FuelCell Energy, Inc. is a Danbury, Connecticut-based clean energy and power technology company founded in 1969 as Energy Research Corporation. The company became publicly traded in 1992 and trades on the Nasdaq Global Market under the symbol FCEL. Jason Few serves as President and Chief Executive Officer. FuelCell Energy focuses ...FuelCell Energy, Inc. is a Danbury, Connecticut-based clean energy and power technology company founded in 1969 as Energy Research Corporation. The company became publicly traded in 1992 and trades on the Nasdaq Global Market under the symbol FCEL. Jason Few serves as President and Chief Executive Officer. FuelCell Energy focuses on distributed generation, resilient power, hydrogen production, carbon capture, and related energy infrastructure for customers seeking dependable electricity with lower emissions.
The company’s core business is built around stationary fuel cell power plants. Its SureSource portfolio includes the approximately 250-kilowatt SureSource 250, 400-kilowatt SureSource 400, 1.4-megawatt SureSource 1500, 2.8-megawatt SureSource 3000, and 3.7-megawatt SureSource 4000 platforms. These systems are designed for continuous, decentralized power and can be deployed near the point of consumption, reducing dependence on long transmission networks. Depending on the project configuration and fuel source, the systems can provide electricity, useful thermal energy, water, and other outputs. FuelCell Energy also markets a roughly 2.3-megawatt SureSource Hydrogen platform capable of producing up to approximately 1,200 kilograms of hydrogen per day, supporting distributed hydrogen and industrial or transportation-related applications.
Beyond power generation, FuelCell Energy is developing and commercializing solid oxide fuel cell and solid oxide electrolysis cell technologies. Its SureSource Capture system is intended to separate and concentrate carbon dioxide from flue gas produced by natural gas, biomass, coal-fired power plants, and industrial facilities. These technologies position the company in several transition-energy markets, although commercialization, project financing, customer adoption, and operating economics remain important execution considerations.
FuelCell Energy’s business model includes equipment sales, project development, engineering, procurement and construction services, project financing, long-term service agreements, and operation of owned or customer-site plants. After installation, the company provides real-time monitoring, remote operations management, preventive maintenance, replacement parts, technical optimization, training, refurbishment, and recycling support. Its products generally require specialized fuel cell stacks, power-conditioning equipment, balance-of-plant systems, enclosures, controls, installation labor, and ongoing service; therefore, project cost and gross margin can vary substantially with plant size, site conditions, fuel infrastructure, financing structure, and customer requirements.
The company operates across markets including utilities, independent power producers, industrial and process facilities, hospitals, universities, data centers, communications networks, wastewater treatment plants, food and beverage companies, hospitality businesses, and government entities. Its principal geographic markets include the United States, South Korea, England, Germany, and Switzerland. The supplied trailing-twelve-month data reports 424 full-time employees, substantial liquidity and working capital, and low debt relative to assets, but also negative operating profitability, negative net income, and negative free cash flow. Consequently, FuelCell Energy’s longer-term objectives depend on increasing recurring revenue, improving plant and manufacturing economics, scaling hydrogen and carbon-capture opportunities, securing project financing, reducing cash burn, and converting technology deployments into sustainable profitability.
Operator: Thank you for standing by. My name is Jaylen and I'll be your conference operator today. At this time, I would like to welcome everyone to the FuelCell Energy Third Quarter of Fiscal 2026 Financial Results Conference Call. [Operator Instructions] I would now like to turn the conference over to Michael Bishop, Chief Financial Officer. You may begin.
Michael Bishop: Thank you, Operator. Good morning, everyone, and thank you for joining us on the call today. This morning, FuelCell Energy released our financial results for the third quarter of fiscal year 2026, and our earnings press release is available in the Investors section of our website at www.fuelcellenergy.com. In addition to this call and our earnings press release, we have posted a slide presentation on our website. The webcast is being recorded and will be available for replay on our website approximately two hours after we conclude. Before we begin, please note that some information that you will hear or be provided with today consists of forward-looking statements within the meaning of the Securities and Exchange Act of 1934. Such statements express our expectations, beliefs, and intentions regarding the future and include statements concerning our anticipated financial results, plans and expectations regarding the continuing development, commercialization, and financing of our fuel cell technology, our anticipated market opportunities, and our business plans and strategies. Our actual future results could differ materially from those described in or implied by such forward-looking statements because of a number of risks and uncertainties. More information regarding such risks and uncertainties is available in the Safe Harbor Statement, in the slide presentation and in our filings with the SEC, particularly the risk factor section of our most recent Form 10-K and any subsequently filed quarterly reports on Form 10-Q. During this call, we'll be discussing certain non-GAAP financial measures, and we refer you to our website, our earnings press release, and the appendix of the slide presentation for the reconciliation of those measures to GAAP financial measures. Our earnings press release and a copy of today's webcast presentation are available on our website under the investor relations tab. For this call, I am joined by Jason Few, our President and Chief Executive Officer. Following our prepared remarks, the leadership team will be available to take your questions. I will now hand the call over to Jason for opening remarks. Jason?
Jason Few: Thank you, Mike, and good morning, everyone. Thank you for joining us today. I am pleased to welcome you to our third quarter fiscal year 2026 earnings call. In the third quarter, we took an important step in the commercial development of FuelCell Energy's data center strategy. Rapid growth of AI and high-density computing is creating power requirements that the existing grid cannot address quickly enough. For data center customers, …
