Fuelcell Energy Inc 10-Q for FY2026 Q2

Fuelcell Energy Inc (FCEL)

10-Q 2026-06-08 For: 2026-04-30

Added on June 08, 2026

About this 10-Q

Fuelcell Energy Inc filed this 10-Q on June 8, 2026, covering the quarter ended April 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended April 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $35.59M; down 4.9% from $37.41M a year earlier
Net loss: $77.91M; compared with a net loss of $38.05M a year earlier
Diluted EPS: -$1.45; compared with -$1.79 a year earlier

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Delaware		06-0853042
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

3 Great Pasture Road Danbury, Connecticut		06810
(Address of principal executive offices)		(Zip Code)

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐


			Page

PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements.		3

	Consolidated Balance Sheets as of April 30, 2026 and October 31, 2025.		3

	Consolidated Statements of Operations and Comprehensive Loss for the three months ended April 30, 2026 and 2025.		4

	Consolidated Statements of Operations and Comprehensive Loss for the six months ended April 30, 2026 and 2025.		5

	Consolidated Statements of Changes in Equity for the three and six months ended April 30, 2026.		6

	Consolidated Statements of Changes in Equity for the three and six months ended April 30, 2025.		7

	Consolidated Statements of Cash Flows for the six months ended April 30, 2026 and 2025.		8

	Notes to Consolidated Financial Statements.		9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.		25

Item 3.	Quantitative and Qualitative Disclosures about Market Risk.		58

Item 4.	Controls and Procedures.		59

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings.		60

Item 1A.	Risk Factors.		60

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.		61

Item 3.	Defaults Upon Senior Securities.		61

Item 4.	Mine Safety Disclosures.		61

Item 5.	Other Information.		61

Item 6.	Exhibits.		63

Signatures			65



			April 30,			October 31,
		2026			2025
ASSETS
Current assets:
Cash and cash equivalents, unrestricted		$	373,167		$	278,099
Restricted cash and cash equivalents - short-term			16,577			16,601
Accounts receivable, net			7,684			3,999
Unbilled receivables			43,653			49,008
Inventories			88,449			86,196
Other current assets			14,400			15,907
Total current assets			543,930			449,810
Restricted cash and cash equivalents - long-term			51,108			47,092
Inventories - long-term			-			3,216
Project assets, net			167,512			216,847
Property, plant and equipment, net			95,323			96,436
Operating lease right-of-use assets, net			11,048			11,232
Intangible assets, net			3,242			3,891
Other assets			131,217			103,622
Total assets⁽¹⁾		$	1,003,380		$	932,146
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt		$	17,351		$	15,847
Current portion of operating lease liabilities			1,003			932
Accounts payable			16,464			17,009
Accrued liabilities			24,123			31,318
Deferred revenue			4,359			2,733
Total current liabilities			63,300			67,839
Long-term deferred revenue			10,362			5,985
Long-term operating lease liabilities			11,799			11,954
Long-term debt and other liabilities			129,550			115,227
Total liabilities⁽¹⁾			215,011			201,005
Redeemable Series B preferred stock (liquidation preference of $64,020 as of April 30, 2026 and October 31, 2025)			59,857			59,857
Total equity:
Stockholders’ equity:
Common stock ($0.0001 par value); 1,000,000,000 shares authorized as of April 30, 2026 and October 31, 2025; 63,549,362 and 46,075,237 shares issued and outstanding as of April 30, 2026 and October 31, 2025, respectively			6			5
Additional paid-in capital			2,651,450			2,493,318
Accumulated deficit			(1,930,216)			(1,829,449)
Accumulated other comprehensive loss			(1,810)			(1,695)
Treasury stock, Common, at cost (57,681 and 44,913 shares as of April 30, 2026 and October 31, 2025, respectively)			(1,502)			(1,406)
Deferred compensation			1,502			1,406
Total stockholders’ equity			719,430			662,179
Noncontrolling interests			9,082			9,105
Total equity			728,512			671,284
Total liabilities, redeemable Series B preferred stock and total equity		$	1,003,380		$	932,146


		Three Months Ended April 30,
		2026			2025
Revenues:
Product		$	18,018		$	13,027
Service			4,175			8,144
Generation			8,681			12,124
Advanced Technologies			4,715			4,111
Total revenues			35,589			37,406
Costs of revenues:
Product			20,282			16,261
Service			3,489			9,067
Generation			22,055			18,411
Advanced Technologies			2,692			3,105
Total costs of revenues			48,518			46,844
Gross loss			(12,929)			(9,438)
Operating expenses:
Administrative and selling expenses			14,708			16,470
Research and development expenses			7,709			9,896
Restructuring expense			-			6
Impairment expense			42,567			-
Total costs and expenses			64,984			26,372
Loss from operations			(77,913)			(35,810)
Interest expense			(2,859)			(2,548)
Interest income			2,488			1,825
Other income (expense), net			605			(1,132)
Loss before provision for income taxes			(77,679)			(37,665)
Benefit from (provision for) income taxes			50			(84)
Net loss			(77,629)			(37,749)
Net income attributable to noncontrolling interests			278			300
Net loss attributable to FuelCell Energy, Inc.			(77,907)			(38,049)
Series B preferred stock dividends			(800)			(800)
Net loss attributable to common stockholders		$	(78,707)		$	(38,849)
Loss per share basic and diluted:
Net loss per share attributable to common stockholders		$	(1.45)		$	(1.79)
Basic and diluted weighted average shares outstanding			54,224,428			21,740,193


		Six Months Ended April 30,
		2026			2025
Revenues:
Product		$	30,060		$	13,099
Service			7,364			9,992
Generation			19,669			23,470
Advanced Technologies			9,027			9,842
Total revenues			66,120			56,403
Costs of revenues:
Product			36,677			19,297
Service			6,311			10,735
Generation			36,147			33,705
Advanced Technologies			5,771			7,308
Total costs of revenues			84,906			71,045
Gross loss			(18,786)			(14,642)
Operating expenses:
Administrative and selling expenses			28,178			31,500
Research and development expenses			14,672			20,977
Restructuring expense			-			1,542
Impairment expense			42,567			-
Total costs and expenses			85,417			54,019
Loss from operations			(104,203)			(68,661)
Interest expense			(5,617)			(5,155)
Interest income			5,015			4,213
Other income (expense), net			1,075			(448)
Loss before provision for income taxes			(103,730)			(70,051)
Benefit from (provision for) income taxes			50			(84)
Net loss			(103,680)			(70,135)
Net loss attributable to noncontrolling interests			(2,913)			(3,760)
Net loss attributable to FuelCell Energy, Inc.			(100,767)			(66,375)
Series B preferred stock dividends			(1,600)			(1,600)
Net loss attributable to common stockholders		$	(102,367)		$	(67,975)
Loss per share basic and diluted:
Net loss per share attributable to common stockholders		$	(2.00)		$	(3.22)
Basic and diluted weighted average shares outstanding			51,165,339			21,110,664


	Common Stock
	Shares		Amount		Additional Paid-in Capital	Accumulated Deficit		Accumulated Other Comprehensive Loss		Treasury Stock		Deferred Compensation			Total Stockholders' Equity		Noncontrolling Interests		Total Equity
Balance, October 31, 2025	46,075,237	$	5	$	2,493,318	$	(1,829,449)	$	(1,695)	$	(1,406)	$	1,406	$	662,179	$	9,105	$	671,284
Sale of common stock, net of fees	6,377,246		—		54,917		—		—		—		—		54,917		—		54,917
Common stock issued, non-employee compensation	6,209		—		46		—		—		—		—		46		—		46
Stock issued under benefit plans, net of taxes paid upon vesting of restricted stock awards	156,759		—		(584)		—		—		—		—		(584)		—		(584)
Share based compensation	—		—		2,042		—		—		—		—		2,042		—		2,042
Preferred dividends — Series B	—		—		(800)		—		—		—		—		(800)		—		(800)
Effect of foreign currency translation	—		—		—		—		(74)		—		—		(74)		—		(74)
Adjustment for deferred compensation	(6,209)		—		—		—		—		(47)		47		—		—		—
Contributions received for the sale of noncontrolling interest	—		—		—		—		—		—		—		—		4,000		4,000
Distribution to noncontrolling interest	—		—		—		—		—		—		—		—		(637)		(637)
Net loss	—		—		—		(22,860)		—		—		—		(22,860)		(3,191)		(26,051)
Balance, January 31, 2026	52,609,242	$	5	$	2,548,939	$	(1,852,309)	$	(1,769)	$	(1,453)	$	1,453	$	694,866	$	9,277	$	704,143
Sale of common stock, net of fees	10,861,233		1		100,391		—		—		—		—		100,392		—		100,392
Common stock issued, non-employee compensation	6,558		—		49		—		—		—		—		49		—		49
Stock issued under benefit plans, net of taxes paid upon vesting of restricted stock awards	78,887				(107)		—		—		—		—		(107)		—		(107)
Share based compensation	—		—		2,018		—		—		—		—		2,018		—		2,018
Reclassification of stock-based compensation liability to equity	—		—		960										960				960
Preferred dividends — Series B	—		—		(800)		—		—		—		—		(800)		—		(800)
Effect of foreign currency translation	—		—		—		—		(41)		—		—		(41)		—		(41)
Adjustment for deferred compensation	(6,558)		—		—		—		—		(49)		49		—		—		—
Distribution to noncontrolling interest	—		—		—		—		—		—		—		—		(473)		(473)
Net loss	—		—				(77,907)		—		—		—		(77,907)		278		(77,629)
Balance, April 30, 2026	63,549,362	$	6	$	2,651,450	$	(1,930,216)	$	(1,810)	$	(1,502)	$	1,502	$	719,430	$	9,082	$	728,512


			September 2024 Restructuring			November 2024 Restructuring			Total
Balance as of October 31, 2024			$	2,235		$	-		$	2,235
Restructuring expense recognized				-			1,536			1,536
Restructuring expense payouts				(786)			(680)			(1,466)
Balance as of January 31, 2025			$	1,449		$	856		$	2,305
Restructuring expense recognized				-			6			6
Restructuring expense payouts				(416)			(463)			(879)
Balance as of April 30, 2025			$	1,033		$	399		$	1,432

			November 2024 Restructuring			June 2025 Restructuring			Total
Balance as of October 31, 2025			$	55		$	2,161		$	2,216
Restructuring expense payouts				(55)			(797)			(852)
Balance as of January 31, 2026			$	-		$	1,364		$	1,364
Restructuring expense recognized				-			-			-
Restructuring expense payouts				-			(795)			(795)
Balance as of April 30, 2026			$	-		$	569		$	569


		April 30,			October 31,			Estimated
		2026			2025			Useful Life
Project Assets – Operating		$	252,430		$	306,697		4-20 years
Accumulated depreciation			(86,000)			(90,622)
Project Assets – Operating, net			166,430			216,075
Project Assets – Construction in progress			1,082			772		7-20 years
Project Assets, net		$	167,512		$	216,847


		Operating Leases
Due Year 1		$	1,570
Due Year 2			1,887
Due Year 3			1,520
Due Year 4			1,186
Due Year 5			1,123
Thereafter			16,683
Total undiscounted lease payments			23,969
Less imputed interest			(11,167)
Total discounted lease payments		$	12,802


Restricted Stock Units		Shares			Weighted-Average Fair Value
Outstanding as of October 31, 2025			641,027		$	20.56
Granted - time-vesting RSUs			1,180,882			7.14
Vested			(311,779)			21.04
Forfeited			(52,622)			10.89
Outstanding as of April 30, 2026			1,457,508		$	9.78

Performance Stock Units		Shares			Weighted-Average Fair Value
Outstanding as of October 31, 2025			261,034		$	40.68
Granted - PSUs			425,176			7.59
Vested			(9,913)			165.00
TSR adjustment on vested awards			(23,442)			14.00
Outstanding as of April 30, 2026			652,855		$	14.08


		Three Months Ended April 30,						Change
(dollars in thousands)		2026			2025			$			%
Total revenues		$	35,589		$	37,406		$	(1,817)		(5)%
Total costs of revenues			48,518			46,844			1,674		4%
Gross loss		$	(12,929)		$	(9,438)		$	(3,491)		(37)%
Gross margin			(36.3)%			(25.2)%


Project Name		Location		Power Off - Taker		Rated Capacity (MW)⁽¹⁾		Actual Commercial Operation Date (FuelCell Energy Fiscal Quarter)		PPA Term (Years)
Central CT State University (“CCSU”)		New Britain, CT		CCSU (CT University)		1.4		Q2 ‘12		15
Riverside Regional Water Quality Control Plant		Riverside, CA		City of Riverside (CA Municipality)		1.4		Q4 '16		20
Pfizer, Inc.		Groton, CT		Pfizer, Inc.		5.6		Q4 '16		20
Santa Rita Jail		Dublin, CA		Alameda County, California		1.4		Q1 '17		20
Bridgeport Fuel Cell Project		Bridgeport, CT		Connecticut Light and Power Company (CT Utility)		14.9		Q1 '13		15
Tulare BioMAT		Tulare, CA		Southern California Edison (CA Utility)		2.8		Q1 '20		20
San Bernardino		San Bernardino, CA		City of San Bernardino Municipal Water Department		1.4		Q3 '21		20
LIPA Yaphank Project		Long Island, NY		PSEG / LIPA, LI NY (Utility)		7.4		Q1 '22		20
Groton Project		Groton, CT		CMEEC (CT Electric Co-op)		7.4	⁽²⁾	Q1 '23		20
Toyota		Long Beach, CA		Southern California Edison; Toyota		2.3		Q1 '24		20
Derby - CT RFP-2		Derby, CT		Eversource/United Illuminating (CT Utilities)		14.0		Q1 '24		20
SCEF - Derby		Derby, CT		Eversource/United Illuminating (CT Utilities)		2.8		Q1 '24		20
				Total MW:		62.8


	Payments Due by Period
(dollars in thousands)	Total			Less than 1 Year			1 – 3 Years			3 – 5 Years			More than 5 Years
Purchase commitments⁽¹⁾	$	77,009		$	57,912		$	4,732		$	1,330		$	13,035
Term loans (principal and interest)		150,590			24,645			38,472			64,910			22,563
Operating lease commitments⁽²⁾		23,968			1,570			3,407			2,308			16,683
Sale-leaseback finance obligations ⁽³⁾		6,087			1,397			2,648			1,893			149
Natural gas and biomethane gas supply contracts ⁽⁴⁾		29,960			10,321			16,394			3,245			-
Series B Preferred dividends payable ⁽⁵⁾		-			-			-			-			-
Totals	$	287,614		$	95,845		$	65,653		$	73,686		$	52,430


Period		Total Number of Shares Purchased ⁽¹⁾		Average Price Paid per Share			Total Number of Shares Purchased as Part of Publicly Announced Programs		Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs
February 1, 2026 - February 28, 2026		14,077		$	7.53		—		—
March 1, 2026 - March 31, 2026		322			6.96		—		—
April 1, 2026 - April 30, 2026		—			—		—		—
Total		14,399		$	7.52		—		—


		April 30,			October 31,
		2026			2025
Accrued payroll and employee benefits ⁽¹⁾		$	6,053		$	10,256
Consideration payable to a customer⁽²⁾			1,566			2,515
Accrued service agreement and PPA costs⁽³⁾			11,236			11,863
Accrued legal, taxes, professional and other			4,699			4,468
Accrued severance costs⁽⁴⁾			569			2,216
Accrued liabilities		$	24,123		$	31,318


		April 30,			April 30,
		2026			2025
Outstanding options to purchase common stock			439			532
Unvested Restricted Stock Units			2,110,363			1,009,460
5% Series B Cumulative Convertible Perpetual Preferred Stock			1,261			1,261
Total potentially dilutive securities			2,112,063			1,011,253


		April 30,			October 31,
		2026			2025
Cash Restricted for Outstanding Letters of Credit ⁽¹⁾		$	12,652		$	14,152
Cash Restricted for Crestmark Sale-Leaseback Transactions			2,919			2,916
Cash Restricted for Noeul Green Energy Co., Ltd.			6,325			4,995
Cash Restricted for 2025 EXIM Facility			1,077			-
Debt Service and Performance Reserves related to OpCo Financing Facility			24,602			22,546
Debt Service and Performance Reserves related to the Senior and Subordinated Back Leverage Loan Facilities			15,389			16,477
Other			4,721			2,607
Total Restricted Cash			67,685			63,693
Restricted Cash and Cash Equivalents – Short-Term ⁽²⁾			(16,577)			(16,601)
Restricted Cash and Cash Equivalents – Long-Term		$	51,108		$	47,092


		April 30,			October 31,
		2026			2025
Export-Import Bank of the United States - 2025 Financing Facility (2025 EXIM Financing)		$	23,852		$	—
Export-Import Bank of the United States - 2024 Financing Facility (2024 EXIM Financing)			8,483			9,106
Liberty Bank Term Loan Agreement (Derby Senior Back Leverage Loan Facility)			4,855			5,204
Connecticut Green Bank Term Loan Agreement (Derby Senior Back Leverage Loan Facility)			2,241			2,402
Connecticut Green Bank Loan (Derby Subordinated Back Leverage Loan Facility)			3,500			3,500
Connecticut Green Bank Loan (Groton Subordinated Back Leverage Loan Facility)			7,597			8,000
Liberty Bank Term Loan Agreement (Groton Senior Back Leverage Loan Facility)			4,717			4,966
Amalgamated Bank Loan (Groton Senior Back Leverage Loan Facility)			4,682			4,936
Finance obligation for sale-leaseback transactions			18,837			18,803
State of Connecticut Loan			4,666			5,123
OpCo Financing Facility			55,643			60,868
Deferred finance costs			(4,893)			(3,265)
Total debt and finance obligations			134,180			119,643
Current portion of long-term debt and finance obligations			(17,351)			(15,847)
Long-term debt and finance obligations		$	116,829		$	103,796

Exhibit No.		Description

3.1		Certificate of Incorporation of the Company, as amended, July 12, 1999 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated September 21, 1999).
3.2		Certificate of Amendment of the Certificate of Incorporation of the Company, dated November 21, 2000 (incorporated by reference to Exhibit 3.3 to the Company’s Annual Report on Form 10-K dated January 12, 2017).
3.3		Certificate of Amendment of the Certificate of Incorporation of the Company, dated October 31, 2003 (incorporated by reference to Exhibit 3.1.1 to the Company’s Current Report on Form 8-K dated November 3, 2003).
3.4		Certificate of Designation for the Company’s 5% Series B Cumulative Convertible Perpetual Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, dated November 22, 2004).
3.5		Amended Certificate of Designation of 5% Series B Cumulative Convertible Perpetual Preferred Stock, dated March 14, 2005 (incorporated by reference to Exhibit 3.4 to the Company’s Annual Report on Form 10-K dated January 12, 2017).
3.6		Certificate of Amendment of the Certificate of Incorporation of the Company, dated April 8, 2011 (incorporated by reference to Exhibit 3.5 to the Company’s Annual Report on Form 10-K dated January 12, 2017).
3.7		Certificate of Amendment of the Certificate of Incorporation of the Company, dated April 5, 2012 (incorporated by reference to Exhibit 3.6 to the Company’s Annual Report on Form 10-K dated January 12, 2017).
3.8		Certificate of Amendment of the Certificate of Incorporation of the Company, dated December 3, 2015 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K dated December 3, 2015).
3.9		Certificate of Amendment of the Certificate of Incorporation of the Company, dated April 18, 2016 (incorporated by reference to Exhibit 3.9 to the Company’s Quarterly Report on Form 10-Q for the period ended April 30, 2016).
3.10		Certificate of Amendment of the Certificate of Incorporation of the Company, dated April 7, 2017 (incorporated by reference to Exhibit 3.10 to the Company’s Quarterly Report on Form 10-Q for the period ended April 30, 2017).
3.11		Certificate of Designations for the Company’s Series C Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, dated September 5, 2017).
3.12		Certificate of Amendment of the Certificate of Incorporation of the Company, dated December 14, 2017 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated December 14, 2017).
3.13		Certificate of Designations, Preferences and Rights for the Company’s Series D Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated August 27, 2018).
3.14		Certificate of Amendment of the Certificate of Incorporation of FuelCell Energy, Inc., dated May 8, 2019 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 8, 2019).
3.15		Certificate of Amendment of the Certificate of Incorporation of FuelCell Energy, Inc., dated May 11, 2020 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 12, 2020).
3.16		Certificate of Amendment of the Certificate of Incorporation of FuelCell Energy, Inc. dated April 8, 2021 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K/A filed on April 14, 2021).
3.17		Certificate of Amendment of the Certificate of Incorporation of FuelCell Energy, Inc., dated October 11, 2023 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on October 11, 2023).
3.18		Certificate of Amendment of Certificate of Incorporation of FuelCell Energy, Inc., effective November 8, 2024 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on November 7, 2024).

Exhibit No.		Description

3.19		Third Amended and Restated By-Laws of the Company, effective as of September 3, 2024 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on September 4, 2024).
4.1		Specimen of Common Share Certificate (incorporated by reference to Exhibit 4 to the Company’s Annual Report on Form 10-K for fiscal year ended October 31, 1999).
10.1*		Employment Separation Agreement, executed as of February 3, 2026, by and between FuelCell Energy, Inc. and Joshua Dolger (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 4, 2026).
10.2*		FuelCell Energy, Inc. Sixth Amended and Restated 2018 Omnibus Incentive Plan, effective as of April 2, 2026 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 6, 2026).
10.3*		FuelCell Energy, Inc. 2018 Employee Stock Purchase Plan, as Amended and Restated Effective as of April 2, 2026 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on April 6, 2026).
10.4		Waiver, Consent, and Amendment Agreement, dated as of June 5, 2026, by and between Liberty Bank, in its capacities as administrative agent and lender, Amalgamated Bank, as lender, and FuelCell Energy Finance Holdco, LLC, as borrower.
10.5		Waiver, Consent, and Amendment Agreement, dated as of June 5, 2026, by and between Connecticut Green Bank, in its capacities as administrative agent and lender, and FuelCell Energy Finance Holdco, LLC, as borrower.
31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1		Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2		Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS#		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH#		Inline XBRL Schema Document
101.CAL#		Inline XBRL Calculation Linkbase Document
101.DEF#		Inline XBRL Definition Linkbase Document
101.LAB#		Inline XBRL Labels Linkbase Document
101.PRE#		Inline XBRL Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

		FUELCELL ENERGY, INC.
		(Registrant)

June 8, 2026		/s/ Michael S. Bishop
Date		Michael S. Bishop Executive Vice President, Chief Financial Officer, and Treasurer (Principal Financial Officer and Principal Accounting Officer)


	FUELCELL ENERGY FINANCE HOLDCO, LLC By: FuelCell Energy Finance, LLC Its: Sole Member By Fuel Cell Energy, Inc. Its: Sole Member, as Borrower
	By /s/ Michael S. Bishop Name: Michael S. Bishop Title: Executive Vice President and Chief Financial Officer
	LIBERTY BANK, as Administrative Agent
	By /s/ Daniel Longo Name: Daniel Longo Title: First Vice President, Senior Commercial Relationship Manager
	LIBERTY BANK, as Lender
	By /s/ Daniel Longo Name: Daniel Longo Title: First Vice President, Senior Commercial Relationship Manager
	AMALGAMATED BANK, as Lender
	By /s/ Matthew Beiler Name: Mathew Beiler Title: First Vice President


	FUELCELL ENERGY FINANCE HOLDCO, LLC By: FuelCell Energy Finance, LLC Its: Sole Member By Fuel Cell Energy, Inc. Its: Sole Member, as Borrower
	By_/s/ Michael S. Bishop Name: Michael S. Bishop Title: Executive Vice President and Chief Financial Officer
	CONNECTICUT GREEN BANK, as Administrative Agent and Lender
	By_/s/ Bryan T. Garcia Name: Bryan T. Garcia Title: President and CEO



June 8, 2026	/s/ Michael S. Bishop
	Michael S. Bishop Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)