NEW YORK, July 4, 2026, 17:02 (EDT)
- FuelCell Energy, Inc. NASDAQ:FCEL ended the July 2 session at $28.11, a drop of 11.85%. Nasdaq stayed shut July 3 for Independence Day.
- The stock gained 17.1% versus its June 26 close. It pulled back 25.8% from the June 30 intraday high of $37.88.
- Fit Energy’s warrant band has become the main price test. The strike is set at $26.44, with a $39.66 mandatory-exercise threshold, all anchored to the 150% trigger in the warrant agreement.
FuelCell Energy, Inc. NASDAQ:FCEL starts the week with the data-center order still in play, but shares have dropped away from the warrant trigger linked to that order.
U.S. stock and options markets were closed Friday for Independence Day. Thursday’s closing saw FCEL drop 11.85% at $28.11. The Nasdaq Composite finished down 0.80%. Dow was up 1.14%.
| July 2 market comparison | Close | Session move |
|---|---|---|
| FuelCell Energy NASDAQ:FCEL | $28.11 | dropped 11.85% |
| Nasdaq Composite | 25,832.67 | fell 0.80% |
| Dow Jones Industrial Average | 52,900.07 | added 1.14% |
This week finished higher on price, though the path wasn’t as smooth as Tuesday made it seem.
| Date | FCEL close | Day move | Volume |
|---|---|---|---|
| June 26 | $24.00 | up 22.14% | 27.12 mln |
| June 29 | $29.80 | rose 24.17% | 21.21 mln |
| June 30 | $36.01 | jumped 20.84% | 26.75 mln |
| July 1 | $31.89 | down 11.44% | 15.20 mln |
| July 2 | $28.11 | dropped 11.85% | 11.79 mln |
The Fit Energy warrant math hasn’t gotten much focus. FuelCell handed out Fit warrants on as many as 12 million shares at a strike of $26.44. The company can only make holders exercise vested warrants if the stock’s volume-weighted average price stays above 150% of the strike—so $39.66—for 30 straight trading days, the June 22 filing says.
| Fit-linked metric | Number | Market read |
|---|---|---|
| Initial Fit delivery | 30 MW | That’s 0.75% of FuelCell’s Q2 sales pipeline |
| Full Fit agreement | Up to 380 MW | Works out to 9.5% of the Q2 pipeline |
| Planned Torrington capacity | Up to 500 MW/year | The full Fit would be 76% of that annual run rate |
| Warrant strike | $26.44 | Stock closed July 2 at 6.3% above strike |
| Mandatory-exercise level | $39.66 | July 2 close was 29.1% below that number |
| Warrant shares | Up to 12 mln | That’s 17.8% of the 67.61 mln shares out |
This is key since a move up toward $39.66 would shift the trade from just order validation to a possible increase in share count. MarketWatch shows FuelCell has 67.61 million shares out. The warrant deal says Fit can’t own over 19.99% of shares.
The 380 MW figure is accurate, but it’s coming in phases. FuelCell and Fit said there’s an upfront payment for the first 30 MW, with deliveries starting this year. Fit also gets warrants linked to more deployments, up to the full 380 MW.
FuelCell CEO Jason Few said the Fit agreement supports plans to “scale our operations to 500 MW.” Fit Energy chief Joel Leonoff said it’s a “power foundation” for AI infrastructure. FuelCell Energy
FuelCell CFO Michael Bishop said the new $49 million in EXIM financing brings in non-dilutive capital and helps fund delivery of five 2.8 MW fuel cell units to Gyeonggi Green Energy in South Korea.
B. Riley’s Ryan Pfingst and Soundarya Iyer upgraded FuelCell to Buy from Neutral and boosted their price target to $32 from $13 after the Fit deal. The analysts said the order “provides increased confidence” in FuelCell’s chance to land more data-center customers. Barchart.com
FuelCell stock just rallied, but its fundamentals haven’t caught up. In second-quarter numbers out June 8, FuelCell posted revenue down from last year, a bigger operating loss and backlog also down. Cash and restricted cash climbed to $440.9 million, up from $341.8 million on Oct. 31.
| Q2 metric | 2026 | 2025 | Change |
|---|---|---|---|
| Revenue | $35.6 mln | $37.4 mln | -5% |
| Operating loss | $77.9 mln | $35.8 mln | loss got 118% worse |
| Net loss | $77.6 mln | $37.7 mln | loss up 106% |
| Adjusted EBITDA | $(17.1) mln | $(19.3) mln | smaller loss by 12% |
| Backlog | $1.14 bln | $1.26 bln | -9.9% |
Traders have three key levels on the radar this week. $26.44 is the Fit warrant strike. B. Riley is targeting $32. And $39.66 is the 30-day VWAP line — if FuelCell hits that, it can force holders to exercise vested warrants after giving notice.
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