FCEL: FQ2'26 Miss, Capacity Target Raised; Raising PT—Stay UW

研报英文原文证据摘录

FCEL: FQ2'26 Miss, Capacity Target Raised; Raising PT—Stay UW

of (-4%). Adjusted EBITDA of ($-17MM) was below consensus of ($-10MM) and our Prior (0.37) E (0.38) E (0.39) E (0.29) E (1.42) E

estimate of ($-8MM). Source: Company Data, Wells Fargo Securities estimates, and Factset.

NA = Not Available, NC = No Change, NE = No Estimate

Capacity Target Raised to 500 MW. FCEL raised fuel cell output target to 500 MW/yr by

Praneeth SatishFY28 up from 350 MW prior. They intend to base their production around new 12.5 MW

Equity Analyst | Wells Fargo Securities, LLC

Energy Block system. We continue to expect ~100 MW/yr run rate achieved in FQ2'28 Praneeth.Satish@wellsfargo.com | 212-214-8056

but now expect ~500 MW/yr run rate in FQ4'29, vs beyond FY2030 prior. We remain Michael Blum

uncertain if FCEL can achieve the ramp on schedule: the co only produced at 36.4 MW/yr Equity Analyst | Wells Fargo Securities, LLC

rate in FQ2'26, up slightly from 32.6 MW/yr in FQ1'26 and 29.9 MW/yr in FQ2'25. Michael.J.Blum@wellsfargo.com | 212-214-5037

Ned Baramov, CFA

Share Issuance To (Mostly) End. Mgmt said they no longer need to issue shares to fund Equity Analyst | Wells Fargo Securities, LLC

operations as they have enough cash & equivalents on hand ($441MM) to fund the Ned.Baramov@wellsfargo.com | 212-214-8021

$200-275MM planned capex. Eric Shiu

Associate Equity Analyst | Wells Fargo Securities, LLC

EBITDA Breakeven Target Remains 100 MW/yr Run Rate. Mgmt continues to expect Eric.Shiu@wellsfargo.com | 212-214-5038

positive EBITDA once the 100 MW/yr run rate is achieved. We continue to expect FCEL Jack Farrell, CFA

to reach this run rate & achieve breakeven in FQ2'28. EBITDA breakeven is dependent on Associate Equity Analyst | Wells Fargo Securities, LLC