Fuelcell Energy Inc

rate of 500 MW is underway and will strengthen our ability to convert commercial momentum into revenue while supporting growth.

“Demand for electricity is accelerating, driven by AI, data centers, and the broader electrification of the economy. With a growing commercial pipeline, expanding manufacturing capacity, and differentiated technology, we believe FuelCell Energy is well positioned to capitalize on these long-term market tailwinds."

In addition, during the third quarter, the Company advanced its production execution at, and progressed its expansion of, the Torrington, CT fuel cell manufacturing facility on two important fronts:

The Company continued to increase its annualized production rate, with the goal of achieving its targeted annualized production rate of 100 MW in October 2026. Based on this planned increase in annualized production rate, the Company is now targeting achieving positive Adjusted EBITDA results in the fourth quarter of fiscal 2027, subject to the conversion of Awarded Capacity Backlog into Committed Backlog, customer delivery schedules and continued execution of the Company’s cost reduction initiatives.

In parallel, the Company made significant progress in resolving constraints to the annualized production capacity increase to 500 MW at the Torrington manufacturing facility, including tape caster installation, factory design engineering, and significant purchase commitments for equipment. The expansion to 500 MW of annualized manufacturing capacity is scheduled for completion by June 2028.

During the quarter, FuelCell Energy also announced a collaboration with Siemens intended to accelerate the growth of fuel cell-based power generation. Formalized in a memorandum of understanding, Siemens will design and supply electrical balance of plant (EBOP) systems for FuelCell Energy installations, supporting faster, lower-cost deployment of fuel cells to 100+ MW commercial projects. The two companies plan to jointly develop integrated distributed energy systems incorporating fuel cells, battery energy storage, microgrid controls, and medium-voltage electrical equipment.

Also during the third quarter, the Company reached a pivotal milestone in its multi-year joint development agreement with ExxonMobil Technology and Engineering Company ("EMTEC"), delivering and installing the first two carbonate fuel cell carbon capture modules at Esso Nederland B.V.'s Rotterdam Manufacturing Complex in The Netherlands. This marks the first industrial-scale demonstration of the companies' jointly developed carbon capture technology, advancing it from years of joint research and development into real-world operation. Unlike conventional carbon capture, FuelCell Energy's carbonate fuel cells are capable of capturing CO ₂ directly from industrial sources while simultaneously generating power and hydrogen — co-products that can reduce the overall cost of carbon capture. The demonstration is intended to evaluate performance under industrial operating conditions and inform future development of the jointly developed technology.

Committed and Awarded Capacity Backlog

Service 1,291,500 1,291,500

Total Awarded Capacity Backlog $ 2,350,250 $ 2,350,250

As of July 31, 2026, Awarded Capacity Backlog consisted of the estimated product and service value associated with 350 MW under Phases 1, 2 and 3 of the CEPA with Fit Energy. Fit Energy may elect to proceed with those Phases 1, 2 and 3 at its sole option. No payment obligation for Phases 1, 2 and 3 arises until Fit makes the applicable election, at which time an initial deposit becomes due. Site identification and customer development, permitting, financing, ownership and construction activities may also remain outstanding. As sites are identified, the parties to the CEPA are required to enter into prescribed project-specific commissioning agreements and long-term service agreements at pricing set forth in the CEPA. Awarded Capacity Backlog is not contracted backlog, firm order backlog or a guarantee of future revenue. Amounts may not convert to Committed Backlog or revenue, in whole or in part, and the timing and amount of any conversion may differ materially from current estimates.

Committed Backlog represents definitive, non-cancelable agreements executed by the Company and its customers. Awarded Capacity Backlog represents commercial awards, capacity reservations, or similar customer commitments where the Company has been selected as the supplier and the parties are advancing toward execution of definitive agreements. Awarded Capacity Backlog is not included in Committed Backlog until definitive, non-cancelable agreements have been executed by both parties.

* Reconciliations of non-GAAP measures EBITDA, Adjusted EBITDA and Adjusted net loss per basic and diluted share attributable to common stockholders are contained in the appendix to this press release .

Third Fiscal Quarter 2026 Financial Results (All comparisons are between third quarter of fiscal 2026 and third quarter of fiscal 2025 unless otherwise noted)

Net loss attributable to common stockholders was $(45.3) million in the third quarter of fiscal 2026, compared to net loss attributable to common stockholders of $(92.5) million in the third quarter of fiscal 2025. The decrease in net loss attributable to common stockholders was primarily due to the decrease in loss from operations for the three months ended July 31, 2026, which was primarily due to the lack of impairment and restructuring expenses that impacted loss from operations for the three months ended July 31, 2025.

Adjusted EBITDA totaled $(36.7) million in the third quarter of fiscal 2026, compared to Adjusted EBITDA of $(16.4) million in the third quarter of fiscal 2025. The negative impact on Adjusted EBITDA is primarily due to the inventory valuation charges described above. Please see the discussion of non-GAAP financial measures, including Adjusted EBITDA, in the appendix at the end of this release.

Cash and Restricted Cash Cash and cash equivalents and restricted cash and cash equivalents totaled $737.3 million as of July 31, 2026, compared to $341.8 million as of October 31, 2025. Of the $737.3 million as of July 31, 2026, unrestricted cash and cash equivalents totaled $658.1 million and restricted cash and cash equivalents totaled $79.2 million. Of the $341.8 million total as of October 31, 2025, unrestricted cash and cash equivalents totaled $278.1 million and restricted cash and cash equivalents totaled $63.7 million.

Sales of Common Stock On July 9, 2026, the Company completed the underwritten public offering of 12,321,429 shares of the Company’s common stock (including the full exercise of the underwriters’ option to purchase additional shares) at a price to the public of $21.00 per share. Net proceeds to the Company were approximately $245.5 million after deducting underwriting discounts and commissions of approximately $12.9 million and other offering expenses payable by the Company of approximately $0.4 million. The Company currently intends to use the net proceeds from this offering for capital expenditures related to expansion of manufacturing capacity to support growth, working capital and general corporate purposes.