FuelCell Energy surges on cost-cutting measures, layoffs

FuelCell Energy

06/06/2025 17:10

Updates

** Shares of renewable power company FuelCell Energy FCEL.O jumps 40.3% to $7.30

** Company plans to reduce operating expenses by 30% on an annualized basis compared to last fiscal year

** Company says it has reduced around 22% of its workforce as a part of its restructuring plan and now has around 426 global employees

** FCEL says the plan is to protect its position "amid slower-than-expected market investments in clean energy"

 ** We are encouraged by the company’s continued focus on cost controls, though we do not model the company reaching breakeven during our forecasted period (thru FY26)"- J.P. Morgan analyst Mark Strouse

** Including session's moves, shares are down 21.87% YTD

(Reporting by Sumit Saha and Katha Kalia in Bengaluru)

((Sumit.Saha@thomsonreuters.com;))