FuelCell Energy Q3 revenue misses estimates on lower generation output

FuelCell Energy

02/09/2026 12:38

Overview
US clean energy tech firm's Q3 revenue fell 29% yr/yr, missing analyst expectations
Adjusted EBITDA loss for Q3 widened and missed analyst expectations
Company attributed revenue drop to fewer Korea deliveries and lower generation output

Outlook
Company expects to begin delivery of 30 MW to Fit Energy in Q4 2026
FuelCell Energy targets 100 MW annualized production rate in October 2026
Company aims for positive Adjusted EBITDA in Q4 fiscal 2027, subject to backlog conversion and cost reductions

Result Drivers
LOWER KOREA DELIVERIES - Co said Q3 revenue drop was mainly due to fewer module deliveries to customers in Korea
GENERATION OUTPUT - Co said lower generation revenue was due to reduced operating output from plants, including Groton Project downtime
HIGH PRODUCT COSTS - Co said product costs and manufacturing overhead exceeded contractual pricing due to low production volumes, resulting in inventory charges

Company press release: ID:nGNXbjj1Yl

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Miss
$33.001 mln
$38.83 mln (8 Analysts)
Q3 Loss Per Share
 
$0.64
 
Q3 Net Loss
 
$45.28 mln
 
Q3 Adjusted EBITDA
Miss
-$36.74 mln
-$11.71 mln (8 Analysts)
Q3 EBIT
 
-$46.66 mln
 
Q3 EBITDA
 
-$37.27 mln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 2 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the renewable energy equipment & services peer group is "buy."
Wall Street's median 12-month price target for Fuelcell Energy Inc is $25.50, about 49.3% above its September 1 closing price of $17.08

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)