FuelCell Energy, Inc.

FUELCELL ENERGY, INC. (NASDAQ: FCEL) INVESTIGATION: Johnson Fistel Investigates Potential Securities Claims

SAN DIEGO, September 2, 2026 — Johnson Fistel, PLLP, a leading stockholder rights law firm, is investigating FuelCell Energy, Inc. (NASDAQ: FCEL) on behalf of investors who may have suffered losses following the Company’s recent public stock offering and subsequent disclosure of significant costs and losses associated with a commercial agreement.

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Why Is Johnson Fistel Investigating FuelCell Energy?

In July 2026, FuelCell Energy completed an underwritten public offering of common stock at $21.00 per share, generating approximately $245 million in net proceeds. The Company stated that it intended to use the proceeds, among other purposes, to fund manufacturing capacity expansion to support anticipated growth.

The offering followed FuelCell Energy’s announcement of a commercial agreement with Fit Energy. FuelCell highlighted an initial committed 30 MW deployment, with potential future phases totaling up to approximately 380 MW. The Company also stated that the agreement further validated its decision to expand manufacturing capacity toward 500 MW.

On September 2, 2026, FuelCell reported its fiscal third-quarter results and disclosed, among other matters, that its current product costs and manufacturing overhead exceeded the contractual pricing established under the Fit Energy agreement. FuelCell reported approximately $17 million in inventory write-downs and losses associated with firm purchase commitments related to the initial phase of the agreement.

Following the announcement, FuelCell shares declined sharply in early morning trading on September 2, 2026.

Johnson Fistel is investigating whether FuelCell Energy adequately disclosed, at the time of the July 2026 public offering, material information concerning its manufacturing costs, the expected economics of the Fit Energy agreement, manufacturing utilization, anticipated profitability, and other information relevant to investors evaluating the Company’s expansion plans and the public offering.

About Johnson Fistel, PLLP | Top Law Firm, Securities Fraud, Investor Rights

Johnson Fistel, PLLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. The firm also represents foreign investors who have purchased securities on U.S. exchanges.

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