FuelCell Energy Reports Q4 2025 Growth Driven by Data Center Demand Amid Backlog Decline
FuelCell Energy (NASDAQ:FCEL) reported a 60.7% year-on-year revenue increase to $30.53 million in Q4 CY2025 but missed revenue expectations, with a non-GAAP loss of $0.52 per share. The backlog declined nearly 11% year-over-year, attributed to delays in module commissioning. The company is focusing on data center proposals and carbon capture technology commercialization, with over 80% of its 1.5 gigawatt pipeline targeting data centers. Manufacturing capacity is set to expand from 100 megawatts to 350 megawatts annually.
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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.
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