FuelCell Energy Touts Strong Cash Runway To Chase Data Center Boom
FuelCell Energy Inc. (NASDAQ:FCEL) stock rose Thursday after the company reported stronger-than-expected fourth-quarter 2025 results, marked by double-digit revenue growth and a sharply narrower loss.
Revenue rose 12% year over year to $55.0 million, while net loss per share narrowed to 85 cents from $2.21. Adjusted net loss per share improved to 83 cents from $1.85.
FuelCell Energy’s adjusted EPS loss of 83 cents beat an estimate for a loss of $1.04, and sales of $55.016 million topped an estimate of $44.752 million.
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Gross loss dropped to $6.6 million from $10.9 million. Operating loss improved to $28.3 million from $41.0 million.
Net loss shrank to $30.7 million from $42.2 million, and adjusted EBITDA loss improved to $17.7 million from $25.3 million.
Product revenue increased to $30.0 million, primarily driven by a long-term service agreement in Korea. Service revenue increased to $7.3 million, generation revenue edged up to $12.2 million, and Advanced Technologies revenue declined to $5.5 million.
Full-Year 2025 Results
For fiscal 2025, revenue climbed to $158.162 million from $112.132 million. Net loss per share attributable to common stockholders was $7.42, compared with $7.83, while adjusted net loss per share improved to $4.41 from $6.54.
Cash and cash equivalents, restricted cash and cash equivalents, and short-term investments totaled $341.8 million as of October 31, 2025.
Backlog And Long-Term Contracts
The backlog increased by 2.6% to $1.19 billion, supported by a 20-year power purchase agreement in Connecticut, which is expected to generate $167.4 million in revenue.
“We believe that our fourth quarter performance and ongoing cost reductions have positioned us well to meet the accelerating demand for electricity and data center projects in the U.S. and internationally,” President and CEO Jason Few said.
“We believe that our fourth quarter performance and ongoing cost reductions have positioned us well to meet the accelerating demand for electricity and data center projects in the U.S. and internationally,” Few added.
Restructuring And Impairment Charges
The company recorded $1.3 million in non-cash impairment expense in the fourth quarter and $64.5 million in the third quarter related to restructuring.
“At fiscal year-end 2025, we had unrestricted cash and cash equivalents totaling $278.1 million and, coupled with our recent financing from the Export-Import Bank of the United States (“EXIM”), we believe we have significant runway to pursue our strategy focused on opportunities in the rapidly growing data center markets,” CFO Michael Bishop said.
FCEL Price Action: FuelCell Energy shares were up 14.94% at $9.08 during premarket trading on Thursday, according to Benzinga Pro data.
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