FuelCell Energy (FCEL) Stock on December 4, 2025: Earnings Date Set, EXIM Loan, and AI Data Center Pivot Shape the 2026 Outlook

FuelCell Energy, Inc. (NASDAQ: FCEL) is back on traders’ radar in early December 2025. The hydrogen fuel‑cell specialist has set a firm date for its fourth‑quarter and full‑year 2025 earnings release, fresh financing has landed for a major South Korean project, and the stock has just pushed above its 200‑day moving average — all while Wall Street still labels the name a high‑risk “hold” heading into 2026. ^[1]

Below is a detailed look at today’s key news, the latest FCEL stock forecasts, and what investors will be watching into the December 18 earnings call.

Where FuelCell Energy Stock Trades Today

After two strong sessions to start the week, FuelCell Energy shares extended their rally on Thursday, December 4. The stock closed Wednesday at $7.18, up 3.6% on the day and marking its second straight gain. That move still left FCEL almost 49% below its 52‑week high of $13.98, set in early January 2025. ^[2]

Intraday on Thursday, real‑time feeds showed FCEL trading in the mid‑to‑high $7 range:

Around 11:14 a.m. ET, MarketWatch quoted the stock at $7.67, up about 6.8% on the session. ^[3]
Benzinga data earlier in the morning showed shares around $7.11. ^[4]
StockAnalysis later recorded $7.93, a gain of 10.5%, as of 2:26 p.m. ET. ^[5]

Regardless of the exact timestamp, the message is the same: FCEL is building on Wednesday’s bounce, trading comfortably above the low‑$6 levels seen only a few sessions ago. Over the last two weeks, the stock has climbed sharply from late‑November closes around $6.00–$6.70. ^[6]

Technically, the move is notable because FCEL has cleared its 200‑day moving average. A fresh MarketBeat note on December 4 flagged that the stock traded above a 200‑day average of about $6.32, reaching as high as $7.25 with volume around 1.3 million shares — a classic “golden cross”‑style signal that many chart‑watchers view as bullish momentum. ^[7]

New December 4 Catalyst: Q4 & FY 2025 Earnings Date Set

The main company‑specific news on December 4 is FuelCell Energy’s confirmation of its fourth‑quarter and full‑year 2025 earnings schedule.

In a GlobeNewswire press release syndicated across outlets such as Yahoo Finance and Barchart, FuelCell announced that it will: ^[8]

Release Q4 2025 and full‑year 2025 results before the U.S. market opens on Thursday, December 18, 2025, and
Host a conference call at 10:00 a.m. Eastern Time the same day.

The company will webcast the call via its investor relations site, and investors can also dial in by phone. ^[9]

Market data services already list December 18 as the expected earnings date, with estimates calling for another quarterly loss but improved year‑on‑year metrics. Public.com, which aggregates Wall Street forecasts, cites a Q4 EPS estimate of around –$1.03 (split‑adjusted) following a better‑than‑expected Q3 loss of –$0.95 versus a consensus of –$1.61. ^[10] MarketBeat’s earnings calendar shows an expected Q4 revenue figure around $47 million, although the actual numbers will only be known on December 18. ^[11]

For FCEL, where sentiment is highly event‑driven, locking in the earnings date acts as a short‑term catalyst: it gives traders a clear focal point for positioning around new guidance, margin commentary and any updates on key projects in Korea and the U.S.

A Busy Day on the Road: B. Riley “Convergence Conference” Appearance

Separate from the earnings news, FuelCell Energy is also on the conference circuit today. The company is scheduled to appear at B. Riley Securities’ 5th Annual Convergence Conference: AI, Blockchain & Energy in New York on December 4, 2025. ^[12]

According to the company’s events page, FuelCell is positioning itself squarely at the intersection of clean power and digital infrastructure, highlighting its megawatt‑scale fuel‑cell systems for utilities, industrial customers and large power users — including data centers. ^[13]

While conference appearances rarely move the stock by themselves, they matter for:

Institutional visibility – FCEL is sharing the stage with other AI‑ and energy‑linked names, which can draw interest from specialized funds. ^[14]
Narrative reinforcement – management can hammer home its message that FuelCell is not just a legacy hydrogen play but a potential AI infrastructure enabler via clean, dispatchable power.

December 1 News Still in Focus: $25 Million EXIM Financing for Korea

Just three days before today’s earnings‑date announcement, FuelCell Energy unveiled a $25 million debt financing package with the U.S. Export‑Import Bank (EXIM), and that deal remains a major part of the stock’s near‑term story. ^[15]

Key points from the EXIM transaction:

FuelCell closed approximately $25 million in gross proceeds under EXIM’s Project & Structured Finance program. ^[16]
The funds support Gyeonggi Green Energy’s (GGE) fuel‑cell park in Hwaseong, South Korea, financing the final phase of a 42‑unit module upgrade at the Hwaseong Baran Industrial Complex. ^[17]
All modules are manufactured at FuelCell’s Torrington, Connecticut facility using predominantly U.S.‑sourced materials, reinforcing the company’s “Made in USA” angle and aligning with U.S. export‑support priorities. ^[18]
StockTitan’s AI‑assisted event analytics estimate that the news day produced roughly a 9–10% gain in the share price, with FCEL closing near $7.02 and adding about $29 million to market capitalization at the time. ^[19]

A separate Investing.com write‑up noted that the stock was volatile around the announcement, underscoring investor tension between balance‑sheet worries (more debt for a still‑loss‑making company) and the strategic benefit of locking in long‑dated, revenue‑backed project financing. ^[20]

From a fundamental standpoint, the EXIM deal does three things:

De‑risks a core international project, signaling U.S. government confidence in the Korean deployment.
Adds leverage to a balance sheet that already carries significant debt and a long history of losses. ^[21]
Reinforces management’s strategy of building scale in Asia while keeping manufacturing and IP anchored in the U.S.

Fundamental Backdrop: Q3 2025 Numbers Show Growth and Pain

All of this sits on top of a Q3 2025 report that was, in many ways, the turning point for the current rally.

Revenue nearly doubles, but losses deepen

For the quarter ended July 31, 2025, FuelCell reported: ^[22]

Revenue of $46.7 million, up about 97% year over year from $23.7 million.
Product revenue jumped to roughly $26 million from just $0.25 million in the year‑ago quarter, largely driven by module shipments to Korean partners.
Gross loss narrowed slightly to $5.1 million versus $6.2 million a year earlier.
Loss from operations ballooned to about $95 million, mainly due to large impairment and restructuring charges.
Net loss attributable to common shareholders widened to around $92.5 million, or –$3.78 per share (GAAP), compared with roughly –$1.99 per share a year before.

Adjusted metrics looked somewhat better: adjusted EBITDA improved to –$16.4 million, compared to –$20.1 million a year earlier, signaling incremental progress in core operations despite headline GAAP losses. ^[23]

Backlog, restructuring, and cost cuts

Management highlighted a backlog of about $1.24 billion, with roughly $955 million tied to long‑term power generation agreements, providing multi‑year revenue visibility. ^[24]

At the same time, the company is in the midst of a multi‑round restructuring aimed at cutting operating costs and refocusing on its carbonate fuel‑cell platform:

FuelCell has cut more than 100 jobs, roughly 22% of its global workforce, with a significant impact in Canada, as part of broad cost‑reduction plans. ^[25]
R&D spending has been trimmed sharply, with Q3 research and development expenses falling to $7.6 million from $12.8 million year over year, reflecting a pause in some solid‑oxide and carbon‑capture development efforts. ^[26]
Management has stated an internal goal of achieving positive adjusted EBITDA once its core manufacturing facility reaches an annualized production rate of about 100 megawatts, compared with a current range in the 30–40 MW area. ^[27]

In short, revenue is finally scaling, but the cost and impairment reset has made the path to profitability more of a multi‑year journey than a near‑term event.

Strategic Pivot: AI Data Centers and Long‑Duration Clean Power

A big part of the current FCEL narrative is its attempt to become a power backbone for AI and hyperscale data centers, not just a niche fuel‑cell supplier.

Inuverse MOU: up to 100 MW for a Korean AI data center

In July 2025, FuelCell announced a Memorandum of Understanding (MOU) with Inuverse, a developer of next‑generation AI‑focused hyperscale data centers in South Korea. ^[28]

The MOU envisions:

Deploying up to 100 MW of fuel‑cell‑based power at the planned AI Daegu Data Center,
Rolling out in phased increments beginning in 2027, and
Using the thermal output of fuel cells to assist with data‑center cooling — a key operational cost driver.

Coverage from data‑center industry outlets has framed the deal as both a validation of FuelCell’s technology for mission‑critical, always‑on workloads and a test case for whether fuel‑cell parks can compete with nuclear, gas‑turbine and grid‑based solutions in powering AI clusters. ^[29]

Hartford project: long‑term contracted revenue in the U.S.

Earlier in 2025, FuelCell also secured a $160 million contract for a 7.4 MW fuel‑cell plant in Hartford, Connecticut, backed by a 20‑year power‑purchase agreement (PPA) with local utilities Eversource and United Illuminating. ^[30]

The Hartford plant is expected to:

Add more than $160 million to the company’s generation backlog, and
Provide a U.S.‑based proof point for FuelCell’s ability to deliver contracted baseload capacity in dense urban settings. ^[31]

Taken together with the Korean projects, these initiatives underpin the “AI and grid‑reliability infrastructure” pitch that analysts and financial media have increasingly attached to FCEL. MarketBeat’s September feature on FuelCell described a company with strong revenue growth, a pivot to data centers, and valuation metrics (P/S ~1x, P/B <0.3x at the time) that could appeal to deep‑value, high‑risk investors — while emphasizing substantial volatility and a heavy short interest. ^[32]

Wall Street View: Hold Ratings and High‑Single‑Digit Price Targets

Despite the recent rally, FuelCell Energy is not a consensus “buy” among analysts.

Consensus rating: “Hold” / “Neutral”

StockAnalysis reports that four covering analysts rate FCEL “Hold”, with no current “Buy” ratings and one historical “Sell.” ^[33]
Investing.com’s consensus similarly labels the stock “Neutral”, with a mix of Hold and Sell recommendations and no firm Buy calls. ^[34]

Zacks commentary over the past months has alternated between cautious notes (“3 Reasons to Sell FCEL and 1 Stock to Buy Instead”) and more constructive views on the stock’s outperformance versus the broader hydrogen industry, reflecting the split sentiment in the analyst community. ^[35]

Price targets and growth forecasts

Across major data providers, 12‑month price targets cluster in the high‑single‑digit range:

StockAnalysis pegs the average target at $8.91, with a low of $7.25 and a high of $12.00. ^[36]
Investing.com’s aggregated data shows a similar average target around $7.8–$7.9, with the same high‑end figure of $12.00 and a low near $5.00. ^[37]
UBS, in a September 17 report, raised its target from $4.50 to $7.25 while maintaining a Neutral rating, citing improving fundamentals but ongoing risks. ^[38]

Based on Thursday’s intraday price in the high‑$7s, those estimates imply modest upside on average, with a few more bullish scenarios pointing to roughly 50% potential upside if FCEL can execute against its backlog and growth projects. ^[39]

On the fundamentals side, analyst models compiled by StockAnalysis project: ^[40]

FY 2025 revenue of about $150.8 million, up roughly 34–35% from 2024 levels, and
FY 2026 revenue near $189.5 million, representing a further mid‑20s percent growth.
EPS improving from about –$7.83 in FY 2024 to roughly –$5.10 in FY 2025, and then –$3.37 in FY 2026, still negative but trending in the right direction.

In other words, the Street expects continued top‑line growth and narrowing losses, but no GAAP profitability in the near term.

Risk Profile: High Volatility, Heavy Short Interest, and Execution Demands

FuelCell Energy remains a high‑beta, high‑volatility stock — the type of name that can swing dramatically on news, policy headlines, or even sector‑wide sentiment.

MarketBeat data from September pegged FCEL’s beta around 4.1, indicating it tends to move more than four times as much as the overall market on a percentage basis. Short sellers remain active: about 10–12% of the free float has been reported as sold short in recent months, depending on the data source. ^[41]

Key risk factors include: ^[42]

Persistent net losses and high cash burn, which force reliance on external financing (debt and equity).
Project‑execution risk, especially on large, long‑dated contracts like the Hartford PPA and the Korean data‑center deployments.
Policy sensitivity – the business is exposed to hydrogen, clean‑energy and grid‑reliability regulations, along with evolving tax credits.
Intense competition from other hydrogen and fuel‑cell players (e.g., Bloom Energy, Plug Power) and alternative clean‑power solutions such as nuclear SMRs and grid‑scale renewables.
Restructuring and workforce reductions, which can lower costs but may also disrupt operations if not carefully managed.

Given these factors, many commentators — including a December 3 TS2.Tech outlook piece — frame FCEL as a high‑risk, high‑volatility proxy on the scale‑up of distributed clean power and AI‑driven data‑center demand, best suited to investors who can tolerate large price swings and long timelines. TechStock²+2TechStock²+2

What to Watch at the December 18 Earnings Call

Going into the Q4 2025 report and conference call on December 18, investors in FuelCell Energy will likely focus on a few critical themes:

Revenue and margin trajectory
- Does revenue continue to grow at a high double‑digit pace?
- Are gross margins improving as service and generation revenues scale, or are cost pressures offsetting product gains?
Backlog quality and new orders
- Any additions or changes to the Korean project pipeline, the Inuverse MOU, or other large international deals. ^[43]
- Updates on U.S. projects such as Hartford and other long‑term PPAs.
Cash, debt, and financing plans
- How much of the EXIM financing has been drawn and on what terms? ^[44]
- Management’s roadmap to avoid dilutive equity raises while still funding growth.
Restructuring progress and cost‑reduction milestones
- Evidence that layoffs and spending cuts are translating into lower run‑rate operating expenses without slowing execution. ^[45]
AI/data‑center pipeline
- Any tangible progress in converting the Inuverse MOU and other data‑center discussions into firm contracts. ^[46]

Management commentary on these items could quickly shift market expectations for 2026–2027 revenue and EBITDA — and, by extension, FCEL’s share price.

Bottom Line: FCEL as a Speculative Play on Hydrogen and AI Infrastructure

As of December 4, 2025, FuelCell Energy stock sits at an inflection point:

The company has demonstrated strong revenue growth, a growing backlog and a strategic tilt toward data centers and grid‑support contracts. ^[47]
Fresh EXIM financing reinforces its South Korean presence, while the upcoming Q4 earnings call and today’s B. Riley conference appearance keep the story in front of investors. ^[48]
Yet the business remains deeply unprofitable, highly volatile and heavily dependent on policy, execution and access to capital. ^[49]

Analysts, on balance, see FCEL as a “Hold” with high‑single‑digit price‑target potential, not a de‑risked compounder. For traders and investors who understand the risks, the name offers leveraged exposure to two powerful themes — the hydrogen economy and AI‑driven power demand — with December 18 now circled as the next major data point.