FuelCell Energy (FCEL) Q2 FY26 earnings call

FuelCell is repositioning around behind-the-meter baseload power for AI and data centers, with a fast-expanding proposal pipeline and a new modular 12.5 MW block anchoring the commercial pitch. The quarter's deep headline loss was distorted by a one-time Groton impairment while core opex fell; management is scaling Torrington capacity only against contracted demand, leaning on a strong cash position to fund a disciplined, proof-over-promise path to profitability.