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FuelCell Energy, Inc. achieved a revenue of $30.5 million in Q1 2026, up 61% year-over-year. The net loss decreased to $26.1 million from $32.4 million in Q1 2025. The company is targeting the data center sector with over 1.5 GW of new proposals and a collaboration with Sustainable Development Capital LLP for 450 MW of projects.

Operating expenses declined to $20.4 million, significantly down from $27.6 million in Q1 2025. Cash and equivalents increased to $379.6 million, bolstered by stock sales and a new debt financing round with the Export-Import Bank of the United States. Backlog has decreased to $1.17 billion.