FuelCell said its CFO Michael Bishop, who held the role for 15 years, is set to step down.

  • FuelCell appointed Matthew Latino as its new CFO.
  • Bishop will remain in the company as a senior adviser through April 2027.
  • The company reaffirmed its goal to reach positive adjusted EBITDA in Q4 of fiscal 2027.

FuelCell Energy (FCEL) was on retail investors’ radar on Wednesday after the renewable energy firm announced a management shakeup while reaffirming its goal of reaching positive adjusted earnings before interest, tax, depreciation and amortization (EBITDA) in the fourth quarter of fiscal 2027.

At the time of writing, FCEL shares were down 14%. FCEL was also among the top trending tickers on Stocktwits.

CFO Change After 15 Years

On Wednesday, FuelCell Energy appointed Matthew Latino as its new CFO, bringing in the former Xylem finance executive who most recently served as segment CFO for the company’s Measurement & Control Solutions business.

Latino succeeds longtime CFO Michael Bishop, who held the role for 15 years and will remain as a senior adviser through April 2027 to help with the transition, the company said.

Targets First Positive EBITDA By 2027

FuelCell recently said it plans to raise its annualised production rate to 100 mega-watts (MW) by October 2026, a key step toward reaching positive adjusted EBITDA in Q4 of fiscal 2027. The company has been ramping up production to serve growing AI and data-center power demand.

One of FuelCell’s biggest recent deals was with Fit Energy, which agreed to purchase an initial 30 MW of fuel-cell systems, with options that could expand the total deployment to 380 MW. Initial deliveries are expected to begin in the fourth quarter (Q4) of 2026.

The company has also signed a reservation agreement for a planned 75 MW data center project in Texas and is working with Siemens on projects exceeding 100 MW.

Topline Continues To Miss Street Estimates But Oppenheimer Is Bullish

While FCEL shares have been ripping this year, the company has missed Wall Street’s revenue estimates for three straight quarters and has yet to post a quarterly profit.

Still, FuelCell ended July with $1.30 billion in committed backlog, up about 4.1% from a year earlier. Oppenheimer remains bullish, recently initiating coverage with an ‘Outperform’ rating and a $24 price target, calling FuelCell a “differentiated provider” of on-site power for data centers and saying demand could remain well ahead of supply.

Retail Sees Signs Of Encouragement

Despite the slump, retail sentiment surrounding FCEL on Stocktwits flipped to ‘bullish’ from ‘bearish’ a day earlier, amid ‘extremely high’ message volumes.

One user called the change an “encouraging sign” toward the next stage of growth.

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Another user called the change an ‘extremely bullish’ event for FCEL.

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FCEL shares have surged nearly 120% so far in 2026.

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