# EDGAR Filing Document

**Accession Number:** 0000886128
**File Stem:** 0001104659-25-122295
**Filing Date:** 2025-12
**Character Count:** 82272
**Document Hash:** 9c4c30ddb22ce210c6a943f372675763
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-122295.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0001104659-25-122295

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20251218

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251218

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FUELCELL ENERGY INC
- **CENTRAL INDEX KEY:** 0000886128
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRICAL INDUSTRIAL APPARATUS [3620]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 060853042
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14204
- **FILM NUMBER:** 251581281

**BUSINESS ADDRESS:**
- **STREET 1:** 3 GREAT PASTURE ROAD
- **CITY:** DANBURY
- **STATE:** CT
- **ZIP:** 06810
- **BUSINESS PHONE:** 2038256000

**MAIL ADDRESS:**
- **STREET 1:** 3 GREAT PASTURE ROAD
- **CITY:** DANBURY
- **STATE:** CT
- **ZIP:** 06810

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ENERGY RESEARCH CORP /NY/
- **DATE OF NAME CHANGE:** 19930328

?xml version='1.0' encoding='ASCII'? FUELCELL ENERGY, INC._December 18, 2025

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

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**FORM 8-K**

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of report (Date of earliest event reported): December 18, 2025**

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## FUELCELL ENERGY, INC.
**(Exact Name of Registrant as Specified in its Charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **1-14204** | **06-0853042** |
| **(State or Other Jurisdiction of**<br>**Incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |
|  | **3 Great Pasture Road,**<br>**Danbury, Connecticut** | **06810** |
|  | **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (203) 825-6000**

**Not Applicable**

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| Title of each class | Name of each exchange on which registered |
| Common Stock, $0.0001 par value per share<br> FCEL | The Nasdaq Stock Market LLC <br>(Nasdaq Global Market) |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

On December 18, 2025, FuelCell Energy, Inc. (the "Company") issued a press release announcing its financial results and providing a business update as of and for the three months and year ended October 31, 2025. A copy of this press release is furnished with this report as Exhibit 99.1 and is incorporated herein by reference.

The information furnished in this Item 2.02, including Exhibit 99.1, is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section. This information will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

**Item 7.01. Regulation FD Disclosure.**

A copy of the investor presentation slides that will be used by the Company during its December 18, 2025 earnings call is furnished with this report as Exhibit 99.2.

The information furnished in this Item 7.01, including Exhibit 99.2, is not deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. This information will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

By furnishing the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD. The information contained in the investor presentation furnished as Exhibit 99.2 is summary information that is intended to be considered in the context of the Company's Securities and Exchange Commission ("SEC") filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in this presentation, although it may do so from time to time. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits:

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| | |
|:---|:---|
| Exhibit No. | Description |
| &nbsp;&nbsp;&nbsp;&nbsp;99.1 | [Press Release issued by FuelCell Energy, Inc. on December 18, 2025.](fcel-20251218xex99d1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;99.2 | [Investor Presentation, dated December 18, 2025.](fcel-20251218xex99d2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | FUELCELL ENERGY, INC. | FUELCELL ENERGY, INC. |
| Date: December 18, 2025 | By: | /s/ Michael S. Bishop |
|  |  | Michael S. Bishop |
|  |  | Executive Vice President, Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

Exhibit 99.1

![Graphic](fcel-20251218xex99d1001.jpg)<br>

**FuelCell Energy Ends FY2025 with Revenue Growth and a Focus on Data Center Opportunities**

**Fourth Quarter Fiscal 2025 Summary**

*(All comparisons are year-over-year unless otherwise noted)*

● Revenue of $55.0 million, compared to $49.3 million, an increase of approximately 12%

● Gross loss of $(6.6) million, compared to $(10.9) million, a decrease of approximately 39%

● Loss from operations of $(28.3) million, compared with $(41.0) million, a decrease of approximately 31%

● Net loss per share attributable to common stockholders was $(0.85), compared with $(2.21)

● Backlog of $1.19 billion, compared to $1.16 billion, an increase of approximately 2.6%

**Fiscal Year 2025 Summary**

*(All comparisons are year-over-year unless otherwise noted)*

● Revenue of $158.2 million, compared to $112.1 million

● Gross loss of $(26.4) million, compared to $(35.9) million

&nbsp;&nbsp;&nbsp;&nbsp;●Loss from operations of $(192.3) million, compared with $(158.5) million

&nbsp;&nbsp;&nbsp;&nbsp;●Net loss per share attributable to common stockholders was $(7.42), compared with $(7.83)

**DANBURY, Conn., December 18, 2025** (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (NASDAQ: FCEL) today reported financial results for its fourth quarter and fiscal year ended October 31, 2025.

"We believe that our fourth quarter performance and ongoing cost reductions have positioned us well to meet the accelerating demand for electricity and data center projects in the U.S. and internationally. Our strategy is deeply focused on the data center market where we see significant opportunities for our efficient, resilient power solutions. We've simplified our product line, advanced efficiency, and integrated absorption chilling to help manage thermal loads—critical for high-compute environments. Our sales and marketing focus is increasingly centered on data center opportunities, as we have taken deliberate steps to prepare for this market, and we are actively engaging with data center operators and infrastructure finance providers to deliver the message that we are ready to provide reliable, cost-competitive solutions for these energy-intensive applications," said Jason Few, President and CEO of FuelCell Energy. He added, "We will maintain our disciplined approach to growth and manufacturing capacity expansion, with the goal of leveraging our decades of utility-scale experience to deliver reliable, cost-competitive solutions for these energy-intensive applications in the future."

"We have taken proactive measures throughout the fiscal year to strengthen our balance sheet and bolster our liquidity position. At fiscal year-end 2025, we had unrestricted cash and cash equivalents totaling $278.1 million and, coupled with our recent financing from the Export-Import Bank of the United States ("EXIM"), we believe we have significant runway to pursue our strategy focused on opportunities in the rapidly growing data center market," said Michael Bishop, EVP and CFO of FuelCell Energy.

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**Consolidated Financial Metrics**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended October 31,** | **Three Months Ended October 31,** | **Three Months Ended October 31,** | **Twelve Months Ended October 31,** | **Twelve Months Ended October 31,** | **Twelve Months Ended October 31,** |
| (Dollars in thousands, except per share amounts) | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Total revenues | $55016 | $49326 | 12% | $158162 | $112132 | 41% |
| Gross loss | (6632) | (10917) | (39%) | (26408) | (35918) | (26%) |
| Loss from operations | (28323) | (41032) | (31%) | (192348) | (158488) | 21% |
| Net loss  | (29341) | (39600) | (26%) | (191372) | (156778) | 22% |
| Net loss attributable to common stockholders | $(30668) | $(42216) | (27%) | $(191099) | $(129209) | 48% |
| Net loss per basic and diluted share attributable to common stockholders <sup>(1)</sup> | $(0.85) | $(2.21) | (62%) | $(7.42) | $(7.83) | (5%) |
| EBITDA\* | $(18505) | $(32250) | (43%) | $(151948) | $(122317) | 24% |
| Adjusted EBITDA\* | $(17678) | $(25343) | (30%) | $(74441) | $(101111) | (26%) |
| Adjusted net loss per basic and diluted share attributable to common stockholders <sup>(1)</sup> \* | $(0.83) | $(1.85) | (55%) | $(4.41) | $(6.54) | (33%) |

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(1) All historic per share figures have been retroactively adjusted to reflect the Company's reverse stock split that became effective on November 8, 2024.

\* Reconciliations of non-GAAP measures EBITDA, Adjusted EBITDA, and Adjusted net loss per basic and diluted share attributable to common stockholders are contained in the appendix to this press release.

**Fourth Quarter of Fiscal 2025 Results**

*(All comparisons are between fourth quarter of fiscal 2025 and fourth quarter of fiscal 2024 unless otherwise noted)*

Fourth quarter revenue of $55.0 million represents an increase of 12% from the comparable prior year

quarter.

● **Product** revenues were $30.0 million compared to $25.4 million in the comparable prior year period. The increase was primarily driven by $30.0 million of revenue recognized under the Company's long-term service agreement with Gyeonggi Green Energy Co., Ltd. ("GGE") for the delivery and commissioning of 10 fuel cell modules for GGE's 58.8 MW fuel cell power platform in Hwaseong-si, Korea (the "GGE Platform").

● **Service agreements** revenues increased to $7.3 million from $5.6 million. The increase in service agreements revenues during the three months ended October 31, 2025 was primarily driven by revenue recognized under the Company's long-term service agreement with GGE ("GGE LTSA") for service provided by the Company to the GGE Platform.

● **Generation** revenues increased to $12.2 million from $12.0 million. The increase in generation revenues for the three months ended October 31, 2025 reflects higher output from plants in the Company's generation operating portfolio during the quarter.

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● **Advanced Technologies** contract revenues decreased to $5.5 million from $6.4 million. Advanced Technologies contract revenues recognized under our Joint Development Agreement with ExxonMobil Technology and Engineering Company ("EMTEC") were approximately $2.8 million, revenues arising from the purchase order received from Esso Nederland B.V. ("Esso"), an affiliate of EMTEC and Exxon Mobil Corporation, related to the Rotterdam project were approximately $1.6 million and revenue recognized under government contracts and other contracts were approximately $1.1 million for the three months ended October 31, 2025. This compares to Advanced Technologies contract revenues recognized under our Joint Development Agreement with EMTEC of approximately $1.8 million, revenue recognized under the Esso purchase order of approximately $3.5 million and revenue recognized under government contracts and other contracts of approximately $1.1 million for the three months ended October 31, 2024.

Gross loss for the fourth quarter of fiscal 2025 totaled $(6.6) million, compared to a gross loss of $(10.9) million in the comparable prior year quarter. The decrease in gross loss for the fourth quarter of fiscal 2025 was primarily related to decreased gross loss from generation revenues, product revenues and service agreements revenues, partially offset by reduced gross margin on Advanced Technologies contract revenues during the fourth quarter of fiscal 2025.

Operating expenses for the fourth quarter of fiscal 2025 decreased to $21.7 million from $30.1 million in the fourth quarter of fiscal 2024, primarily due a $6.2 million decrease in research and development expenses, partially offset by non-cash impairment expense of $1.3 million.

Administrative and selling expenses decreased to $15.2 million during the fourth quarter of fiscal 2025 from $15.9 million during the fourth quarter of fiscal 2024. The decrease in administrative and selling expenses is primarily due to lower compensation expense resulting from the restructuring actions taken in September 2024, November 2024, and June 2025.

Research and development expenses decreased to $5.5 million during the fourth quarter of fiscal 2025 compared to $11.6 million in the fourth quarter of fiscal 2024. The decrease in research and development expenses is primarily due to a decrease in spending on the Company's commercial development efforts related to our solid oxide power generation and electrolysis platforms and carbon separation and carbon recovery solutions compared to the comparable prior year period.

In connection with our June 2025 restructuring plan, the Company evaluated certain asset groups for impairment in the fourth quarter of fiscal 2025. As a result of this analysis, the Company recorded total non-cash impairment expense of $1.3 million. An additional $64.5 million non-cash impairment expense was recognized in the third quarter of fiscal 2025 as a result of actions taken in connection with the Company's June 2025 restructuring plan.

Net loss was $(29.3) million in the fourth quarter of fiscal 2025, compared to net loss of $(39.6) million in the fourth quarter of fiscal 2024.

Net loss attributable to common stockholders was $(30.7) million in the fourth quarter of fiscal 2025, compared to net loss attributable to common stockholders of $(42.2) million in the fourth quarter of fiscal 2024.

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Adjusted EBITDA totaled $(17.7) million in the fourth quarter of fiscal 2025, compared to Adjusted EBITDA of $(25.3) million in the fourth quarter of fiscal 2024. Adjusted net loss attributable to common stockholders totaled $(29.8) million in the fourth quarter of fiscal 2025, compared to Adjusted net loss attributable to common stockholders of $(35.3) million in the fourth quarter of fiscal 2024. Please see the discussion of non-GAAP financial measures, including Adjusted EBITDA and Adjusted net loss attributable to common stockholders, in the appendix at the end of this release. We believe that this improvement in Adjusted EBITDA and Adjusted net loss attributable to common stockholders reflects the early benefits of our cost-saving actions and our sharper focus on our core carbonate platform under our restructuring plan.

The net loss per share attributable to common stockholders in the fourth quarter of fiscal 2025 was $(0.85), compared to $(2.21) in the fourth quarter of fiscal 2024. The decrease in net loss per share attributable to common stockholders is primarily due to the benefit of the higher number of weighted average shares outstanding due to share issuances since October 31, 2024, and the decrease in net loss attributable to common stockholders.

**Cash, Restricted Cash and Short-Term Investments**

Cash and cash equivalents, restricted cash and cash equivalents, and short-term investments totaled $341.8 million as of October 31, 2025, compared to $318.0 million as of October 31, 2024. Of the $341.8 million as of October 31, 2025, unrestricted cash and cash equivalents totaled $278.1 million and restricted cash and cash equivalents totaled $63.7 million. Of the $318.0 million total as of October 31, 2024, unrestricted cash and cash equivalents totaled $148.1 million, short-term investments totaled $109.1 million and restricted cash and cash equivalents totaled $60.8 million. Short-term investments represented the amortized cost of U.S. Treasury Securities outstanding and held by the Company as of October 31, 2024.

During the three months ended October 31, 2025, approximately 16.4 million shares of the Company's common stock were sold under the Company's Open Market Sale Agreement, as amended, at an average sale price of $8.33 per share, resulting in gross proceeds of approximately $136.9 million before deducting sales commissions and fees, and net proceeds to the Company of approximately $134.1 million after deducting sales commissions and fees totaling approximately $2.8 million. Subsequent to the end of the quarter, approximately 1.6 million shares of the Company's common stock were sold under the Company's Open Market Sale Agreement, as amended, at an average sale price of $8.37 per share, resulting in gross proceeds of approximately $13.4 million before deducting sales commissions and fees, and net proceeds to the Company of approximately $13.1 million after deducting sales commissions and fees totaling approximately $0.3 million.

Subsequent to the end of the fiscal year, the Company announced that it has closed a new round of debt financing with EXIM, which we believe marks a continued commitment from EXIM to support the Company's goal of expanding its delivery of utility grade power in international markets through long-term service agreements with companies like GGE in Korea.

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**Backlog**

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| | | | |
|:---|:---|:---|:---|
|  | **As of October 31,** | **As of October 31,** |  |
| (Amounts in thousands) | **2025** | **2024** | **Change** |
| Product | $66155 | $111283 | $(45128) |
| Service | 162406 | 174174 | (11768) |
| Generation | 945215 | 841377 | 103838 |
| Advanced Technologies | 19468 | 35999 | (16531) |
| **Total Backlog** | $1193244 | $1162833 | $30411 |

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Overall, backlog increased by approximately 2.6% to $1.19 billion as of October 31, 2025, compared to $1.16 billion as of October 31, 2024, primarily as a result of the Hartford Project (as defined below) and the long-term service agreement ("LTSA") with CGN-Yulchon Generation Co., Ltd. ("CGN") with respect to CGN's Yulchon facility in Korea (the "CGN Platform"). Backlog by revenue category is as follows:

● Service agreements backlog totaled $162.4 million as of October 31, 2025, compared to $174.2 million as of October 31, 2024. Service agreements backlog includes future contracted revenue from maintenance and scheduled module exchanges for power plants under service agreements. During the twelve months ended October 31, 2025, the Company entered into a LTSA with CGN (the "CGN LTSA") for the CGN Platform. The contract value of the CGN LTSA totaled approximately $31.7 million, of which approximately $7.7 million was allocated to service backlog at the time of the execution of the CGN LTSA and will be recognized as revenue as the Company performs service at the CGN Platform over the term of the CGN LTSA.

● Generation backlog totaled $945.2 million as of October 31, 2025, compared to $841.4 million as of October 31, 2024. Generation backlog represents future contracted energy sales under power purchase agreements ("PPAs") or approved utility tariffs. During the twelve months ended October 31, 2025, the Company entered into a 20-year PPA with Eversource and United Illuminating, pursuant to which the Company will build and operate a 7.4 MW carbonate fuel cell power plant in Hartford, Connecticut (the "Hartford Project"). The electricity generated by the plant will be sold to Eversource and United Illuminating. The revenue over the contract term is expected to total approximately $167.4 million, which has been added to Generation backlog.

● Product backlog totaled $66.2 million as of October 31, 2025, compared to $111.3 million as of October 31, 2024. Product backlog decreased during the year ended October 31, 2025 primarily as a result of the product backlog that was recognized as revenue as the Company completed commissioning of certain replacement modules for the GGE Platform. Under the GGE LTSA, commissioning of the first six 1.4-MW replacement fuel cell modules was completed in the fourth quarter of fiscal year 2024, and commissioning of an additional 22 1.4-MW replacement fuel cell modules was completed in fiscal year 2025. The remaining 14 1.4-MW replacement fuel cell modules are expected to be commissioned in fiscal year 2026. Partially offsetting this decrease was the CGN LTSA, which added $24.0 million to product backlog during the fourth quarter of fiscal year 2025.

● Advanced Technologies contract backlog totaled $19.5 million as of October 31, 2025, compared to $36.0 million as of October 31, 2024. Advanced Technologies contract backlog primarily represents remaining revenue under our Joint Development Agreement with EMTEC and remaining revenue under our government contracts.

The CGN Platform is comprised of four SureSource 3000 molten carbonate fuel cells (each, a "CGN Plant"). Each CGN Plant is comprised of two carbonate fuel cell modules. Pursuant to the CGN LTSA, CGN and the Company have agreed that (i) CGN will purchase from the Company eight carbonate fuel cell modules to replace existing fuel cell modules at the CGN Platform, (ii) the Company will provide certain balance of plant replacement components if and to the extent the parties reasonably determine

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existing components should be replaced, and (iii) the Company will provide long term operations and maintenance services for the CGN Platform. The total amount payable by CGN under the CGN LTSA for the eight replacement fuel cell modules, balance of plant replacement components, and service is $31.7 million USD, with payments to be made over time as such replacement fuel cell modules are commissioned and the service obligations under the CGN LTSA for such CGN Plants commence. This amount was recorded as backlog concurrent with the execution of the CGN LTSA on July 30, 2025.

Backlog represents definitive agreements executed by the Company and our customers. Projects for which we have an executed PPA are included in generation backlog, which represents future revenue under long-term PPAs. The Company's ability to recognize revenue in the future under a PPA is subject to the Company's completion of construction of the project covered by such PPA. Should the Company not complete the construction of the project covered by a PPA, it will forgo future revenues with respect to the project and may incur penalties and/or impairment expenses related to the project. Projects sold to customers (and not retained by the Company) are included in product sales and service agreements backlog, and the related generation backlog is removed upon sale. Together, the service and generation portion of backlog had a weighted average term of approximately 15 years as of October 31, 2025, with weighting based on the dollar amount of backlog and utility service contracts of up to 20 years in duration at inception.

**Conference Call Information**

FuelCell Energy will host a conference call today beginning at 10:00 a.m. ET to discuss fourth quarter and full fiscal year 2025 results as well as key business highlights. Participants can access the live call via webcast on the Company's website or by telephone as follows:

● The live webcast of the call and supporting slide presentation will be available at www.fuelcellenergy.com . To listen to the call, select "Investors" on the home page located under the "Our Company" pull-down menu, proceed to the "Events & Presentations" page and then click on the "Webcast" link listed under the December 18th earnings call event, or click here .

● Alternatively, participants can dial 888-330-3181 and state FuelCell Energy or the conference ID number 1099808.

The replay of the conference call will be available via webcast on the Company's Investors' page at www.fuelcellenergy.com approximately two hours after the conclusion of the call.

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**Cautionary Language** 

*This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or our future financial performance that involve certain contingencies and uncertainties. The forward-looking statements include, without limitation, statements with respect to the Company's anticipated financial results and statements regarding the Company's plans and expectations regarding the continuing development, commercialization and financing of its current and future fuel cell technologies, the Company's business plans and strategies, the Company's plan to reduce operating costs, the capabilities of the Company's products, and the markets in which the Company expects to operate. Projected and estimated numbers contained herein are not forecasts and may not reflect actual results. These forward-looking statements are not guarantees of future performance, and all forward-looking statements are subject to risks and uncertainties, known and unknown, that could cause actual results and future events to differ materially from those projected. Factors that could cause such a difference include, without limitation: general risks associated with product development and manufacturing; general economic conditions; changes in interest rates, which may impact project financing; supply chain disruptions; changes in the utility regulatory environment; changes in the utility industry and the markets for distributed generation, distributed hydrogen, and fuel cell power plants configured for carbon capture or carbon separation; potential volatility of commodity prices that may adversely affect our projects; availability of government subsidies and economic incentives for alternative energy technologies; our ability to remain in compliance with U.S. federal and state and foreign government laws and regulations; our ability to maintain compliance with the listing rules of The Nasdaq Stock Market; rapid technological change; competition; the risk that our bid awards will not convert to contracts or that our contracts will not convert to revenue; market acceptance of our products; changes in accounting policies or practices adopted voluntarily or as required by accounting principles generally accepted in the United States; factors affecting our liquidity position and financial condition; government appropriations; the ability of the government and third parties to terminate their development contracts at any time; the ability of the government to exercise "march-in" rights with respect to certain of our patents; our ability to successfully market and sell our products internationally; delays in our timeline for bringing commercially viable products to market; our ability to develop additional commercially viable products in the future; our ability to implement our strategy; our ability to reduce our levelized cost of energy and deliver on our cost reduction strategy generally; our ability to protect our intellectual property; litigation and other proceedings; the risk that commercialization of our new products will not occur when anticipated or, if it does, that we will not have adequate capacity to satisfy demand; our need for and the availability of additional financing; our ability to generate positive cash flow from operations; our ability to service our long-term debt; our ability to increase the output and longevity of our platforms and to meet the performance requirements of our contracts; our ability to expand our customer base and maintain relationships with our largest customers and strategic business allies; the risk that our restructuring plans will not result in the intended benefits or savings or will result in unanticipated costs; the risk that our restructuring plans will yield unintended consequences to our remaining workforce and results of operations; and our ability to reduce operating costs, as well as other risks set forth in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2025. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.* 

**About FuelCell Energy**

FuelCell Energy, Inc. provides clean, reliable future-ready solutions that allow customers to access power faster and manage their emissions while keeping their operations running. Our efficient, scalable, and fuel-flexible systems—running on natural gas, biofuels, or hydrogen—provide steady baseload, grid-independent electricity

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worldwide. With more than 55 years of expertise and nearly 200 modules deployed, we help customers achieve their immediate and future energy goals. Learn more at www.fuelcellenergy.com.

Contact:

FuelCell Energy Investor Relations

ir@fce.com

FuelCell Energy Media Relations

kblomquist@fce.com

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**FUELCELL ENERGY, INC.**

**Consolidated Balance Sheets**

*(Unaudited)*

**(Amounts in thousands, except share and per share amounts)**

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| | | |
|:---|:---|:---|
|  | **October 31,**<br>**2025** | **October 31,**<br>**2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, unrestricted  | $278099 | $148133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash and cash equivalents – short-term | 16601 | 12161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments – short-term  | - | 109123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 3999 | 11751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled receivables | 49008 | 36851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 86196 | 113703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 15907 | 12736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 449810 | 444458 |
| Restricted cash and cash equivalents – long-term | 47092 | 48589 |
| Inventories – long-term | 3216 | 2743 |
| Project assets, net | 216847 | 242131 |
| Property, plant and equipment, net | 96436 | 130686 |
| Operating lease right-of-use assets, net | 11232 | 8122 |
| Goodwill | - | 4075 |
| Intangible assets, net | 3891 | 14779 |
| Other assets | 103622 | 48541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets <sup>(1)</sup> | $932146 | $944124 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | $15847 | $15924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 932 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 17009 | 22585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 31318 | 30362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 2733 | 4226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 67839 | 73904 |
| Long-term deferred revenue | 5985 | 3010 |
| Long-term operating lease liabilities | 11954 | 8894 |
| Long-term debt and other liabilities | 115227 | 130850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities <sup>(1)</sup> | 201005 | 216658 |
| Redeemable Series B preferred stock (liquidation preference of $64,020 as of October 31, 2025 and October 31, 2024) | 59857 | 59857 |
| Total equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity:<br>Common stock ($0.0001 par value); 1,000,000,000 shares authorized as of October 31, 2025 and October 31, 2024; 46,075,237 and 20,375,932 shares issued and outstanding as of October 31, 2025 and October 31, 2024, respectively) | 5 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2493318 | 2300031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (1829449) | (1641550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1695) | (1561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, Common, at cost (44,913 and 12,543 shares as of October 31, 2025 and October 31, 2024, respectively) | <br>(1406) | (1198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation | 1406 | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 662179 | 656922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 9105 | 10687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 671284 | 667609 |
| Total liabilities, redeemable Series B preferred stock and total equity | $932146 | $944124 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) As of October 31, 2025 and October 31, 2024, the combined assets of the variable interest entities ("VIEs") were $325,661 and $311,723, respectively, that can only be used to settle obligations of the VIEs. These assets include cash of $2,490, accounts receivable of $722, unbilled accounts receivable of $12,865, operating lease right of use assets of $1,643, other current assets of $162,005, restricted cash and cash equivalents of $731, project assets of $141,414, derivative assets of $2,047 and other assets of $1,743 as of October 31, 2025, and cash of $2,891, accounts receivable of $674, unbilled accounts receivable of $9,479, operating lease right of use assets of $1,663, other current assets of $135,756, restricted cash and cash equivalents of $639, project assets of $157,604 and other assets of $3,018 as of October 31, 2024. The combined liabilities of the VIEs as of October 31, 2025 include short-term operating lease liabilities of $204, accounts payable of $198,736, accrued liabilities of $1,222, long-term operating lease liability of $2,123, derivative liability of $21 and other non-current liabilities of $307 and, as of October 31, 2024, include short-term operating lease liabilities of $204, accounts payable of $181,274, accrued liabilities of $341, deferred revenue of $20, derivative liabilities of $3,693, long-term operating lease liability of $2,142 and other non-current liabilities of $240.

------

**FUELCELL ENERGY, INC.**

**Consolidated Statements of Operations and Comprehensive Loss**

*(Unaudited)*

**(Amounts in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** <br>**October 31,** | **Three Months Ended** <br>**October 31,** |
|  | **2025** | **2024** |
| Revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product | $30030 | $25425  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 7276 | 5572  |
| &nbsp;&nbsp;&nbsp;&nbsp;Generation | 12188 | 11962  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Technologies | 5522 | 6367  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 55016 | 49326  |
| Costs of revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product | 34473  | 30072  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 8257  | 6797  |
| &nbsp;&nbsp;&nbsp;&nbsp;Generation | 14932  | 18782  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Technologies | 3986  | 4592  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs of revenues | 61648 | 60243  |
| Gross loss | (6632) | (10917) |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and selling expenses | 15177 | 15945  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development expenses | 5456 | 11608  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment expense | 1314 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring expense | (256) | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 21691 | 30115 |
| Loss from operations | (28323) | (41032) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (2675) | (2522) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1956 | 2994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (expense) income, net | (286) | 983 |
| Loss before provision for income taxes | (29328) | (39577) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | (13) | (23) |
| Net loss | (29341) | (39600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interest | 527 | 1816 |
| Net loss attributable to FuelCell Energy, Inc.  | (29868) | (41416) |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B preferred stock dividends | (800) | (800) |
| Net loss attributable to common stockholders | $(30668) | $(42216) |
| Loss per share basic and diluted: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss per share attributable to common stockholders | $(0.85) | $(2.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted weighted average shares outstanding | 36159324 | 19063628 |

---

------

**FUELCELL ENERGY, INC.**

**Consolidated Statements of Operations and Comprehensive Loss**

*(Unaudited)*

**(Amounts in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**October 31,** | **Year Ended** <br>**October 31,** |
|  | **2025** | **2024** |
| Revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product | $69129 | $25675  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 20398 | 9969  |
| &nbsp;&nbsp;&nbsp;&nbsp;Generation | 48013 | 49975  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Technologies | 20622 | 26513  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 158162 | 112132  |
| Costs of revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product | 82853 | 39582  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 22634 | 11098  |
| &nbsp;&nbsp;&nbsp;&nbsp;Generation | 63967 | 79861  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Technologies | 15116 | 17509  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs of revenues | 184570 | 148050  |
| Gross loss | (26408) | (35918) |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and selling expenses | 60743 | 64604  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development expenses | 34079 | 55404  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment expense | 65781 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring expense | 5337 | 2562  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 165940 | 122570  |
| Loss from operations | (192348) | (158488) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (10378) | (9690) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 8313 | 13720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 3178 | (2295) |
| Loss before provision for income taxes | (191235) | (156753) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | (137) | (25) |
| Net loss | (191372) | (156778) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interest | (3473) | (30769) |
| Net loss attributable to FuelCell Energy, Inc.  | (187899) | (126009) |
| &nbsp;&nbsp;&nbsp;&nbsp;Series B preferred stock dividends | (3200) | (3200) |
| Net loss attributable to common stockholders | $(191099) | $(129209) |
| Loss per share basic and diluted: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss per share attributable to common stockholders | $(7.42) | $(7.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted weighted average shares outstanding | 25743252 | 16505257 |

---

------

**Appendix**

**Non-GAAP Financial Measures**

Financial results are presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Management also uses non-GAAP measures to analyze and make operating decisions on the business. Earnings before interest, taxes, depreciation and amortization ("EBITDA"), Adjusted EBITDA, Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders are non-GAAP measures of operations and operating performance by the Company.

These supplemental non-GAAP measures are provided to assist readers in assessing operating performance. Management believes EBITDA, Adjusted EBITDA, Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders are useful in assessing performance and highlighting trends on an overall basis. Management also believes these measures are used by companies in the fuel cell sector and by securities analysts and investors when comparing the results of the Company with those of other companies. EBITDA differs from the most comparable GAAP measure, net loss attributable to the Company, primarily because it does not include finance expense, income taxes and depreciation of property, plant and equipment and project assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation, impairment and restructuring expenses, non-cash (gain) loss on derivative instruments and other unusual items, which are considered either non-cash or non-recurring. Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders differ from the most comparable GAAP measures, Net loss attributable to common stockholders and Net loss per share attributable to common stockholders, primarily because they do not include stock-based compensation, impairment and restructuring expenses, non-cash (gain) loss on derivative instruments and other unusual items, which are considered either non-cash or non-recurring.

While management believes that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these measures. The measures are not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to differences in the exact method of calculation. The Company's non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.

The following table calculates EBITDA and Adjusted EBITDA and reconciles these figures to the GAAP financial statement measure Net loss.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended October 31,** | **Three Months Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| (Amounts in thousands) | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(29341) | $(39600) | $(191372) | $(156778) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization <sup>(1)</sup> | 9818 | 8782 | 40400 | 36171  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 13 | 23 | 137 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense (income), net <sup>(2)</sup> | 286 | (983) | (3178) | 2295  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | (1956) | (2994) | (8313) | (13720) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 2675 | 2522 | 10378 | 9690 |
| EBITDA | $(18505) | $(32250) | $(151948) | $(122317) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 2431 | 2537 | 11088 | 11764  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on natural gas contract derivative assets <sup>(3)</sup> | (2662) | 1808 | (4699) | 6880  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment expense <sup>(4)</sup> | 1314 | - | 65781 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring expense | (256) | 2562 | 5337 | 2562 |
| Adjusted EBITDA | $(17678) | $(25343) | $(74441) | $(101111) |

---

------

The following table calculates Adjusted net loss attributable to common stockholders and reconciles that figure to the GAAP financial statement measure Net loss attributable to common stockholders, and calculates Adjusted net loss per share attributable to common stockholders.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended October 31,** | **Three Months Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| (Amounts in thousands except share and per share amounts) | **2025** | **2024** | **2025** | **2024** |
| Net loss attributable to common stockholders | $(30668) | $(42216) | (191099) | (129209) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 2431 | 2537 | 11088 | 11764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on natural gas contract derivative assets <sup>(3)</sup> | (2662) | 1808 | (4699) | 6880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment expense <sup>(4)</sup> | 1314 | - | 65781 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring expense | (256) | 2562 | 5337 | 2562 |
| Adjusted net loss attributable to common stockholders | $(29841) | $(35309) | $(113592) | $(108033) |
| Net loss per share attributable to common stockholders | $(0.85) | $(2.21) | $(7.42) | $(7.83) |
| Adjusted net loss per share attributable to common stockholders | $(0.83) | $(1.85) | $(4.41) | $(6.54) |
| Basic and diluted weighted average shares outstanding | 36159324 | 19063628 | 25743252 | 16505257 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes depreciation and amortization on our Generation portfolio of $8.0 million and $32.4 million for the three months and year ended October 31, 2025, respectively, and $6.9 million and $28.2 million for the three months and year ended October 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Other expense (income), net includes gains and losses from transactions denominated in foreign currencies, interest rate swap income earned from investments and other items incurred periodically, which are not the result of the Company's normal business operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Company recorded a mark-to-market net gain of $2.7 million and $4.7 million for the three months and year ended October 31, 2025, respectively, and a mark-to-market net loss of $1.8 million and $6.9 million for the three months and year ended October 31, 2024, respectively, related to natural gas purchase contracts as a result of net settling certain natural gas purchases under previous normal purchase normal sale contract designations, which resulted in a change to mark-to-market accounting. These gains and losses are classified as Generation cost of sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Company recorded a non-cash impairment expense of $1.3 million and $65.8 million for the three months and year ended October 31, 2025, respectively, related to the Company's prior investments in solid oxide technology, related goodwill and in-process research and development intangible assets, property, plant and equipment, solid oxide inventory and purchase order commitments.

------

## Exhibit 99.2

#### Exhibit 99.2

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy 1 Fourth Quarter and Full Fiscal Year 2025 Financial Results & Business Update A rendering of a 50-MW FuelCell Energy data center installation© 2025 FuelCell Energy Exhibit 99.2 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or our future financial performance that involve certain contingencies and uncertainties. The forward-looking statements include, without limitation, statements with respect to the Company's anticipated financial results and statements regarding the Company's plans and expectations regarding the continuing development, commercialization and financing of its current and future fuel cell technologies, the expected timing of completion of the Company's ongoing projects, the expected timing of module replacements, the Company's business plans and strategies, the Company's plan to reduce operating costs, the Company's plans and ability to achieve positive Adjusted EBITDA, the capabilities of the Company's products, and the markets in which the Company expects to operate. Projected and estimated numbers contained herein are not forecasts and may not reflect actual results. These forward-looking statements are not guarantees of future performance, and all forward-looking statements are subject to risks and uncertainties, known and unknown, that could cause actual results and future event to differ materially from those projected. Factors that could cause such a difference include, without limitation: general risks associated with product development and manufacturing; general economic conditions; changes in interest rates, which may impact project financing; supply chain disruptions; changes in the utility regulatory environment; changes in the utility industry and the markets for distributed generation, distributed hydrogen, and fuel cell power plants configured for carbon capture or carbon separation; potential volatility of commodity prices that may adversely affect our projects; availability of government subsidies and economic incentives for alternative energy technologies; our ability to remain in compliance with U.S. federal and state and foreign government laws and regulations; our ability to maintain compliance with the listing rules of The Nasdaq Stock Market; rapid technological change; competition; the risk that our bid awards will not convert to contracts or that our contracts will not convert to revenue; market acceptance of our products; changes in accounting policies or practices adopted voluntarily or as required by accounting principles generally accepted in the United States; factors affecting our liquidity position and financial condition; government appropriations; the ability of the government and third parties to terminate their development contracts at any time; the ability of the government to exercise "march - in" rights with respect to certain of our patents; our ability to successfully market and sell our products internationally; delays in our timeline for bringing commercially viable products to market; our ability to develop additional commercially viable products in the future; our ability to implement our strategy; our ability to reduce our levelized cost of energy and deliver on our cost reduction strategy generally; our ability to protect our intellectual property; litigation and other proceedings; the risk that commercialization of our new products will not occur when anticipated or, if it does, that we will not have adequate capacity to satisfy demand; our need for and the availability of additional financing; our ability to generate positive cash flow from operations; our ability to service our long-term debt; our ability to increase the output and longevity of our platforms and to meet the performance requirements of our contracts; our ability to expand our customer base and maintain relationships with our largest customers and strategic business allies; the risk that our restructuring plans will not result in the intended benefits or savings; the risk that our restructuring plans will result in unanticipated costs; the risk that our restructuring plans will yield unintended consequences to our remaining workforce and results of operations; our ability to reduce operating costs; and our ability to achieve positive Adjusted EBITDA, as well as other risks set forth in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2025. The forward-looking statements contained herein speak only as of the date of this presentation. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based. The Company refers to non-GAAP financial measures in this presentation. The Company believes that this information is useful to understanding its operating results and assessing performance and highlighting trends on an overall basis. Please refer to Company's earnings release and the appendix to this presentation for further disclosure and reconciliation of non-GAAP financial measures. (As used herein, the term "GAAP" refers to generally accepted accounting principles in the U.S.) The information set forth in this presentation is qualified by reference to, and should be read in conjunction with, our Annual Report on Form 10-K for the fiscal year ended October 31, 2025, filed with the SEC on December 18, 2025, and our earnings release for the fourth quarter and fiscal year ended October 31, 2025, filed as an exhibit to our Current Report on Form 8-K filed with the SEC on December 18, 2025. Safe Harbor Statement 2 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy FuelCell Energy is an American clean technology and manufacturing company providing large-scale, continuous power and emissions management solutions. A global leader in electrochemical technology: 1 Who we are ¹ The metrics provided are as of October 31, 2025, unless otherwise provided. ² Since 2003. 3 Patents held by FuelCell Energy, Inc., and our subsidiary, Versa Power Systems, Inc., as of October 31, 2025. 4 Represents all modules deployed since 2003 (some of which are no longer operating). 14 MW Derby, CT 1969 22 553 17 1 FCEL Years of proven baseload power generation Founded in Danbury, CT Global patents covering our fuel cell technology 3 Million MWh generated 2 Only fuel cell company with projects of 10 MW+ in operation for ~10 years Listing: NASDAQ 687 Modules deployed 4 FuelCell Energy Snapshot 3 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy 4 Focusing on data center strategy AI-driven demand is creating new opportunities • Growth in electricity demand continues to outpace grid capacity expansion • Behind-the-meter solutions are in demand Scaling manufacturing capacity Higher utilization and disciplined operations support future margin expansion and pathway to achieving positive Adjusted EBITDA results • Operating at a 41 MW per year annualized production rate as of October 31, 2025 • Potential to accommodate an estimated annualized production capacity of up to 350 MW per year in Torrington, CT with additional capital investments • Fiscal 2026 strategy will emphasize potential margin expansion through higher production utilization and sustained cost discipline Financing capacity enables growth Strong Balance Sheet / Cash Position and the potential for expanded financing options expected to support faster deployment and larger project execution • Ended fiscal 2025 with $341.8 million of total cash, restricted cash and cash equivalents • EXIM-backed projects in Korea demonstrate repeatable, scalable financial framework for future project funding • Expect to benefit from capital recycling from existing projects Positioned to win in emerging power markets Policy incentives and platform differentiation support long-term adoption • Policy certainty through the Investment Tax Credit and 45Q carbon capture incentive underpins long-term project economics • FCEL's systems provide clean, dispatchable alternatives for mission - critical operations with flexible siting near the point of use • FCEL's U.S. - based manufacturing is a strategic advantage Entering Fiscal 2026 with strong momentum Commercial momentum supported by a growing pipeline • Focused on converting pipeline into executed contracts and backlog across data center, distributed generation, and carbon capture projects • Strengthened balance sheet and enhanced liquidity position Key Messages 2 3 1 4 5 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy 5 Our carbonate fuel cells are uniquely positioned to address macro trends driving global electricity demand growth Addressing Global Electricity Demand and Bottlenecks AI and cloud workloads are driving electricity demand beyond what current grid infrastructure can deliver Demand Surge From AI/Cloud FCEL has the capability to rapidly deploy modular, high power density carbonate fuel cells in order to bring multi-MW data center capacity online in months Securing new high-voltage interconnections or substation builds can take 5–7 years or more Long Utility Interconnection Timelines FCEL's systems do not require utility interconnection when operating in off-grid mode and are a durable baseload alternative Large-scale behind-the-meter generation requires 3–5 year procurement and construction timelines Gas Turbine Queues FCEL offers an alternative with comparable cost of energy, accelerated revenue capture and reduced permitting risk Environmental & Permitting Constraints FCEL's platforms have virtually no NOx or SOx, significantly lower CO₂ and unique carbon capture capability Limited availability of sites with pre-positioned power Scarcity of Powered Land 1.25 MW building blocks can deliver scale as power needs grow; relationship with Diversified Energy to focus on gas supply in key markets Driver FCEL Solution Stringent NOx/CO₂ emissions caps and local opposition make traditional gas generation difficult |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy 6 Use our carbonate fuel cells to capitalize on baseload power demand and leverage complementary technology innovations to drive upside FuelCell Energy's Operating Strategy • Make targeted investments in production capacity expansion to support expected demand. • Leverage the policy benefits provided by the OBBBA in the U.S., which includes a 30% Investment Tax Credit for fuel cell projects. • Partner with best-in-class companies to integrate our solutions into emerging data center distributed generation solutions to deliver enhanced value. Growing revenue and expanding product and manufacturing capabilities based on market demand: • Capitalize on our 22-year track record of delivering baseload power, with the goal of meeting large scale data center opportunities and continuing to fulfill industrial opportunities. • Drive differentiated product and cost improvements with respect to our core carbonate platform. • Expand the use of our core carbonate platform in global markets that are aligned with strong product fit. Focusing on our core carbonate platform: • Leverage the flexibility of our core carbonate platform, with the goal of addressing diverse data center needs. • Utilize carbon capture product innovations (currently under development) to meet expected market demand. • Deepen and expand blue-chip partnerships to accelerate technology commercialization and large-scale deployment. Innovating for the future: Focus Scale Innovate |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy Commercial Update 7 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy 8 Market Opportunities: South Korean Market Fuel Cell Energy is a well-established player in the largest fuel cell market in the world Gyeonggi Green Energy - 58.8 MW fuel cell park provides power and heat to local homes. 2. Under MOU 1. Current Backlog Gyeonggi Green Energy (GGE) CGN-Yulchon Generation Co., Ltd. (CGN) Noeul Green Energy (NGE) Korea Southern Power Company (KOSPO) 3. Future New Project & Repower Opportunities 58 MW 10 MW 20 MW 20 MW Inuverse 100 MW |

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| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy 9 Incentives Projects can qualify for federal, state and local incentives; including U.S. Federal 30% ITC & 45Q Integrations Compatible with microgrid controller, BESS, turbines, gensets, solar, wind and Organic Rankine Cycle Modular Scalability 1.25-MW building blocks, up to 33 MW/acre density, can be deployed to meet rapidly growing demand Superior Efficiency Absorption chilling and exhaust energy increase efficiency and lower costs vs. engines and turbines Streamlined Permitting Low-to-zero emissions profile enables expedited or exempt air permitting in the toughest air districts; near silent operations Reliability Baseload power delivered to critical loads continuously, up to 20% /min ramp rate and proven in island-mode operation A rendering of a 50-MW FuelCell Energy data center installation The Case for Carbonate Fuel Cells for Data Centers Proven large-scale experience with industrial applications and the only fuel cell manufacturer with 1) demonstrated utility scale platforms of over 10, 20 and 50 MW, 2) more than 7 years of continuous run-time and 3) more than 17 million MWh of power generated 1 1 Since 2003.  |

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| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy Scalable U.S. Manufacturing Supports Our Expansion Capacity utilization at Torrington expected to drive future profitability 10 Scalable manufacturing footprint Torrington, CT factory able to ramp to an estimated annualized production capacity of up to 350 MW per year with additional capital investment, automation and outsourcing2 FuelCell Energy \| Torrington factory, CT 100 MW of Existing Capacity 1 MW 41 MW 100 MW Scalable supply chain Today's Annualized Production Rate 1 Future Annualized Production Rate - Targeting Positive Adjusted EBITDA • 90% U.S.-based suppliers • Not reliant on rare-earth elements 1 As of October 31, 2025, the Torrington facility was operating at a 41 MW per year annualized production rate on a single production shift. Maximum annualized capacity (module manufacturing, final assembly, testing and conditioning) is 100 MW per year under the Torrington facility's current configuration when being fully utilized. 2 Including investments in machinery, equipment, tooling, labor, outsourcing of certain processes and inventory. |

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| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy Financial Update 11 |

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| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy (Amounts in millions, except per share amounts) 2025 2024 2025 2024 Total revenue $55.0 $49.3 $158.2 $112.1 Loss from Operations $(28.3) $(41.0) $(192.3) $(158.5) Net loss $(29.3) $(39.6) $(191.4) $(156.8) Net loss attributable to common stockholders $(30.7) $(42.2) $(191.1) $(129.2) Net loss per share attributable to common stockholders 1 $(0.85) $(2.21) $(7.42) $(7.83) Adjusted EBITDA 2 $(17.7) $(25.3) $(74.4) $(101.1) Adjusted net loss per share attributable to common stockholders 1, 2 $(0.83) $(1.85) $(4.41) $(6.54) 12 Fiscal Year 2025 Operating Performance (FYE = 10/31) (Q4) Three Months Ended October 31, (FY) Twelve Months Ended October 31, 1 Historic per share information reflects the impact of the reverse stock split implemented on November 8, 2024. 2 Reconciliations of Adjusted EBITDA and Adjusted net loss per share attributable to common stockholders to most directly comparable GAAP financial measures is included in the appendix. |

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| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy $(6.6) $(10.9) $(21.7) $(30.1) Q4 2025 Q4 2024 13 Revenue Breakdown ($M) Q4 2025 Total Revenue: $55.0 million 54.5% 13.3% 22.2% 10.0% Product Service Generation Advanced Technologies $5.5 $7.3 $30.0 $12.2 Gross Loss and Operating Expenses ($M)1 Gross Loss Operating Expenses $0.16 $0.17 $0.95 $0.84 $0.02 $0.04 $0.07 $0.11 10/31/25 10/31/2024 Service Generation Adv. Tech. Product $1.16 $1.19 Backlog ($B) 1 Operating expenses for the fourth quarter of fiscal 2025 decreased to $21.7 million from $30.1 million in the fourth quarter of fiscal 2024, primarily due a $6.2 million decrease in research and development expenses, partially offset by non-cash impairment expenses of $1.3 million. Q4 Fiscal 2025 Financial Performance and Backlog  |

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| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy Our liquidity position has enabled us to execute on our strategic initiatives through investment in manufacturing and R&D (advanced product development) • $341.8M in total cash (including restricted cash and equivalents) as of October 31, 2025 • Sale of 16.4 million shares of common stock during the 4 th quarter resulted in gross proceeds of $136.9 million1 • Subsequent to quarter end: Closed new debt financing round with the Export-Import Bank of the United States (EXIM), resulting in ~$25M of gross proceeds Focused on cash management including significant reductions in operating costs compared to fiscal year 2024 Inventory being deployed to support Korea repowering projects • Deployment of modules to GGE expected to continue as follows: • 22 1.4-MW replacement fuel cell modules were commissioned in fiscal year 2025 • 14 1.4-MW replacement fuel cell modules are expected to be commissioned in fiscal year 2026 • Deployment of modules to CGN expected to commence and be completed as follows: • 8 carbonate fuel cell modules are expected to be commissioned in fiscal year 2026 148.1 278.1 174.7 278.1 109.1 60.8 63.7 62.2 63.7 10/31/24 10/31/25 7/31/25 10/31/25 Cash and Equivalents & Short-Term Treasury Securities ($M) Restricted Short-term Investments in U.S. Treasury Securities Unrestricted $318.0 $341.8 $341.8 Year-over-Year Sequential Quarters $236.9 1 Net proceeds to the Company of approximately $134.1 million after deducting sales commissions and fees totaling approximately $2.8 million. 14 Cash and Liquidity FCEL has a strong cash balance which affords significant runway to pursue our focused strategy |

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| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy Thank you 15 |

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| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy Appendix 16 |

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| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy 17 Non-GAAP Financial Measures Financial results are presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Management also uses non-GAAP measures to analyze and make operating decisions on the business. Earnings before interest, taxes, depreciation and amortization ("EBITDA"), Adjusted EBITDA, Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders are non-GAAP measures of operations and operating performance by the Company. These supplemental non-GAAP measures are provided to assist readers in assessing operating performance. Management believes EBITDA, Adjusted EBITDA, Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders are useful in assessing performance and highlighting trends on an overall basis. Management also believes these measures are used by companies in the fuel cell sector and by securities analysts and investors when comparing the results of the Company with those of other companies. EBITDA differs from the most comparable GAAP measure, net loss attributable to the Company, primarily because it does not include finance expense, income taxes and depreciation of property, plant and equipment and project assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation, impairment and restructuring expenses, non-cash (gain) loss on derivative instruments and other unusual items, which are considered either non-cash or non-recurring. Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders differ from the most comparable GAAP measures, Net loss attributable to common stockholders and Net loss per share attributable to common stockholders, primarily because they do not include stock-based compensation, impairment and restructuring expenses, non-cash (gain) loss on derivative instruments and other unusual items, which are considered either non-cash or non-recurring. While management believes that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these measures. The measures are not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to differences in the exact method of calculation. The Company's non - GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP. On the following slides, we calculate EBITDA and Adjusted EBITDA and reconcile these figures to the GAAP financial statement measure Net loss; we calculate Adjusted net loss attributable to common stockholders and reconcile that figure to the GAAP financial statement measure Net loss attributable to common stockholders; and we calculate Adjusted net loss per share attributable to common stockholders. |

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| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy 18 1 Includes depreciation and amortization on our Generation portfolio of $8.0 million and $32.4 million for the three months and year ended October 31, 2025, respectively, and $6.9 million and $28.2 million for the three months and year ended October 31, 2024, respectively. 2 Other expense (income), net includes gains and losses from transactions denominated in foreign currencies, interest rate swap income earned from investments and other items incurred periodically, which are not the result of the Company's normal business operations. 3 The Company recorded a mark-to-market net gain of $2.7 million and $4.7 million for the three months and year October 31, 2025, respectively, and a mark-to-market net loss of $1.8 million and $6.9 million for the three months and year ended October 31, 2024, respectively, related to natural gas purchase contracts as a result of net settling certain natural gas purchases under previous normal purchase normal sale contract designations, which resulted in a change to mark-to-market accounting. These gains and losses are classified as Generation cost of sales. 4 The Company recorded a non-cash impairment expense of $1.3 million and $65.8 million for the three months and year ended October 31, 2025, respectively, related to the Company's prior investments in solid oxide technology, related Goodwill and in-process research and development intangible assets, property, plant and equipment, solid oxide inventory and purchase order commitments. GAAP to Non-GAAP Reconciliation The following table calculates EBITDA and Adjusted EBITDA and reconciles these figures to the GAAP financial statement measure Net loss Three Months Ended October 31, Year Ended October 31, (Amounts in thousands) 2025 2024 2025 2024 Net loss $(29341) $(39600) (191372) (156778) Depreciation and amortization (1) 9,818 8,782 40,400 36,171 Provision for income taxes 13 23 137 25 Other expense (income), net (2) 286 (983) (3178) 2,295 Interest income (1956) (2994) (8313) (13720) Interest expense 2,675 2,522 10,378 9,690 EBITDA $(18505) $(32250) $(151948) $(122317) Stock-based compensation expense 2,431 2,537 11,088 11,764 Unrealized (gain) loss on natural gas contract derivative assets (3) (2662) 1,808 (4699) 6,880 Impairment expense (4) 1,314 - 65,781 - Restructuring expense (256) 2,562 5,337 2,562 Adjusted EBITDA $(17678) $(25343) $(74441) $(101111) |

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| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy 19 GAAP to Non-GAAP Reconciliation The following table calculates Adjusted net loss attributable to common stockholders and reconciles that figure to the GAAP financial statement measure Net loss attributable to common stockholders, and calculates Adjusted net loss per share attributable to common stockholders. Three Months Ended October 31, Year Ended October 31, (Amounts in thousands except share and per share amounts) 2025 2024 2025 2024 Net loss attributable to common stockholders $(30668) $(42216) (191099) (129209) Stock-based compensation expense 2,431 2,537 11,088 11,764 Unrealized (gain) loss on natural gas contract derivative assets (3) (2662) 1,808 (4699) 6,880 Impairment expense (4) 1,314 - 65,781 - Restructuring expense (256) 2,562 5,337 2,562 Adjusted net loss attributable to common stockholders $(29841) $(35309) $(113592) $(108033) Net loss per share attributable to common stockholders $(0.85) $(2.21) $(7.42) $(7.83) Adjusted net loss per share attributable to common stockholders $(0.83) $(1.85) $(4.41) $(6.54) Basic and diluted weighted average shares outstanding 36,159,324 19,063,628 25,743,252 16,505,257 1 Includes depreciation and amortization on our Generation portfolio of $8.0 million and $32.4 million for the three months and year ended October 31, 2025, respectively, and $6.9 million and $28.2 million for the three months and year ended October 31, 2024, respectively. 2 Other expense (income), net includes gains and losses from transactions denominated in foreign currencies, interest rate swap income earned from investments and other items incurred periodically, which are not the result of the Company's normal business operations. 3 The Company recorded a mark-to-market net gain of $2.7 million and $4.7 million for the three months and year ended October 31, 2025, respectively, and a mark-to-market net loss of $1.8 million and $6.9 million for the three months and year ended October 31, 2024, respectively, related to natural gas purchase contracts as a result of net settling certain natural gas purchases under previous normal purchase normal sale contract designations, which resulted in a change to mark-to-market accounting. These gains and losses are classified as Generation cost of sales. 4 The Company recorded a non-cash impairment expense of $1.3 million and $65.8 million for the three months and year ended October 31, 2025, respectively, related to the Company's prior investments in solid oxide technology, related Goodwill and in-process research and development intangible assets, property, plant and equipment, solid oxide inventory and purchase order commitments. |

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| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy 20 Note: Quarters shown are fiscal quarters for fiscal years ending October 31st . Service Business Profile for Module Replacement Projects with LTSA Size of Plant (MW) Module Restack Quantity Est. Date of Next Module Restack United Illuminating - Seaside 2.8 2 Q2-2027 United Illuminating - Glastonbury 2.8 2 Q4-2026 E.ON - Friatec 1.4 1 Q1-2027 E.ON - Radisson 0.4 1 Q1-2028 Pepperidge Farm - 1 1.4 1 Q2-2028 Pepperidge Farm - 2 1.4 1 Q3-2028 KOSPO 2.5 2 Q3-2028 KOSPO 2.5 2 Q3-2029 United Illuminating - Woodbridge 2.2 2 Q1-2029 KOSPO 2.5 2 Q1-2030 KOSPO 10 8 Q2-2030 Trinity College 1.4 1 Q2-2030 KOSPO 2.5 2 Q3-2030 Noeul Green Energy 20 16 Q4-2030 Total under LTSA 53.8 43 • Completed a multi-year fleet upgrade - Replaced ~34 MW of modules over the past 3 years in our service business • Lighter module replacement period continues with more frequent replacements planned for late 2020s • Additional opportunities for LTSAs exist in Korea with current Korean Fuel Cell Energy customers |

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| &nbsp;&nbsp;![GRAPHIC](fcel-20251218xex99d2g021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;© 2025 FuelCell Energy 21 1 Rated capacity is the platform's design rated output as of the date of initiation of commercial operations, except with respe ct to the Groton Project which did not achieve its design rated output of 7.4 MW until December 2023. 2 Quarters for Actual Commercial Operation Date refer to FuelCell Energy fiscal quarters. Central CT State University ("CCSU") Riverside Regional Water Quality Control Plant Pfizer, Inc. Santa Rita Jail Bridgeport Fuel Cell Project Tulare BioMAT San Bernardino LIPA Yaphank Project Groton Project Toyota Derby - CT RFP-2 Derby (SCEF) CCSU (CT University) City of Riverside (CA Municipality) Pfizer, Inc. Alameda County, California Connecticut Light and Power (CT Utility) Southern California Edison (CA Utility) San Bernardino Municipal Water Dept. PSEG/LIPA, LI NY (Utility) CMEEC (CT Electric Co-op) Southern California Edison, Toyota Eversource/United Illuminating (CT Utilities) Eversource/United Illuminating (CT Utilities) New Britain, CT Riverside, CA Groton, CT Dublin, CA Bridgeport, CT Tulare, CA San Bernardino, CA Long Island, NY Groton, CT Los Angeles, CA Derby, CT Derby, CT 1.4 1.4 5.6 1.4 14.9 2.8 1.4 7.4 7.4 2.3 14.0 2.8 Q2 '12 Q4 '16 Q4 '16 Q1 '17 Q1 '13 Q1 '20 Q3 '21 Q1 '22 Q1 '23 Q1'24 Q1'24 Q1'24 15 20 20 20 15 20 20 20 20 20 20 20 62.8 Project Name Power Off-Taker Location Rated Capacity(1) (MW) Actual Commercial Operation Date (2) PPA Term (Years) Total MW Operating FuelCell Energy Owned U.S. Operating Portfolio Overview On-Balance Sheet Generation Operating Portfolio as of October 31, 2025 |

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