FuelCell Energy Demand Expected to Outpace Supply as Capacity Ramps, Oppenheimer Says

12:17 PM EDT, 09/29/2026 (MT Newswires) -- FuelCell Energy's (FCEL) demand is expected to remain well ahead of supply as it ramps production capacity to 500 megawatts a year by fiscal 2029, Oppenheimer said in a Tuesday note. Analysts said the company's volume growth is expected to enable substantial operating leverage, with a healthy balance sheet bridging it to positive cash flow as it expands. Oppenheimer said that FuelCell's multi-year restructuring and repositioning have clarified its path to profitability. The investment firm forecast a revenue ramp at a significant discount to targeted capacity expansion, with production set to reach 285 megawatts by fiscal 2030 and revenue reaching $932 million. Oppenheimer initiated coverage on the stock with an outperform rating and a $24 price target. Shares of FuelCell were up 5.6% in Tuesday afternoon trading. Price: 17.04, Change: +0.90, Percent Change: +5.58