FuelCell Energy [FCEL]
As of 2026-07-29. Fiscal year ends 31 October. Every date is from a filing or a statute. No date is estimated. Where a date is not announced, that is stated and historical filing dates are given as context only — they are not forecasts.
| Date | Item | Effect | Status |
|---|---|---|---|
| 2022-08-16 | IRA enacted | §45 PTC and §48 ITC succeeded by technology-neutral §45Y and §48E | superseded |
| 2024-12-31 | §45Y / §48E technology-neutral regime | After this date, new fuel-cell systems operating on natural gas lost eligibility under the zero-GHG technology-neutral test. FCEL's core molten-carbonate product runs on natural gas | FIRED — adverse |
| 2025-07-04 | OBBBA enacted | Reinstates the ITC for qualifying fuel-cell projects at a flat 30% rate through at least 2032, with simplified structure and transferability. Also reinstates §45Q. The only favourable dated policy change in this cluster | FIRED — favourable |
| 2025-07-04 | §45Q | Carbon capture, utilisation and storage credits up to $85 per metric tonne | in force |
| 2032 | 30% fuel-cell ITC horizon | The company's language is "available through at least 2032." Nothing beyond that is asserted in the filings and nothing is assumed here | ahead |
| ongoing | South Korea RPS, Clean Hydrogen Portfolio Standard, CES | Support the Gyeonggi Green Energy platform and the CGN relationship. Foreign policy risk stacked on the domestic kind | in force |
Important qualification. The 30% ITC accrues to the owner of the project, not to FuelCell's income statement. It improves the levelised cost the customer sees. FuelCell's company-level gross margin is −36.3% in the latest quarter before any credit. A demand subsidy cannot fix a negative unit cost.
| Date | Item |
|---|---|
| 2024-11-08 | 1-for-30 reverse stock split: 611,278,662 shares → ~20,375,932 |
| 2025-12-18 | FY2025 Form 10-K filed. Gross loss $(26.408)m on revenue $158.162m; operating loss $(192.348)m including $65.781m of impairment |
| 2025-12-30 | 424B5 equity offering (proceeds recorded in 1H FY2026 as $155.308m net of fees) |
| 2026-03-09 | Q1 FY2026 10-Q filed |
| 2026-05 | Execution phase begins on the Torrington 500 MW carbonate capacity expansion. Explicitly unfunded beyond FY2026 guided capex of $20–30m |
| 2026-06-08 | Q2 FY2026 10-Q filed. Gross loss $(12.929)m on revenue $35.589m; operating loss $(77.913)m including $42.567m of impairment |
| 2026-06-22 | Capital Equipment Purchase Agreement with Fit Energy USA LP. 2.5 MW blocks. 30 MW phase 0 effective on execution; 100 MW phase 1, 125 MW phase 2, 125 MW phase 3 each at Fit's sole option. 12,000,000 warrants issued at a $26.44 strike, three tranches of 4,000,000, performance-vesting on Fit's non-refundable deposits |
| 2026-06-23 | EXIM Board approves a $49m financing package, two tranches |
| 2026-06-30 | EXIM tranche 1 disbursed: ~$22m net, to support delivery of five 2.8 MW blocks to Gyeonggi Green Energy Co., Ltd. (South Korea) |
| 2026-07-07/08 | 424B5 filed |
| 2026-07-09 | Equity offering settles: 10,714,286 shares at $21.00, ~$213.4m net. Shares outstanding to 78,322,459. 1,607,143-share greenshoe available for 30 days |
| 2026-07-21 | 424B7 filed — resale registration for the 12,000,000 Fit warrant shares |
| Date | Item | Detail |
|---|---|---|
| 2026-10 | EXIM second tranche | "expected to be disbursed in October 2026, subject to customary closing conditions." Company-dated to the month |
| 2027 (calendar) | Hartford, CT project | 7.4 MW carbonate system; PPA with Eversource and United Illuminating signed January 2025, 20-year term. "current expectation is that we will complete construction and commence commercial operations in calendar year 2027" |
| 2027-12 | UConn project | 1.125 MW molten carbonate (replacing the original four 250 kW solid-oxide units under a December 2025 PPA amendment). "expected to commence commercial operations in December 2027." Remaining investment estimated at $4.0–6.0m through calendar 2027 |
| 2026-08-08 | Fit warrant greenshoe / 424B5 option window closes | 30 days from the 2026-07-08 prospectus supplement (the underwriters' option to purchase 1,607,143 additional shares) |
These are the events that actually determine the outcome, and none of them has a date.
| Item | Company language | Why it matters |
|---|---|---|
| Fit phase-1 election (100 MW) | "Fit will have the ability to elect, at its sole option, to proceed with the remaining phases" | 92.1% of the 380 MW headline is a unilateral customer option with no date and no obligation. This single election is the difference between the bull and bear cases and it is not in FuelCell's control |
| Warrant tranche vesting | "subject to performance-based vesting tied to non-refundable deposits by Fit" | Ties 12.0m shares (+15.3%) to the same undated election |
| Torrington 500 MW funding | "Other than the estimated capital expenditures described above, the Company has not committed funding to these expansion plans… we are reviewing various assistance and financial programs offered by municipalities, states and the federal government" | The capacity plan the demand narrative rests on is unfunded, and the funding plan is to ask governments |
| "Hub and spoke" expansion beyond 500 MW | "plans to evaluate incremental manufacturing capacity expansion beyond 500 MW… to the extent supported by future demand" | Conditional on demand that does not yet exist in the backlog |
| Groton project restart | 7.4 MW "was not operating as of April 30, 2026" while still counted in the 62.8 MW portfolio's design-rated output | A disclosed non-operating asset inside a reported capacity figure |
FuelCell has not announced its Q3 FY2026 (quarter ending 2026-07-31) earnings date. No date is assumed. For context only: the FY2025 Q3 10-Q was filed 2025-09-09, the FY2025 10-K on 2025-12-18, and Q1/Q2 FY2026 on 2026-03-09 and 2026-06-08. These are historical filing dates, not predictions.
The Q3 FY2026 report is the first period that will show (a) whether the Q2 gross margin of −36.3% was an aberration or a level, (b) the Fit CEPA inside the backlog table, and (c) the cash position after a quarter that included a $213.4m raise, a $22m EXIM draw and the start of Torrington construction spending.
Backlog at 2026-04-30 versus 2026-04-30 prior year, from the 10-Q:
| Category | 2026-04-30 | 2025-04-30 | Change |
|---|---|---|---|
| Generation | $928.5m | $967.4m | −4.0% |
| Service agreements | $155.4m | $164.4m | −5.5% |
| Product | $36.1m | $98.2m | −63.2% |
| Advanced Technologies | $15.4m | $29.6m | −48.0% |
| Total | $1,135.4m | $1,259.6m | −9.9% |
The two lines that measure near-term demand roughly halved. The Fit CEPA (2026-06-22) is not in these figures.