New York, June 8, 2026, 07:06 (EDT)
FuelCell Energy shares were under heavy selling ahead of Monday’s fiscal Q2 report. The stock last traded at $17.33 before the bell, matching Friday’s close after a 19.02% plunge that day. It was the third loss in a row for the stock on a session when the Nasdaq Composite lost 4.18%.
The timing looks awkward. Even so, the stock climbed 137% in 2026, according to Investor’s Business Daily, as traders bought into companies linked to AI data center energy demand. Analysts surveyed by FactSet predict FuelCell will report a fiscal Q2 loss of 52 cents a share with $40.5 million in revenue, IBD wrote.
FuelCell is set to put out its results before the market opens Monday, with a call scheduled for 10:00 a.m. Eastern Time. Investors won’t stay on EPS for long—the focus is expected to move to backlog, cash burn, and signs that the AI-powered pipeline is actually turning into real orders.
FuelCell makes fuel-cell systems, equipment that turns hydrogen or other fuels into electricity without using regular combustion. For data center operators, the idea is basic: on-site power that keeps running if grid power is weak or unavailable.
Last quarter numbers let both bulls and bears make their case. The company’s revenue jumped 61% to $30.5 million in the fiscal first quarter, but backlog dropped 10.8% to $1.17 billion and losses continued. CEO Jason Few described AI data centers as the “defining opportunity of the AI era,” though the financials left investors waiting on stronger results. SEC
FuelCell moved to make its case clearer. In March, the company rolled out a standardized 12.5-megawatt power block for data centers and announced plans to eventually boost the Torrington, Connecticut, site to 350 MW from the current 100 MW. Few said data centers need power “how quickly they can get” it. Eric Strayer, senior vice president and global sales chief, said customers are after “fast, phased deployment.” FuelCell Energy Investors
Index action is in play too. FTSE Russell put FuelCell Energy on its preliminary June 5 additions list for the Russell 3000 Index. LSEG says the reconstituted indexes will go live after the U.S. market closes on June 26. Index-tracking flows may follow but this does not impact FuelCell’s orders or cash.
Bloom Energy is the key comp here. The Wall Street Journal said last week that Bloom’s fuel-cell orders for data centers tied to AI have helped the company move up from small-cap to a bigger Russell group. Traders still watch Plug Power as a clean-hydrogen play, but the FuelCell trade Monday will likely be about data-center adoption, not just sector trends.
The downside is clear. A soft revenue number, sluggish bookings, or another slip in backlog would call the AI pitch into question. Investors are watching cash burn too. Losses in a growing project business aren’t a problem, as long as new deals start to catch up with revenue.
So for Monday, the real question isn’t if FuelCell is in the data center story—it’s already made that clear. What traders want now is details on how big the demand is, when it actually leads to revenue, and if Friday’s slide was just a reset or a sign investors will pick apart the numbers even more.
