FuelCell Energy (FCEL) stock: What to expect from Monday’s second-quarter earnings

TLDR

• FCEL announces second-quarter earnings before the market opens on Monday, June 8
• The EPS consensus estimate is -$0.43 on revenue of $40.51 million
• The stock is up more than 190% year to date, driven by demand for power in AI data centers and tailwinds for clean energy.
• The first quarter of fiscal 2026 showed revenue growth of 61% year-over-year to $30.5 million, but total losses worsened.
• Analysts are cautious – ratings are split between hold and sell, with insider selling and no insider buying in the last three months.

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FuelCell Energy (FCEL) is scheduled to report its financial results for the second quarter of fiscal 2026 before the market opens on Monday, June 8.

Fuel Cell Energy Company, FCEL

Wall Street expects a loss of $0.43 per share on revenue of $40.51 million.

The stock has been one of the most interesting stocks this year, up more than 190% year to date. The rally was largely driven by investor enthusiasm around power demand in AI data centers and the broader push for clean energy.

But finances tell a more complicated story.

Revenue growth didn’t fix the bottom line

In the first quarter of fiscal year 2026, FCEL It recorded 61% year-over-year revenue growth, generating $30.5 million. That looks solid on paper.

The problem is that overall losses have become worse, not better. Analysts also noted that growth in the first quarter was driven by one-time projects, not new AI or data center contracts.

This distinction is important. One-time revenue doesn’t build the kind of recurring business model investors hope for.

The company carries a GF score of 61 out of 100, with a profitability rating of just 2 out of 10. Financial strength is 5 out of 10. These are not figures that inspire confidence.

What analysts say

Searching for Alpha’s Quant system has FCEL on hold. Find Lean Sell Alpha Analysts. Wall Street consensus is also pending.

One analyst put it plainly: “There’s no denying that this is a risky investment. Most conservative investors would write off FuelCell after glancing at the financials for 30 seconds.”

The same analyst noted that for the stock’s rerating to continue, management needs to deliver at least two consecutive quarters of EBITDA and a clear plan to expand its Torrington facility to 350 megawatts.

That’s a huge drag for a company that still posts quarterly losses.

Over the past three months, EPS estimates have seen two upward revisions and zero downward revisions. However, revenue estimates have gone the other way — one up and four down.

On the insider activity front, there was one insider sale in the past three months involving 2,500 units. No insider buying was reported.

FCEL has beaten EPS estimates 88% of the time over the past two years, which is worth noting heading into Monday. It beat revenue estimates 50% of the time.

The company’s price-to-sales ratio is currently 3.7. With a market capitalization of about $1.13 billion, investors are clearly calculating future growth — but the fundamentals haven’t caught up yet.