New York, May 27, 2026, 07:05 EDT
FuelCell Energy shares looked weaker ahead of Wednesday’s open, with the stock down for a second session and earnings due soon. Shares slipped 2.44% to $24.40 Tuesday, trailing the Nasdaq Composite, which added 1.2% to a new record close.
FuelCell is now a play on dependable power for AI data centers, a niche bet as demand for on-site electricity becomes critical for building out new computing. Traders pushed up the stock on that idea, but Tuesday’s selloff showed the move is anything but steady.
Stocks traded on a regular schedule Wednesday. Markets were closed Monday for Memorial Day. Nasdaq’s 2026 calendar shows May 25 as a holiday and the next full closure set for June 19, Juneteenth. Investors watched for company news instead of any holiday moves.
FuelCell said last week it’s set to post fiscal Q2 results before the bell June 8, with a call scheduled for 10 a.m. Eastern. Investors now have under two weeks until new numbers on revenue, margins and cash use, coming after a sharp move in the shares.
FuelCell Energy said it named John Livingston, Verve Industrial Protection founder and ex-McKinsey adviser, to its board starting May 19. CEO Jason Few said Livingston brings strength as AI power and digital infrastructure come together. Livingston said FuelCell is in the “right place at the right time.” FuelCell Energy
FuelCell isn’t just talking about operational technology as a buzzword. The company wants to put its power systems into data centers and other sites where uptime and cyber security are just as key as price.
FuelCell was touting its data-center focus before the board changes. Back in March the company rolled out its new 12.5-megawatt power blocks—one megawatt is a measure of electric capacity—and said it wants to boost capacity at its Torrington, Connecticut, plant from 100 MW up to around 350 MW over time. The company said its business development pipeline grew 275% since February 2025, mostly because of data-center demand. Few said, “the pressure point for customers was ‘how quickly they can get it.’” FuelCell Energy
Competition has gotten tougher. Bloom Energy and Nebius said they reached a deal on May 20 to use Bloom fuel cells for Nebius’s AI buildout. They expect 328 MW of installed capacity this year. “Power remains a key constraint,” Nebius Chief Product and Infrastructure Officer Andrey Korolenko said. The setup uses behind-the-meter power at the customer site instead of relying mainly on the public grid. Nebius
FuelCell’s numbers are still uneven. The latest 10-Q shows January-quarter revenue climbed 61% to $30.5 million from a year ago, but costs of revenue hit $36.4 million. That left a gross loss of $5.9 million. Gross loss here means costs from sales were higher than revenue, before other operating expenses. Net loss to common shareholders came to $23.7 million, or 49 cents per share.
Liquidity improved, but came at a price. FuelCell said it held $379.6 million in cash, cash equivalents and restricted cash as of Jan. 31. Restricted cash is set aside for certain purposes. The company also sold about 6.4 million shares in the quarter at an average of $8.82, bringing in net proceeds close to $54.9 million. Backlog, its metric for future revenue under contract, dropped 10.8% to $1.17 billion.
But execution is where the risk lies. If the June 8 update disappoints on order conversion, hits more module delays, misses on margins, sees higher fuel costs or more equity sales, the AI-power premium could fade fast. FuelCell is still posting losses and shares have less cushion for a weak update now.
Plug Power gained 1.59% on Tuesday, even as other hydrogen and fuel cell stocks like FuelCell didn’t move much. Investors are still picking spots in the group. FuelCell’s next step looks tied more to whether management can turn its data center plans into bookings and better margins, rather than sector sentiment.
