FuelCell Energy's AI Power Bet Is Starting to Look Real

FuelCell Energy is trying to sell a simple idea into a messy reality: AI data centers want power now, but the grid often can't move that fast. On its fiscal Q4 2025 call (quarter ended 10/31/2025), management said it has hundreds of megawatts of pricing proposals out across the digital infrastructure ecosystem, spanning hyperscalers, utilities, developers, infrastructure players and sponsors. The company suggested some of those opportunities could start to show up in 2026, depending on how quickly customers move through development timelines and final investment decisions.The numbers showed progress, but not a victory lap. Fourth-quarter revenue was $55 million, up from $49.3 million a year earlier, driven in part by product revenue of $30 million (up from $25.4 million) and service agreement revenue of $7.3 million (up from $5.6 million), with activity tied largely to its long-term service agreement with Goji Green Energy in South Korea. Loss from operations narrowed to $28.3 million from $41 million, and net loss attributable to common stockholders improved to $30.7 million from $42.2 million, with net loss per share attributable to common stockholders at $0.85 versus $2.21, which the company said was helped by a lower net loss and a higher weighted-average share count. For fiscal 2025, revenue was $158.2 million versus $112.1 million, while loss from operations was $192.3 million versus $158.5 million, which it linked mainly to $65.8 million of noncash impairment and $5.3 million of restructuring expenses.The financing and capacity story is where the if this goes right narrative starts to get real. FuelCell Energy ended fiscal 2025 with $341.8 million in cash, restricted cash and cash equivalents, after selling 16.4 million shares via its at-the-market program at an average $8.33 to raise $134.1 million, followed by another 1.6 million shares after quarter-end at an average $8.37 for $13.1 million. It also announced $25 million of new debt financing from the Export-Import Bank of the United States to support international growth, particularly its Korea work with GGE, and said its backlog increased to $1.19 billion from $1.16 billion. On manufacturing, management put its current annualized production run rate at 41 megawatts, described a path to 100 megawatts per year, and said the Torrington facility could potentially support up to 350 megawatts per year with additional investment; for 2026, it guided to $20 million to $30 million of capex to support expansion efforts. It also said it has completed construction of modules for an ExxonMobil-supported carbon capture demonstration at Rotterdam targeting 90%+ CO2 capture while producing hydrogen and power, and it expects that project to be up and running in the latter half of 2026.