FCEL Stock Plummets 17% After-Hours On $200M Share Offering

• The offering is subject to market conditions, and there is no guarantee on its size or timing.
• In late June, FuelCell announced a major strategic agreement with Fit Energy for up to 380 MW of on-site fuel cell power for data centers.
• The company also announced during its fiscal second quarter earnings that it is expanding its Torrington, Connecticut, facility to 500 MW of annualized capacity.

FuelCell Energy (FCEL) shares tumbled 17% in after-hours trading on Tuesday after the company announced plans to sell $200 million in new common stock.

The Danbury, Connecticut-based maker of fuel cell power systems said it launched an underwritten public offering of its shares. Citigroup and Barclays are acting as joint book-running managers for the deal. Underwriters also have a 30-day option to purchase up to an additional 15% of the shares.

FuelCell Energy said it will use the money, if the offering is completed, to expand manufacturing capacity, fund working capital, and support general corporate needs. The offering is subject to market conditions, and there is no guarantee on its size or timing.

FCEL Gears For AI-Driven Demand

FuelCell Energy (FCEL) is a clean technology company that designs, manufactures, and operates fuel cell power plants. The company has been aggressively positioning itself for the surge in AI and data center power demand.

In late June, FuelCell announced a major strategic agreement with energy infrastructure developer Fit Energy for up to 380 MW of on-site fuel cell power for data centers. The deal includes an immediate deposit for an initial 30 MW tranche expected to begin delivery later this year, along with performance-based warrants for Fit Energy.

The company also announced during its fiscal second quarter earnings that it is expanding its Torrington, Connecticut facility to 500 MW of annualized capacity at an estimated cost of $200–275 million.

FCEL’s Financials

FuelCell Energy reported fiscal second-quarter revenue of $35.6 million, down 5% from a year earlier, while its backlog stood at $1.14 billion as of April 30, 2026, a 9.9% decline from the prior-year period.

The drop in backlog primarily reflected revenue recognized on existing long-term contracts, partially offset by new orders. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) improved modestly to a $17.1 million loss.

The company ended the quarter with approximately $441 million in total cash and cash equivalents, including restricted cash, as of April 30, 2026 — up significantly from $341.8 million at the end of fiscal 2025, thanks to equity raises in the quarter.

How Did FCEL Retail Traders React?

On Stocktwits, retail sentiment around FCEL stock fell from ‘extremely bullish’ to ‘bullish’ territory over the past 24 hours, while message volume fell from ‘extremely high’ to ‘high’ levels.

A StockTwits user expressed anticipation for the management giving more details on the offering in the days ahead.

Another user dismissed dilution concerns and highlighted that the company will use the funds to scale its presence in the sector.

FCEL stock has more than tripled year-to-date. 

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