What Was Said? Upgrade Feedback

Research evidence excerpt

What Was Said? Upgrade Feedback

USA | Clean Energy

FuelCell EquityJuneResearch29, 2026

FLASH NOTEWhat Was Said? Upgrade Feedback

Bulls believe management can fill in planned expansion capacity and see RATING BUY

growth to 1.5GW over time; bears point to very small 30MW Fit deal size and PRICE $24.00^

counterparty risk. We continue to see the stock as well position small-cap PRICE TARGET | % TO PT $24.00 | 0.00%

fuel cell name to take advantage of BTM play with a 5 GW pipeline. A single 52W HIGH-LOW $27.69 - $3.78

data center order could fill 2027 capacity. Further upside if traction supports FLOAT (%) | ADV MM (USD) 100.2% | 302.04

expansion beyond 500 MW toward 1 GW+ capacity. (See our upgrade note.) MARKET CAP $1.3B

TICKER FCEL

Main push back against our upgrade - Counterparty risk and only a downpayment for a 30MW ^Prior trading day's closing price unless otherwise noted.

firm contract. The Fit Energy CEPA is less concerning than the market was pricing on the

announcement. Fit Energy is a dedicated SPV sitting alongside 5C Data Centers and Hypertec

inside the same Fit Ventures family office. While the end customer has not been named, Hypertec's

deployment of NVIDIA Blackwell clusters for Together AI at 5C Data Centers sites validates that 5C and Exhibit 1 - Base Case vs Upside Case

Production Volume RampHypertec are established AI infrastructure players with a credible data center development pipeline. 500

5C is backed by $835mn from Brookfield and Deutsche Bank with a 2 GW U.S. data center roadmap, 400300

$220the 380 MW CEPA would represent 19% of that if fully allocated within their portfolio. Brookfield 200 $184

$114 $101 $134is separately linked to FCEL through T5's Fairfax County project, reinforcing that fuel cell baseload 100 $63

$19