. FuelCell raised $298.4 million through equity sales in the quarter but saw its share count rise significantly due to dilution.
Tickers: $FCEL
Topics: backlog fuel-cell-energy revenue_potential