Investing.com -- FuelCell Energy Inc (NASDAQ: FCEL) shares rose 9% in premarket trading Tuesday after Oppenheimer initiated coverage on the company with an Outperform rating and a $24.00 price target. The investment firm highlighted the company's positioning as a "differentiated provider" of firm, on-site power solutions tailored for the rapidly expanding data center market.

Commercial traction remains strong, Rusch noted, backed by a $3.3 billion backlog, a project pipeline exceeding 10 gigawatts, and over 450 megawatts in signed capacity agreements. These metrics provide significant visibility into the absorption of incremental capacity as the company executes its growth strategy.

FuelCell Energy exited its third fiscal quarter of 2026 with approximately $737 million in cash, offering a robust financial cushion. Management expects this liquidity runway to bridge operations through its production ramp until the company achieves positive cash flow.

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