FUELCELL ENERGY INC (FCEL) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: March 09, 2026

Risk Assessment Details

Potential Dilution: 18.47% of current shares
Recent Dilution: 116.72% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
48M
Potential Supply
8.9M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

FCEL currently has 48.2M outstanding shares. with limited dilution risk as only 8.9M additional shares (18.5%) are authorized for issuance. The company has significantly diluted shareholders by 116.72% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
Mar 09, 2026

10-Q filing | 48.2M shares outstanding

48M 8.9M
Dec 18, 2025

10-K filing | 46.1M shares outstanding

46M 11M
Sep 09, 2025

10-Q filing | 32.3M shares outstanding

32M 25M
Jun 06, 2025

10-Q filing | 21.7M shares outstanding

22M 35M
Apr 29, 2025

S-3 filing: FuelCell Energy, Inc. files an S-3 registration statement to offer and sell up to $200 million in the aggregate of common stock, preferred stock, debt securities, warrants, and units from time to time.

21M 37M
Mar 11, 2025

10-Q filing | 20.5M shares outstanding

21M 0
Mar 05, 2025

POS AM filing: FuelCell Energy, Inc. may offer and sell from time to time up to $405,000,000 in the aggregate of shares of our common stock and warrants, as well as units that include any combination of the foregoing securities.

21M 0
Dec 27, 2024

POS AM filing: FuelCell Energy, Inc. may offer and sell from time to time up to $405,000,000 in the aggregate of shares of our common stock and warrants, as well as units that include any combination of the foregoing securities.

20M 0
Dec 27, 2024

10-K filing | 20.4M shares outstanding

20M 0
Nov 08, 2024
Stock Split

8-K filing: Stock split 1-for-30 | Outstanding: 503,183,725 → 20,375,955

20M 0
Sep 05, 2024

10-Q filing | 503.2M shares outstanding

500M 0
Jun 10, 2024

10-Q filing | 453.0M shares outstanding

450M 0
Mar 07, 2024

10-Q filing | 451.6M shares outstanding

450M 0
Dec 19, 2023

10-K filing | 419.7M shares outstanding

420M 0
Sep 11, 2023

10-Q filing | 415.9M shares outstanding

420M 0
Jun 08, 2023

10-Q filing | 406.3M shares outstanding

410M 0
Mar 09, 2023

10-Q filing | 405.8M shares outstanding

410M 0
Dec 20, 2022

10-K filing | 383.1M shares outstanding

380M 0
Sep 08, 2022

10-Q filing | 375.6M shares outstanding

380M 0
Jul 12, 2022

8-K filing: FuelCell Energy, Inc. entered into an Open Market Sale AgreementSM with several agents, allowing the company to offer and sell up to 95,000,000 shares of its common stock through an at-the-market offering program.

370M 0
Jun 09, 2022

10-Q filing | 369.6M shares outstanding

370M 0
May 20, 2022

8-K filing: FuelCell Energy, Inc. granted performance shares and time-vesting restricted stock units to Mark Feasel under the Long Term Incentive Plan on May 16, 2022, consisting of 19,566 relative TSR performance shares and 19,565 time-based restricted stock units.

370M 0
Mar 10, 2022

10-Q filing | 366.7M shares outstanding

370M 0
Dec 29, 2021

10-K filing | 294.7M shares outstanding

290M 0
Sep 14, 2021

10-Q filing | 337.3M shares outstanding

340M 0
Jun 10, 2021

10-Q filing | 322.5M shares outstanding

320M 0
Apr 08, 2021

8-K filing: The company filed a Certificate of Amendment to increase the number of authorized shares of common stock from 337,500,000 to 500,000,000. Additionally, stockholders approved the amendment and restatement of the FuelCell Energy, Inc. 2018 Omnibus Incentive Plan, including the authority to issue 8,000,000 additional shares of the Company's common stock under such amended and restated Plan.

310M 0
Mar 16, 2021

10-Q filing | 312.1M shares outstanding

310M 0
Feb 10, 2021

8-K filing: FuelCell Energy, Inc. filed a prospectus supplement relating to the offer and sale of up to 964,128 shares of its common stock issuable from time to time upon the exercise of Series C warrants.

320M 0
Jan 21, 2021

10-K filing | 322.4M shares outstanding

320M 0
Dec 09, 2020

8-K filing: On December 7, 2020, Lenders exercised warrants to purchase 2,700,000 shares of the Company's common stock for an aggregate exercise price of $653,400, or $0.242 per share, and following this warrant exercise, the Lenders no longer hold any warrants to purchase shares of the Company's common stock. ($0.65M proceeds)

320M 0
Dec 04, 2020

8-K filing: FuelCell Energy, Inc. completed an underwritten offering of 25,000,000 shares of its common stock at a price of $6.50 per share, resulting in gross proceeds of approximately $162.5 million to the Company. ($162.5M proceeds)

320M 0
Oct 08, 2020

8-K filing: Orion Lenders exercised warrants to purchase 5,300,000 shares of FuelCell Energy, Inc.'s common stock for $1,282,600, resulting in 294,699,041 shares outstanding. ($1.28M proceeds)

290M 0
Oct 02, 2020

8-K filing: FuelCell Energy, Inc. closed an offering of 50,025,000 shares of common stock at a price of $2.10 per share, resulting in gross proceeds of approximately $105.05 million and 289,399,041 shares of Common Stock outstanding after the closing. ($0.0M proceeds)

290M 0
Sep 10, 2020

10-Q filing | 218.0M shares outstanding

220M 10M
Jun 29, 2020

S-3 filing: This is an S-3 filing for the offer and sale of up to 17,396,320 shares of common stock by selling stockholders, including shares issuable upon exercise of warrants.

210M 17M
Jun 12, 2020

10-Q filing | 211.0M shares outstanding

210M 0
May 12, 2020

8-K filing: The company increased the number of authorized shares of common stock from 225,000,000 to 337,500,000 and approved the amendment and restatement of the FuelCell Energy, Inc. 2018 Omnibus Incentive Plan, including the authority to issue 4,000,000 additional shares of the Company's common stock under such amended and restated Plan.

200M 0
Mar 16, 2020

10-Q filing | 202.2M shares outstanding

200M 0
Jan 22, 2020

10-K filing | 211.0M shares outstanding

210M 0
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