FuelCell Energy Inc. (FCEL) increased the ceiling of its at‑the‑market (ATM) common‑stock offering to $200 million, a move designed to extend the company’s cash runway and fund its data‑center‑focused manufacturing expansion. The amendment, effective December 30, 2025, added B. Riley Securities, Barclays Capital, BMO Capital, BofA Securities, Canaccord Genuity, Citigroup, and Loop Capital as new sales agents while removing JPMorgan, whose participation ended on December 24.
The company reported $278.1 million in unrestricted cash and cash equivalents at the end of fiscal 2025, up from $148.1 million in unrestricted cash and $109.1 million in short‑term investments in fiscal 2024. Total liquid assets rose from $257.2 million to $341.8 million, reflecting a strengthening balance sheet that still requires additional capital to support its high‑capex data‑center strategy.
FuelCell’s quarterly results showed revenue of $55 million in Q4, a 12% year‑over‑year increase, and a full‑year revenue of $158.2 million, up 41% from $110.5 million in 2024. Net loss per share for the year was $7.42, a modest improvement from $7.83 in 2024, driven by tighter cost control and a more favorable mix of high‑margin data‑center contracts.
Management highlighted that the ATM offering will provide the liquidity needed to accelerate the company’s goal of achieving positive Adjusted EBITDA once production reaches 100 MW. CEO Jason Few said the company is “focused on scaling its data‑center portfolio and building manufacturing capacity to meet growing demand.” CFO Michael Bishop added that the firm’s “strong cash position and disciplined capital allocation give us the runway to execute this strategy.”
The announcement was met with a negative market reaction, as investors weighed the dilution risk associated with a larger equity offering. The removal of JPMorgan, without a stated reason, added uncertainty to the transaction’s execution timeline.
FuelCell’s prior ATM offering, completed between September 15 and November 6, 2025, generated $135.5 million in net proceeds, underscoring the company’s reliance on equity markets to fund its expansion plans.
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