NEW YORK, July 30, 2026, 15:03 EDT — U.S. markets have begun trading.
- Early intraday figures indicated FuelCell at $23.26, rising 28.7%. Bloom advanced 25.4%.
- Bloom reported quarterly revenue up 165.5%, reaching a record $1.065 billion.
- FuelCell was still trading 38.6% lower than its intraday peak on June 30.
Shares of FuelCell Energy, Inc. NASDAQ:FCEL jumped 28.7% in Thursday afternoon trading. The stock climbed to $23.36 before pulling back. Trading volume was close to 10 million shares as of 3 p.m.
The timing indicates this is a sector-driven move, not prompted by new developments from FuelCell itself. No updates had been posted on the company’s investor page since July 9. The latest signal came from Bloom’s record quarterly outcome.
Investors used FuelCell as a higher-beta stand-in for Bloom in response to data-center growth. The price moved in a comparable way, though the companies’ financials differed.
| Preliminary session snapshot | Price | Change | Volume |
|---|---|---|---|
| FuelCell Energy, Inc. NASDAQ:FCEL | $23.26 | +28.7% | 10.0 million |
| Bloom Energy Corporation NYSE:BE | $205.33 | +25.4% | 27.1 million |
| Plug Power Inc. NASDAQ:PLUG | $2.05 | +7.9% | 38.2 million |
| Ballard Power Systems Inc. NASDAQ:BLDP | $2.73 | +9.0% | 2.9 million |
| Invesco QQQ Trust NASDAQ:QQQ | $682.38 | +3.1% | 44.1 million |
Prices reflected preliminary indications at about 3 p.m. EDT.
The sector’s breadth backs the trade. However, FuelCell surpassed the wider technology recovery by 25.5 percentage points. Its advance was also three times greater than the gains seen by Plug and Ballard.
Bloom posted second-quarter revenue of $1.065 billion, surpassing analysts’ consensus forecast by approximately 29%. Adjusted earnings came in about 90% above projections. Chief Executive KR Sridhar stated: “Bloom is now a standard for AI onsite power.” Bloom Energy
| Latest reported quarter | FuelCell Energy | Bloom Energy |
|---|---|---|
| Period ended | April 30, 2026 | June 30, 2026 |
| Revenue | $35.6 million | $1.065 billion |
| Year-on-year revenue growth | -5.0% | +165.5% |
| GAAP gross margin | -36.3% | +33.4% |
| GAAP operating margin | -218.9% | +17.1% |
| Net income or loss | -$77.6 million | +$196.3 million |
FuelCell margins are based on published revenue and loss figures. Reporting periods are not the same.
The difference is pronounced. Bloom generated operating income and achieved positive operating cash flow, while FuelCell continued to post losses prior to operating expenses.
FuelCell’s argument centers on prospective conversions. The company’s sales pipeline expanded to four gigawatts, a sequential increase of 267%. Still, management notes these are negotiations rather than finalized deals. The contracted backlog declined by 9.9% to $1.14 billion.
Chief Executive Jason Few called the approach “extending the grid to the data center.” FuelCell is targeting a manufacturing capacity reaching 500 megawatts per year. The planned expansion may require between $200 million and $275 million. SEC
The company has restructured its capital. In July, FuelCell issued 12.32 million shares at $21 each. With the underwriter option fully taken up, estimated net proceeds reached $245.4 million.
| Preliminary capital comparison | Before July offering | Current pro forma |
|---|---|---|
| Shares outstanding | 67.61 million | 79.93 million |
| Reference share price | $29.73 | $23.26 |
| Estimated equity value | $2.01 billion | $1.86 billion |
| Change in equity value | — | -7.5% |
The initial column is based on shares as of June 30 and the closing price from July 6. The second column accounts for all offering shares and relies on Thursday’s intraday price. These estimates do not reflect subsequent adjustments for equity compensation.
That reflects the investor perspective. Thursday’s rally lifted FuelCell shares 10.8% above the offering price. However, its estimated market value was still under the pre-offering benchmark. Dilution has reduced the impact of the upswing.
The headline move came after sharp declines. FuelCell fell 15.9% over Tuesday and Wednesday. The rally on Thursday brought it to 8.2% above Monday’s close, but the stock was still 38.6% under its June 30 peak.
Risks continue to be elevated. FuelCell reports negative gross margins and relies on a non-binding sales pipeline. As many as 12 million performance-based warrants have an exercise price of $26.44. If fully exercised, these would provide an influx of cash but increase the share count following the offering by roughly 15%.
The next hurdle is conversion. Investors are looking for confirmed data-center contracts and better unit economics. Until those materialize, FuelCell continues to be the smaller and more volatile reflection of Bloom’s proven demand.
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