Shares of FuelCell Energy Inc. (FCEL) fell more than 10% after the company reported disappointing second quarter (Q2) 2026 results. The company recorded a loss of $1.45 per share and a revenue of $35.6 million, both of which were below analyst expectations. Despite a significant increase in its project pipeline to 4 gigawatts, representing a growth of over 250% from the previous quarter, investor sentiment remains cautious. Concerns about the company's ability to convert proposals into actual contracts have led to bearish sentiment among retail traders, particularly on platforms like Stocktwits, where discussions spiked significantly. FuelCell's gross loss rose to $12.9 million, and its operating loss more than doubled to $77.9 million compared to the same period last year. The company's CFO attributed part of the loss to a non-cash impairment related to the Groton project. Despite the challenges, CEO Jason Few expressed confidence in the company’s pipeline, which is heavily focused on data center opportunities.