Data Centers as Growth Driver: FuelCell Energy Increases Revenue by 61% in Q1 – Net Income Remains Negative

Danbury (USA) – The U.S. fuel cell manufacturer FuelCell Energy achieved significant revenue growth in the first quarter of fiscal year 2026. Revenues rose 61 percent year-on-year to $30.5 million (Q1 2025: $19.0 million).

By business segment, the product business saw the strongest increase – from $0.07 million in Q1 2025 to $12 million in Q1 2026. According to the company, projects in South Korea in particular boosted the product business. Revenue from service contracts increased to $3.2 million (Q1 2025: $1.8 million). Revenue from power generation declined slightly to $11.0 million (Q1 2025: $11.3 million). According to FuelCell, the decline reflects lower electricity production from the company’s generation portfolio in Q1 2026.

Despite the strong revenue jump, the company remained in the red. Operating loss was $26.3 million, but lower than in the previous year’s quarter (Q1 2025: -$32.9 million). Net loss was $26.1 million (Q1 2025: -$32.4 million), resulting in a loss per share of $0.49 (Q1 2025: -$1.42 per share).

CEO Jason Few pointed to rising demand for power solutions for data centers. “During the first fiscal quarter, we delivered strong revenue growth, sharpened operating discipline, and strengthened our liquidity position — all while positioning FuelCell Energy to capture the defining opportunity of the AI era,” Few said.

“Data center developers and hyperscalers are prioritizing reliable, immediate power solutions—which is precisely what we provide. Our fuel cell systems deliver faster time to power than other sources and have consistently operated on a commercial scale for an average of 10 years, supplying clean, dependable baseload energy,” Few added.

In Q1, the company submitted commercial project proposals totaling more than 1.5 gigawatts. In addition, a partnership with Sustainable Development Capital LLP was announced for projects of up to 450 megawatts.

Order backlog stood at $1.17 billion as of January 31, 2026 (previously $1.31 billion). FuelCell Energy had cash and cash equivalents of approximately $379.6 million at the end of the quarter (October 31, 2025: $341.8 million).

Source: IWR Online, 12 Mar 2026