Financial Performance - The total backlog stood at $1.19 billion as of October 31, 2025, providing clear visibility into revenue [1] - Revenue for fiscal year 2025 reached $158.2 million, a 41% increase from the previous year, significantly outperforming analyst consensus estimates [2] - Q4 revenue was reported at $55 million, a 12% increase compared to the same period last year [3] - Adjusted EBITDA improved to negative $17.7 million, up from negative $25.3 million previously [1] - Net loss narrowed to $29.3 million, or 85 cents per share, an improvement from the $39.6 million loss in Q4 2024 [1] Market Reaction - Following the earnings report, shares of FuelCell Energy surged approximately 34% over a few trading sessions, indicating a strong market response [6] - The stock price reclaimed the $8.60 to $8.75 trading range and crossed above its 200-day moving average, signaling a technical breakout [5] Strategic Direction - The company is pivoting towards the lucrative sector of Artificial Intelligence (AI) data centers, which require reliable and continuous power [4][10] - Management disclosed hundreds of megawatts in pricing proposals to potential customers, indicating a tangible pipeline of opportunities [11] - The company aims to achieve positive adjusted EBITDA once its manufacturing facility reaches an annualized production rate of 100 megawatts, with current utilization at roughly 40% [19] Financial Stability - FuelCell Energy ended the fiscal year with total liquidity of approximately $341.8 million, providing a substantial runway for operations [18] - Capital expenditures for fiscal year 2026 are expected to range between $20 million and $30 million, targeted at expanding manufacturing capacity [12] - The company secured approximately $25 million in debt financing from the Export-Import Bank of the United States, supporting its Gyeonggi Green Energy project [15][16] Industry Context - The rapid expansion of AI has created a significant demand for electricity, leading to challenges for traditional power grids, particularly in data center hubs [8][9] - FuelCell Energy's carbonate platform offers a unique value proposition by generating electricity on-site, thus bypassing grid congestion and providing baseload power [10]

Core Insights - FuelCell Energy, Inc. has successfully closed a new round of debt financing with the Export-Import Bank of the United States, amounting to approximately $25 million, aimed at supporting its growth in international markets, particularly in South Korea [1][2][4] Financing Details - The financing provides about $25 million in gross proceeds, enhancing FuelCell Energy's capacity to deliver reliable baseload power to the utility market in South Korea and other international markets [2][4] - This transaction is part of EXIM's Project & Structured Finance program, which supports U.S. exporters in competing globally within the natural resource and infrastructure sectors [2] Project Development - Proceeds from the financing will be utilized for the next phase of the Gyeonggi Green Energy project, including additional module shipments and service [3] - The funding will specifically support the upgrade of 42 fuel cells at GGE's Hwaseong Baran Industrial Complex, which is significant as South Korea is a leader in fuel cell technology [4] Manufacturing and Supply Chain - All fuel cell modules are manufactured in the United States at FuelCell Energy's Torrington, Conn. facility, utilizing U.S.-sourced materials and suppliers for most of the production process [5] - This project underscores the importance of advanced U.S. manufacturing in meeting global energy demands [5] Company Overview - FuelCell Energy provides clean, reliable energy solutions that enable customers to access power quickly while managing emissions [6] - The company has over 55 years of expertise and nearly 200 modules deployed, offering scalable and fuel-flexible systems that run on natural gas, biofuels, or hydrogen [6]