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In Q4 CY2025, FuelCell Energy experienced a 60.7% revenue increase to $30.53 million, although it did not meet Wall Street's expectations and reported a non-GAAP loss of $0.52 per share. The backlog saw an 11% year-over-year decline due to delays in project commissioning.

The company is prioritizing data center-focused proposals, with over 80% of its 1.5 gigawatt pipeline targeting this sector. Additionally, it is expanding its U.S. manufacturing capacity from 100 megawatts to 350 megawatts annually. Management highlighted strong demand from data centers and operational successes in South Korea while acknowledging the need for improved contract conversions and addressing backlog challenges.