FuelCell Energy Inc (FCEL)

Hope some of you were able to read the note issued with the stock at $36
$FCEL: A Humble Word of Caution https://drive.google.com/file/d/15M5cU0teguXJL0-dDReYkWFUhGNyr8H3/view?usp=drive_link

It was blocked as spam on other platforms but those who prefer mobs than reading and doing actual hard work. Thought there were several very strong facts worth noting in the note.

FuelCell management IMHO, hope you avoided the dilution I spoke of

$200M share offering announced https://investor.fce.com/press-releases/press-release-details/2026/FuelCell-Energy-Announces-Launch-of-Offering-of-Common-Stock/default.aspx

We spoke about the coming dilution here: https://drive.google.com/file/d/15M5cU0teguXJL0-dDReYkWFUhGNyr8H3/view?usp=drive_link

https://finance.yahoo.com/quote/FCEL/community/?guccounter=1&guce_referrer=aHR0cHM6Ly9maW5hbmNlLnlhaG9vLmNvbS8&guce_referrer_sig=AQAAAMapF_fzpQpFG7rMxbPXYO0XcFoHKPols9NhojIll5xs1FNvwrgRBApp5oVFOQOG8mjOCQvOAqh5wNW2RJOlcEVVKMQGhI_OjPKqEU6prHVU4N6K9JFTKk1dJdkQub_khdKcXy17ajAbXN7SmW1AgjA3_-fKL-MhChsdkWwq8pYn#:~:text=%24200%20million%20share,view%3Fusp%3Ddrive_link

"Google ForgeRiverResearch and nothing comes up. They were born today here."

That's OK - Fit's website was born a week before announcing a 380MW deal worth $hundreds of millions - which is more suspect?

Thank you for taking the time to read the article. I do believe there are omissions by management to and we may disagree about the investment merits and recent speculative stock action. Again, no issue with your comments and appreciate the dialog.

kbr llc and fuelcell energy +10 KBR (NYSE: KBR) and FuelCell Energy (NASDAQ: FCEL) are distinct players in the global energy transition, focusing on distinct but sometimes intersecting clean technology areas. While they operate independently, their respective engineering and power platforms are central to the rapidly growing hydrogen economy.Company SnapshotsKBR (Kellogg Brown & Root)KBR is a global science, technology, and engineering powerhouse. In the sustainable energy sector, they provide proprietary technology, engineering services (FEED, Pre-FEED), and project execution for clean hydrogen, ammonia, and sustainable aviation fuel (SAF) facilities worldwide.FuelCell EnergyFuelCell Energy is a pioneer in clean energy platforms. They design, manufacture, and operate megawatt-scale fuel cell systems that generate power, capture carbon, and produce zero-emission hydrogen.Intersecting Focus: The Hydrogen & Power EcosystemWhile KBR and FuelCell Energy are generally separate entities tackling different parts of the energy value chain, their technologies are complementary:The Hydrogen Economy: KBR designs large-scale hydrogen production and liquefaction facilities (such as the EcoLog Terminal in Amsterdam). FuelCell Energy manufactures the technology that directly converts hydrogen into electricity or utilizes fuel cells to capture carbon emissions.Industrial Collaboration: KBR provides specialized engineering services to companies scaling hydrogen generation, such as their work with Chemours expanding Nafion membrane capacity. FuelCell Energy's fuel cell technologies—like their Solid Oxide platforms—are utilized for local clean hydrogen generation and power microgrids.Data Center Power: Both companies are positioning their modular, highly reliable solutions to meet the massive onsite power demands of AI-driven data centers.If you are evaluating them for investment or exploring their roles in the energy sector, you can track KBR's engineering portfolios on the KBR Sustainable Technology Solutions page, or view FuelCell Energy's active power projects on the FuelCell Energy Platform site.

Google ForgeRiverResearch and nothing comes up. They were born today here.

Consistent with all shorts postings, there are personal attacks, character attacks, and a failure to acknowledge that the charges were dropped. It's interesting the post presents specific numbers on some issues but omits other numbers that have already been announced in articles and FCE's press release. A glaring omission is the 16% amount on the deposit of the 30MW data center, which is $14 million to $15 million on $90 million @ $3 million per MW, and minimize the profits of the 30MW data center by suggesting the LTSA erodes the profits when the Long Term Service Agreements are additional costs paid by the data center over 15 to 20 years which in turn increases FCE profits. They say Fit Energy can go elsewhere and not do the 100MW data center with FCE, but use the assumption that they will do it to show how again it won't be profitable to FCE due to time, again due to an LTSA, and the dilution of the 12 million warrants....which are in three 4 million traunches for each 100MW,125MW, and 125MW prospective data center that will provide nearly $1.4 billion in revenue to FCE if all are exercised. Clearly, the omissions are absent by design.

A lot is factual information, certainly about the history of FCE management, a lot is mischaracterization, a lot is omittted, and the unusually long post is representative of an agenda. A short agenda with no website.

Are they here to save us out of the goodness of their heart? It would appear what we have is a long post from a not so clever short... with the help of AI ChatGPT.

It would also appear..... the 5 analysts appraising FCE.....have quite a different view.

Now on ignore.

FuelCell Energy, Inc. (FCEL): A Humble Word of Caution
Investment Thesis Summary
FCEL was founded 57 years ago as Energy Research Corporation. In 1992, it went public on the NASDAQ with the ticker FCEL. In the 34 years since, it has net losses of nearly $2 billion dollars, which have only accelerated in recent years. In the last 12 months (LTM), revenues were $168 million, EBITDA losses were $74 million, and there was a staggering $111 million in operating cash burn.

In November of 2024, FCEL management completed a 1:30 reverse stock split to avoid it being delisted from the NASDAQ (https://investor.fce.com/press-releases/press-release-details/2024/FuelCell-Energy-Announces-1-For-30-Reverse-Stock-Split/default.aspx), the effect of which reduced the share count from 611,278,662 shares to about 20,375,932 shares after years of selling stock to fund executive pay and equity compensation and billions in net losses (all despite sitting on a few can’t miss opportunities and over $1 billion in backlog – nothing has changed, but the risks are great IMHO).

Despite the reverse split share count reset and as a result of its costs and investments today and hope for profit later business model, the company has again been diluting shareholders aggressively to keep the company afloat. Shares outstanding grew significantly from 22,790,931 on June 2, 2025 to 67,608,173 on June 4, 2026, that is essentially 3x in one-year. As part of its recent “strategic partnership” (some might say a pump), it offered 12 million warrants in order to get business.

IMHO, FCEL is not in the business of building a profitable company, the way it contracts with investments and costs upfront and payback on the long end of decade plus agreements when accounting for inflation and the cost of capital make it impossible (IMHO or as management has so adeptly demonstrated for years).

So, how is the data center opportunity different this time (from its solar, wind, storage, and other its different this time opportunities); the capital commitments for upfront investments are bigger, the upfront builds are more expensive, the backlog is not guaranteed, and the contracts will pay over longer terms (pushing out potential profitability in our opinion).

Management has not offered 2026 or 2027 revenue guidance, a five-year big picture revenue framework, or any timeline or path to profitability and we believe this is purposeful, because if the business really is all about raising capital and diluting shareholders, providing revenue or profitability guidance is extremely inconvenient when the truth is bad … rinse and repeat.

Please take caution for this can’t miss opportunity has a lot of holes in it and many unappreciated the risk sharing aspects of FCEL’s deal structures and the FACT that most of its deals never make a positive return (an almost all are losers when adjusting for the time value of money).

FCEL Claims its Ramping to Meet Data Center Demand

On March 23, 2026, after a year of efforts, FuelCell Energy, Inc. (NASDAQ: FCEL) announced a packaged 12.5-megawatt (MW) utility-grade power block solution. It’s “standardized packaged 12.5 megawatt (MW) power blocks” are targeted at enabling faster deployment in grid-constrained markets (such as Data Center power demands).

FCEL also said it plans to expand manufacturing capacity by more than three times over time at its Torrington, Conn., facility from approximately 100 to 350 MW to meet expected demand. FuelCell Energy’s business development pipeline has increased by 275% since February 2025, with the vast majority of the increase coming from data center customers.

FCEL will create the 12.5 MW blocks by packaging 10 of its 1.25 MW modules (pictured below). A single 1.25 MW unit generates 62 dBA @ 9.1 m and has an installation footprint of 12.8m width, 17.7m length, and 6.1m height. Now imagine 10 of these together to get 12.5 MW – going to be a bit loud for the neighbors.

Source: https://www.fuelcellenergy.com/fuelcell-energy-block-1-25

FCEL’s Data Center Math, Backlog and Demand is not profitability
But, the key question for “investors” is, what does it mean for the financial performance of FCEL and the company has been relatively silent on this as it has in former can’t miss, large backlog “transformative” opportunities.

In this section, we look at the Data Center Math and opportunity for FCEL and more importantly, what it looks like for revenue and profitability (and ultimately valuation).

FuelCell Energy’s global fleet approaches one gigawatt (GW) of cumulative deployments or about 1,000 MW. Notable operational deployments include:
• South Korea: 100+ MW active international footprint (Gyeonggi Green Energy plant represents about 58.8 MW and the Noeul Green Energy facility about 20 MW)
• Derby, Connecticut: A 14 MW utility-scale system.
• Bridgeport, Connecticut: A 14.9 MW fuel cell park.
• Groton, Connecticut: A 5.6 MW combined heat and power plant.
• Yaphank, New York: A 7.4 MW grid-connected installation.

All of this and in the last 12 months (LTM), revenues were just $168 million, EBITDA losses were $74 million, and there was a staggering $111 million in operating cash burn.

An installed 12.5 MW commercial fuel cell system typically costs between $65 million and $90 million (roughly $5,200 to $7,200 per kilowatt). This total includes the hardware, site preparation, engineering, and balance-of-plant electrical integration, though exact costs fluctuate depending on the specific technology, fuel source (e.g., natural gas, biogas, or hydrogen), and localized installation challenges.

That sounds like a lot of money, but let’s look at the recent company talking points and agreement to install 30 MW this year at data centers and a 380 MW backlog (which due to long lead times for construction and permitting of facilities, construction delays, changes in tax credits, or other factors can see far less realized) and what it means for revenues.

First, we must talk about FCEL’s contracting that utilizes Power Purchase Agreement (PPA) and/or Long-Term Service Agreements (LTSA). An LTSA is a comprehensive, multi-year maintenance and operations contract designed to guarantee utility-scale plant uptime, thermal efficiency, and stack performance. These fixed-fee or volume-tiered contracts typically span 10 to 15 years.

It is important to note, FCEL incurs costs (on a cash basis) to manufacture its units NOW, may get a cash deposit of some amount, but most of the payback (and hopefully profit, not a guarantee due to significant risk sharing) over the term of the contract. This means that you’d have to account for the time value of money and FCEL’s history of equity dilution does not paint a pretty picture for the weighted-average cost of capital figure investors should apply.

Also, astute investors might have noticed that FCEL management is talking about 15–20 year PPA’s / LTSA’s with data centers.

So, what does a 30 MW install in 2026 expected to generate in revenue in 2027? Using the midpoint of $77.5 million for 12.5 MW and 30 MW is 2.4 12.5 MW equivalents, that would mean a project value of $186 million (understand this is a simplistic view, but without any clear guidance from the FCEL management it begins a conversation). Now, if we assume a 17.5 year LTSA term (the midpoint of the 15–20 year data center contract), then that would yield about $10.6 million in 2027 revenue and likely larger EBITDA losses given FCEL ramping of manufacturing capacity.

Looking at the 380 MW backlog, let’s assume FCEL can bring this in over the next 3 years or approximately 117 MW per year (380 MW – 30 MW in 2026, or 350/3 or 28 12.5 MW per year (28 x $77.5 million = $2,170 / 17.5 years = $124 million in annualized revenue in 2028). That sounds promising, but … it doesn’t mean profitability, at least management hasn’t been able to articulate. We expect a dramatic increase in expenses over the remainder of 2026 and 2027 into an existing $111M LTM cash burn. Analysts and the company have discussed a planned $200 million to $275 million investment over the next 24 months to expand capacity.

If you assume a data center will operate at full capacity for 20 years, rates received will not have to be renegotiated, costs to service the agreement will not increase, pricing will remain the same and not be discounted on bigger deals, fuel cell manufacturing raw materials costs will not grow or face supply constraints, labor & materials costs to provide maintenance will not rise, and the time-value of money is reasonable; then all is well. It hasn’t to date, but we must trust management’s 20-year model that doesn’t exist in the same clarity as its equity compensation planning does.

Management will continue to not provide details or modeling. It benefits greatly from the hype and the lack of investor understanding of the massive mismatch of its cash outflows up-front and its long payback periods and risk its contracts present (the world may look a lot different in 3-5 years, never mind 15-20 years) IMHO. In order to fund its cash requirements to grow, management has been exceptionally dilutive to shareholders. It is the gift that never stops giving.

Bottom line: The problem for FCEL is not demand or a sizable data center market opportunity, it is in achieving a sustained profitability model, a hurdle it may never clear and something management has not addressed and may not be able to for a few years, if ever at the rate management is diluting.

Dilution Continues
As a result of ongoing cash burn and investments and costs now and hope for profit later business model, the company has been again diluting shareholders aggressively to keep the company afloat. Shares outstanding grew significantly from 22,790,931 on June 2, 2025 to 67,608,173 on June 4, 2026, to keep the company afloat. This incredible near 3x growth in shares is less than two years from FCEL’s November 8, 2024, 1:30 reverse stock split reducing share count from 611,278,662 shares to about 20,375,932 shares after years of selling stock to fund $1.9 billion in losses.

Interesting to note, as part of the 1:30 reverse split, management did not reverse the number of authorized shares of common stock, keeping in at 1,000,000,000 (yes, a billion shares) – and they made need all them to continue to fund executive salaries and equity compensation and before they achieve profitability (if ever).

Where are we in the lifecycle of the Data Center Buildout
Important questions remain as to where we are in the data center buildout lifecycle, what new technologies will mean for the sector, will the AI revenue models support the infrastructure, will there be a glut and shakeout, etc. In my humble opinion, these are all important questions when the profitability of FCEL is on the back end of a 15-20 year agreement.

Who are the FCEL Strategic Partners in its fledging data center entrée
On June 22, 2026, FuelCell Energy, Inc. (the “Company”) entered into a Capital Equipment Purchase Agreement (the “CEPA”) with Fit Energy USA LP (“Fit”), by its general partner, Fit US Inc.

So who is Fit Energy USA LP? It is backed by a Montreal-based venture capital and private equity family office with a cast of company scalers (what’s an article without a meaningless consulting term), deal-making, SPAC, and serial entrepreneur characters with offices in Boca Raton, Florida. Suffice it to say for now (there is plenty to dig into), the application to form Fit Energy USA LP was submitted on October 31, 2025 in the State of Florida to form FIT Energy USA LP as a Foreign Limited Partnership with Samar (“Sam”) Pai, as President https://search.sunbiz.org/Inquiry/CorporationSearch/ConvertTiffToPDF?storagePath=COR%5C2026%5C0218%5C00066779.Tif&documentNumber=B26000000041. He is a partner of Fit Ventures and a former business associate of the Family Office GP, both of whom were involved in very conspicuous past entanglements involving such things as securities fraud litigation and out of court civil settlements along with a slew of other “interesting” (albeit self-enriching) forays (https://grokipedia.com/page/david_baazov).

Fit Energy USA LP filed in the State of Delaware as a Foreign Limited Partnership on February 13, 2026 https://search.sunbiz.org/Inquiry/corporationsearch/SearchResultDetail?inquirytype=EntityName&directionType=Initial&searchNameOrder=FITENERGYUSA%20B260000000410&aggregateId=forlp-b26000000041-1b7f079a-7912-419e-88ba-08bbb50ffaf8&searchTerm=FITEL%2C%20INC.&listNameOrder=FITEL%205537290. Finally, the fitenergygroup.com website domain was register on June 17, 2026, just one week before the announcement of its “strategic partnership” with FCEL and a CEO made his first appearance (and likely one of the only employees) in announcing the deal of the newly formed companies first ever “deal”. These guys are like moths to a light and I’ve got to give it to them for striking while the iron is hot even if it meant throwing it together quickly.

And what a deal it is for the deal makers who had no doubt seen an opportunity with recent price action in a competitor and made sure their “strategic deal” involvement included 12 million warrants.


Fit Ventures and its Portfolio Companies including Data Centers and the New Fit Energy USA LP

Pursuant to the CEPA, the Company agreed to manufacture, sell, and deliver to Fit carbonate fuel cell block systems (each, a “Block”), with each Block having a nameplate generating capacity of 2.5 megawatts (“MW”), for a total aggregate generating capacity of up to 380 MW across four phases.

The fuel cell systems are intended to supply baseload electricity for data center applications. Upon execution of the CEPA, the payment obligations with respect to the initial phase, representing a generating capacity of 30 MW in phase 0, will be effective. Thereafter, Fit will have the ability to elect, at its sole option, to proceed with the remaining phases for generating capacity of 100 MW in phase 1, generating capacity of 125 MW in phase 2 and generating capacity of an additional 125 MW in phase 3, in each case, with a milestone based payment obligation with an initial deposit due at election of each phase, upon delivery by Fit of timely election notices. As Fit identifies project sites for the deployment of the Blocks within the United States, the parties are required to enter into a project-specific system commissioning agreement and a long-term services agreement (“LTSA”), each in prescribed forms attached to the CEPA. These LTSAs are expected to have terms of 15 to 20 years.

So importantly, for FCEL all that is committed to is 30 MW and Fit Energy could shop elsewhere for the rest if they find a better deal. But, for FCEL management the decision to expand on the basis of no firm commitment beyond 30 MW from this deal (and who knows from prior data center inquiries), is unimportant compared with the narrative being bullish for the appreciation of the stock and the ability to raise more capital through further dilution – THAT HAS BEEN THE BUSINESS MODEL WHEN IT COMES DOWN TO IT IMHO.
Also, the press release seems to leave out a keep part, that their is no signed business and that the strategic partner will work to identify data centers to deploy the FCEL solutions at; a point made clearer in FCEL's the SEC filing: https://www.sec.gov/ix?doc=/Archives/edgar/data/0000886128/000110465926077042/fcel-20260622x8k.htm .
Bottom line: a new company with a week old website is who FCEL's strategic partner is.
Conclusion
This has been a great fun for some investors and speculators in FCEL, my caution is, don’t expect the Wall Street Analyst’s to press on the inconvenient questions of contract terms, dilution, cost of capital, risks in the contracts (e.g., increasing costs to provide promised upkeep and maintenance), technological obsolescence over a 15-20 year agreement, the financial health of small data center with rising competition and the technology obsolesce and industry dynamics they will face in next decade, etc.

FCEL’s market cap is now nearly $2.5 billion and even if it triples its revenues, it is still likely to be burning cash and losing money IMHO. It has been a nice run, if capital preservation matters to you, be cautious, diversify, and thank you for reading.

The POWERHOUSE strategy was initiated by Jason Few on Jan 22 2020- when the share price was $66/share. So, a rousing success!!!! TICK TOCK GAME.SET.MATCH. Like, are you serioulsy arguing Jason Few has been good for the stock??!!

POSCO was under previous management team if I recall.

What was the share price when the POWERHOUSE strategy was announced?
What is the share price now?

Game. Set. Match.

Yes, yes I do - do you remember the POSCO debacle? The lawsuits? The onerous warranty FCEL was made to compensate for the bad cells they shipped initially? Do you remember the POWERHOUSE strategy? Is that still a thing? Guess not if the company is now into just selling to DCs. Did Few discuss how POWERHOUSE is no longer a "thing" yet?

Fyi, I suggested a while back, $3-$5B MC after first DC contract. We are at $1.9 now. $40 should be incoming within weeks. By end of Q3 at the latest in my opinion. But, as always, Do your own diligence and make your own investment decisions. Never invest based on anyone's opinion.

1) Please show us your math.
2) What is your point comparing something from back in 2000 that has gone through all the trial and tribulations of the Oil and Coal owned GOP having so much power and undoing all the great things Democrats have tried to do to clean up our air and water through cleaner, alternative energy solutions compared to now where there is a desperate need for power to power the AI boom?

You can look at the past, but why when you can look ahead to the future?
People like Hoghead and myself happened to be looking too far into the future 25 years ago... but the future has now arrived.

My understanding is that the first 30 MW of the deal, as I said, is guaranteed... as in initial deposit already received and delivery due by the end of the year. And yes, not only do I remember Groton, but I remember Beacon Falls. Do you????

if anyone believed in FCEL green energy and invested $200000 on Sep 2000 it would be today exactly $30.5, and now again US gov. giving this company free money to burn. dont worry the fake patriotic green energy CEO will take it to another round of R/S and then will try to issue another billion sh., so far only FEW achieved that .

Dude you are so wrong on this - NOTHING is GUARANTEED until the LTSA is inked and $$$ change hands. The CEPA is a good start but remember Groton? How many years was that out there dangling for FCEL (is IS commissioned now right)? Unless you are privy to the actual contract and the enforceability clauses - are you?

I think you are right… I just re-read the article I sw earlier and may have mixed it up with the recent analyst upgrades section that was oart of the article. That section referenced the data center deal.

I was only on the Yahoo boards prior to this one.

pretty sure this EXIM funding is for the last tranche of replacement units for Gyeonggi , they got funding for an earlier tranche shipped in Q1 and paid off inQ2 I assume so rinse and repeat- saves using capital for parts/supply chain .
the other announcement is to do with the Fairfax county Data center that got planning permission so I assume the 30MW first order was lined up ready to be sent on that.
not sure what Gyeonggi is doing with any new modules. that would be a third announcement and then there is always XOM who must now secure the production line with orders

i cant tell...they dont specifically state exactly what these fcel's are for...just that they got funding to build them...

and fcel has borrowed money from EXIM several times recently to fund the manufacture of fcel's...why is this funding suddenly a big deal?...or the fact that its non-dilutive?....with $400 mil in the bank i see no need for any dilution to build fcel's...nor frankly any need to borrow money to do so...i guess its fine if thats what they want to do...but not sure the news is that big of a deal...

Thanks! I believe years ago I traded in and out of FCEL. I used to do a lot of day trading. i remember the Yahoo stock forum. Wasn't part of it though. Before I joined Ihub in 2010, I was with Hot Stock Market forum. If you remember that one.

Welcome! Hoghead and I have been in this stock since about 2001 and firat started communicating on the old Yahoo Stock Message Boards before those were shut down and he found this place. We are FINALLY reaping the rewards of our patience and enduring 3 reverse splits over the years. Glad the old management is gone and finally have some competent people running the company!

I don't know for sure. i just started watching FCEL Friday.

If I read it right, it sounds like these are for one of the phases for the 60 MW data center they are building and part of the MOU that was signed several months ago for potentially powering data centers in South Korea… so this sounds to me like the first legitimate sale from what was originally a MOU.

is this fcel still replacing old fuel cells for Gyeonggi Green Energy in S Korea or is this new business?...

Do you understand what a co-defendent is and what it means when 2 parties have been linked in a questionable business deal in the past - and are now linked in a new deal that, as another poster put, "seems kind of scammy"? Did you acutally READ my post?

Cue Rod Tidwell! 😁

1 of the most telling signs of the day is the volume. Not just the simple fact that we are over 10 million shares an hour and a half into the day, But that the majority of the volume was in the morning when the stock was taking off. Then after the stock started to decline, the volume picked up once the stock went below The previous 52-week high driving it back up higher. Seems to me like we knew it might find a new support level this week above $27.
Did I forget TICK TOCK!!!!

FuelCell Energy Shares Rally After Securing US$49 Million EXIM Financing (FCEL)June 29, 2026 10:02 AM
IH Market News FuelCell Energy (NASDAQ:FCEL) shares climbed 10% on Monday after the company announced it had secured US$49 million in financing from the Export-Import Bank of the United States (EXIM) to support clean energy exports to South Korea. EXIM’s Board of Directors approved the funding package on 23 June 2026. The financing will be released in two stages, with the first tranche expected on 30 June 2026. After fees and related costs, FuelCell Energy expects to receive approximately US$22 million in net proceeds to help deliver five 2.8-megawatt FuelCell Energy Blocks to Gyeonggi Green Energy in South Korea. A second tranche is expected to be disbursed in October 2026, subject to the completion of customary closing conditions. Financing Supports International Expansion The funding has been arranged through EXIM’s loan guarantee programme in partnership with the Private Export Funding Corporation and follows similar EXIM-backed financing agreements completed by FuelCell Energy in 2024 and 2025. “EXIM’s approval validates the strength of this project, our partnership with Gyeonggi Green Energy, FuelCell Energy’s business plan, and our ability to deliver distributed utility-scale clean power globally,” said Michael Bishop, FuelCell Energy’s Chief Financial Officer. FuelCell Energy manufactures its fuel cell systems at its facility in Torrington, Connecticut, with approximately 90% of the product content sourced within the United States. Analyst Upgrade Adds to Positive Momentum The financing announcement follows a recent upgrade from B. Riley analyst Ryan Pfingst, who raised FuelCell Energy to Buy from Neutral while increasing his price target to US$32.00 from US$13.00. Commenting on the upgrade, Pfingst said: “We’re upgrading FuelCell Energy (FCEL, PT from $13 to $32) from Neutral to Buy after the company announced an agreement for up to 380 MW of power deployment for data centers.” FuelCell Energy shares closed at US$24.00 on Friday before Monday’s rally. FuelCell Energy stock priceThe post FuelCell Energy Shares Rally After Securing US$49 Million EXIM Financing (FCEL) appeared first on US Editors. Original: FuelCell Energy Shares Rally After Securing US$49 Million EXIM Financing (FCEL)

B. Riley Upgrades FuelCell Energy to Buy From Neutral, Adjusts Price Target to $32 From $13

https://www.marketscreener.com/news/b-riley-upgrades-fuelcell-energy-to-buy-from-neutral-adjusts-price-target-to-32-from-13-ce7f5fded18ff121

FuelCell Energy Secures $49 Million in EXIM Financing to Advance U.S. Clean Energy Exports

https://finance.yahoo.com/energy/articles/fuelcell-energy-secures-49-million-113000463.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAEpJj6Zb4XXb6D0COu1hO23G7HxHelgHrbvFXwo8G-MF7J52m2GRl_g62rcpciYVp9MfjCqyOyp2EgGE33fNq4aFg1yfzGRmPhZnkb7gaFdV_5WDhLHtxVcSFIEHf78qigx8YRTPS9q3fxMI06qyg1zfUB8ld3gk16K11kdwb-Cj

Do you understand how AI works and gets its information? Did you actually READ the full press release and 8-K?

Again, for anyone who thinks this is a "fresh 30MW order" I asked AI if Baazov (Fit Energy is backed by Fit Ventures, the single-family office of David Baazov) is a credible partner or was this a stinky Canaccord move:
"A Dubai International Financial Centre Courts case is literally captioned:
KBC Aldini Capital Limited v. David Baazov, Canaccord Genuity Corp., and Canaccord Genuity Dubai Limited. The court record lists Baazov as first defendant and Canaccord entities as second and third defendants.

That does not prove Canaccord and Baazov are connected in this FuelCell Energy (FCEL) / Fit Energy deal, but it does prove they have appeared in the same deal/litigation ecosystem before.

There is also reporting from the Amaya insider-trading investigation period saying records were seized from Amaya’s deal adviser Canaccord Genuity Corp. in connection with the probe, including records tied to Canaccord personnel."

Also asked AI what the probablity of this Data Center being actually built with FCEL tech: "<30%". So don't let your TICK get carried away with your TOCK

FCE currently has a fresh 30MW order. There is an option (warrant) if utilized, to purchase 4M shares at $26.44 or $105,760,000 (currently being perceived as a discounted price in the future). Warrants are only able to be exercised if they place an order for 100MW and pay a sizeable deposit on such before execution. That deposit should be somewhere between $60-$80M. They have 2nd and 3rd warrant opportunities mirroring that. Anyone want to do the math. NOW, 100MW run rate = EBIDTA+! With 130MW of fresh orders from 1 customer, we can expect to surpass 100MW run rate. I'm certain this deal was structured as, 1st/early investor opportunity which may be followed by something similar but not quite as sweet for the 2nd investor. Canacord helped structure the deal prior to giving FCE a $30 price target. $30-$40 is incoming quickly in my opinion, and a 2nd deal or quick exercise of warrants might result in a 100% pop near term. Don't forget Exxonmobil in 2027, but we will do something with the JDA before December 31!!! TICK TOCK!!!!

I see plenty of people in the past and current that will again change names or disappear in shame

lol ...the $0.5M number means the current ATM magazine is almost empty. It does not mean the dilution gun is out of ammo.

FCEL has a fresh shelf mechanism (June 8th filing) and a 1 billion authorized-share ceiling, with only roughly 68 million shares outstanding as of June 1. So they can potentially reload with another ATM, offering, warrant deal, convert, or other equity-linked financing without needing a shareholder vote, as long as they stay within the existing authorized-share limit and applicable SEC/Nasdaq rules.

And lather, rinse, repeat up to a BILLION shares

Dumbass I'm not Barry. The question was selling additional shares of the ATM and dilution.

From the 2026 2nd Qtr 8-K

Sales of Common Stock

During the three months ended April 30, 2026, approximately 10.9 million shares of the Company’s common stock were sold under the Company’s Open Market Sale Agreement, as amended, at an average sale price of $9.45 per share, resulting in gross proceeds of approximately $102.6 million and net proceeds to the Company of approximately $100.4 million after deducting sales commissions and fees totaling approximately $2.2 million.
Subsequent to the end of the quarter, approximately 4.1 million shares of the Company’s common stock were sold under the Company’s Open Market Sale Agreement, as amended, at an average sale price of $13.31 per share, resulting in gross proceeds of approximately $54.0 million and net proceeds to the Company of approximately $52.9 million after deducting sales commissions and fees totaling approximately $1.1 million.
Following these sales, approximately $0.5 million of shares remained available for sale under the Open Market Sale Agreement, as amended.

https://d18rn0p25nwr6d.cloudfront.net/CIK-0000886128/d8e9f538-0145-46e6-9e97-d4a166fe16c3.pdf

Barry - again, here's the transcript recap from Motley Fool:
Equity Financing -- Issued 10.9 million shares at $9.45 per share during the quarter for $100.4 million in net proceeds, and an additional 4.1 million shares after quarter-end at $13.31 per share, raising $52.9 million.

This is STRAIGHT from the earnings call - did you not listen?

FCE has a half million, (500,000) shares remaining for ATM sales, that they likely are holding on to, after the recent 10.9M shares sold on the ATM.... raising that huge amount of cash.

Regarding the dilution, was just responding to someone else’s speculative comment that they would sell more shares at the higher price today. I do think they have more available ro sell. Of course I hope they don’t!

Good question. It could be, but the relationship stated in the article is with Brookfield, not Fit Energy as I understood it.

What dilution? FCE said it was well capitalized with the recent ATM sales bringing cash to $440M, and they just got an additional $15M deposit from Fit Energy for the 30MW deal.

Just guessing, but based on past trading days, I always thought that the dilution shares were sold first thing. That could be why the stock usually goes down after the bell.

Probably as we speak, but in this case, at the current price, it will be very beneficial to the long-term financial stability of the company and only have a minimal short-term impact on us shareholders.

$FCELwhat time is the dilution rug pull?