{"success":true,"data":{"pressRelease":{"id":"163056","rtpr_id":"nGNX8zvJg2-20261007","ticker":"FCEL","exchange":"NASDAQ","all_tickers":["FCEL","XYL"],"title":"FuelCell Energy Announces Chief Financial Officer Transition","author":"Globe Newswire","published_at":"2026-10-07T12:15:00.119Z","article_body":"DANBURY, Conn., Oct. 07, 2026 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc.\n(Nasdaq: FCEL) today announced that Michael Bishop will transition from his\nrole as Executive Vice President, Chief Financial Officer and Treasurer of the\nCompany. Matthew Latino will succeed him as Executive Vice President, Chief\nFinancial Officer and Treasurer effective October 7, 2026, as part of a\nplanned transition. Bishop, who has served as the Company’s CFO for 15 years\nduring an overall tenure with the Company of more than two decades, will\nremain with FuelCell Energy as a senior advisor through the Company’s 2027\nAnnual Meeting of Stockholders to support continuity and the transition.\n\nFuelCell Energy also reaffirmed its previously stated target of achieving\npositive Adjusted EBITDA results in the fourth quarter of fiscal 2027, subject\nto the planned increase in annualized production rate, the conversion of\nawarded capacity backlog into committed backlog, customer delivery schedules\nand continued execution of the Company’s cost reduction initiatives. The\nCompany remains focused on converting its growing commercial pipeline—driven\nby demand for reliable, always-on power for AI and data center\ninfrastructure—into durable growth, while scaling manufacturing, advancing\ncustomer financing structures and maintaining disciplined capital allocation,\nliquidity and balance sheet strength.\n\n“Mike has been a steward of this Company through every stage of its\njourney,” said Jason Few, President and Chief Executive Officer. “Over\nmore than two decades, he led our finance organization through periods that\ntested our business and our industry while maintaining a clear focus on\nfinancial discipline, integrity, the long-term interests of the business, and\nour commitment to shareholders. His leadership across capital formation,\nproject finance and balance sheet management strengthened our financial\nfoundation and supported the evolution of our strategy. I am grateful for his\nservice and pleased that we will continue to benefit from his perspective\nduring the transition.”\n\n“Serving as CFO of FuelCell Energy has been one of the great privileges of\nmy career,” said Bishop. “I am proud of what our finance team and our\ncolleagues across the Company have accomplished together and of the strong\nfoundation we have built. I have tremendous confidence in Jason, the\nleadership team, and the Board, and I look forward to supporting a seamless\ntransition and sharing in the Company’s success as a continuing\nshareholder.”\n\nLatino joins FuelCell Energy from Xylem Inc. (NYSE: XYL), where he served as\nSenior Vice President, Finance and Segment Chief Financial Officer of its\napproximately $2 billion Measurement & Control Solutions business. He\npreviously led Xylem’s investor relations function, giving him direct\nexperience engaging the investment community and communicating strategy,\nperformance and long-term value creation. Latino began his career at Deloitte\n& Touche LLP.\n\n“As we scale, our responsibility to shareholders is to grow with\ndiscipline-every megawatt we build and every dollar we deploy must compound\nvalue,” Few said. “Matt has led finance for a large-scale industrial\ntechnology business, partnered with operating leaders to drive performance,\nand led investor relations for a global public company. He understands how the\nmarket measures execution and how to build the operating rhythm that delivers\nit. We believe he is the right leader to help us convert a significant\ncommercial opportunity into durable shareholder value.”\n\n“I am honored to join FuelCell Energy at an important point in the\nCompany’s evolution,” said Latino. “The Company has a differentiated\ntechnology platform, a strong financial foundation and clear strategic\npriorities. I look forward to partnering with Jason, the leadership team and\nthe Board to build on the foundation Mike helped establish, maintain rigorous\nfinancial discipline, and support the execution and investment decisions\nrequired to scale the business and create sustainable value.”\n\nFuelCell Energy, Inc. (Nasdaq: FCEL) is an American clean energy technology\ncompany delivering continuous, scalable baseload power for mission-critical\napplications globally. The company’s fuel cell systems generate electricity\ndirectly at the point of use, enabling reliable, low-emissions power for data\ncenters, industrial facilities, utilities, and distributed generation\ncustomers. FuelCell Energy delivers commercially proven, modular,\nutility-scale systems—backed by global fuel cell deployments approaching one\ngigawatt. Learn more at www.FuelCellEnergy.com. \n\nCautionary Language\n\nThis news release contains forward-looking statements within the meaning of\nthe safe harbor provisions of the Private Securities Litigation Reform Act of\n1995 regarding future events or our future financial performance that involve\ncertain contingencies and uncertainties. The forward-looking statements\ninclude, without limitation, statements with respect to the Company’s\nanticipated financial results and statements regarding the Company’s plans\nand expectations regarding the continuing development, commercialization and\nfinancing of its current and future fuel cell technologies, the Company’s\nbusiness plans and strategies, the Company’s plan to reduce operating costs,\nthe capabilities of the Company’s products, the Company’s plans and\nability to achieve positive Adjusted EBITDA, subject to the planned increase\nin annualized production rate, the conversion of awarded capacity backlog into\ncommitted backlog, customer delivery schedules and continued execution of the\nCompany’s cost reduction initiatives, the Company’s potential sales\npipeline, opportunities, and partners, and the markets in which the Company\nexpects to operate. Projected and estimated numbers contained herein are not\nforecasts and may not reflect actual results. These forward-looking statements\nare not guarantees of future performance, and all forward-looking statements\nare subject to risks and uncertainties, known and unknown, that could cause\nactual results and future events to differ materially from those projected.\nFactors that could cause such a difference include, without limitation:\ngeneral risks associated with product development and manufacturing; general\neconomic conditions; changes in interest rates, which may impact project\nfinancing; supply chain disruptions; changes in the utility regulatory\nenvironment; changes in the utility industry and the markets for distributed\ngeneration, distributed hydrogen, and fuel cell power plants configured for\ncarbon capture or carbon separation; potential volatility of commodity prices\nthat may adversely affect our projects; availability of government subsidies\nand economic incentives for alternative energy technologies; our ability to\nremain in compliance with U.S. federal and state and foreign government laws\nand regulations; our ability to maintain compliance with the listing rules of\nThe Nasdaq Stock Market; rapid technological change; competition; the risk\nthat our bid awards (or other non-binding commitments) will not convert to\ncontracts or that our contracts will not convert to revenue; market acceptance\nof our products; changes in accounting policies or practices adopted\nvoluntarily or as required by accounting principles generally accepted in the\nUnited States; factors affecting our liquidity position and financial\ncondition; government appropriations; the ability of the government and third\nparties to terminate their development contracts at any time; the ability of\nthe government to exercise “march-in” rights with respect to certain of\nour patents; our ability to successfully market and sell our products\ninternationally; delays in our timeline for bringing commercially viable\nproducts to market; our ability to develop additional commercially viable\nproducts in the future; our ability to implement our strategy; our ability to\nreduce our levelized cost of energy and deliver on our cost reduction strategy\ngenerally; our ability to protect our intellectual property; litigation and\nother proceedings; the risk that commercialization of our new products will\nnot occur when anticipated or, if it does, that we will not have adequate\ncapacity to satisfy demand; our need for and the availability of additional\nfinancing; our ability to generate positive cash flow from operations; our\nability to service our long-term debt; our ability to increase the output and\nlongevity of our platforms and to meet the performance requirements of our\ncontracts; our ability to expand our customer base and maintain relationships\nwith our largest customers and strategic business allies; our ability to\nreduce operating costs; and our ability to achieve positive Adjusted EBITDA in\nthe future, as well as other risks set forth in the Company’s filings with\nthe Securities and Exchange Commission, including the Company’s Annual\nReport on Form 10-K for the fiscal year ended October 31, 2025. The\nforward-looking statements contained herein speak only as of the date of this\npress release. The Company expressly disclaims any obligation or undertaking\nto release publicly any updates or revisions to any such statement contained\nherein to reflect any change in the Company’s expectations or any change in\nevents, conditions or circumstances on which any such statement is based.\n\nContacts\n\nMedia: \nKathleen Blomquist\nkblomquist@fce.com \n203.546.5844\n\nInvestor Relations:\nir@fce.com\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/6ae7b881-343d-43ca-b414-93e9d5a89f21)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX8zvJg2-20261007","title":"FuelCell Energy Announces Chief Financial Officer Transition","author":"Globe Newswire","ticker":"FCEL","created":"2026-10-07T12:15:00.119Z","tickers":["FCEL","XYL"],"exchange":"NASDAQ","article_body":"DANBURY, Conn., Oct. 07, 2026 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc.\n(Nasdaq: FCEL) today announced that Michael Bishop will transition from his\nrole as Executive Vice President, Chief Financial Officer and Treasurer of the\nCompany. Matthew Latino will succeed him as Executive Vice President, Chief\nFinancial Officer and Treasurer effective October 7, 2026, as part of a\nplanned transition. Bishop, who has served as the Company’s CFO for 15 years\nduring an overall tenure with the Company of more than two decades, will\nremain with FuelCell Energy as a senior advisor through the Company’s 2027\nAnnual Meeting of Stockholders to support continuity and the transition.\n\nFuelCell Energy also reaffirmed its previously stated target of achieving\npositive Adjusted EBITDA results in the fourth quarter of fiscal 2027, subject\nto the planned increase in annualized production rate, the conversion of\nawarded capacity backlog into committed backlog, customer delivery schedules\nand continued execution of the Company’s cost reduction initiatives. The\nCompany remains focused on converting its growing commercial pipeline—driven\nby demand for reliable, always-on power for AI and data center\ninfrastructure—into durable growth, while scaling manufacturing, advancing\ncustomer financing structures and maintaining disciplined capital allocation,\nliquidity and balance sheet strength.\n\n“Mike has been a steward of this Company through every stage of its\njourney,” said Jason Few, President and Chief Executive Officer. “Over\nmore than two decades, he led our finance organization through periods that\ntested our business and our industry while maintaining a clear focus on\nfinancial discipline, integrity, the long-term interests of the business, and\nour commitment to shareholders. His leadership across capital formation,\nproject finance and balance sheet management strengthened our financial\nfoundation and supported the evolution of our strategy. I am grateful for his\nservice and pleased that we will continue to benefit from his perspective\nduring the transition.”\n\n“Serving as CFO of FuelCell Energy has been one of the great privileges of\nmy career,” said Bishop. “I am proud of what our finance team and our\ncolleagues across the Company have accomplished together and of the strong\nfoundation we have built. I have tremendous confidence in Jason, the\nleadership team, and the Board, and I look forward to supporting a seamless\ntransition and sharing in the Company’s success as a continuing\nshareholder.”\n\nLatino joins FuelCell Energy from Xylem Inc. (NYSE: XYL), where he served as\nSenior Vice President, Finance and Segment Chief Financial Officer of its\napproximately $2 billion Measurement & Control Solutions business. He\npreviously led Xylem’s investor relations function, giving him direct\nexperience engaging the investment community and communicating strategy,\nperformance and long-term value creation. Latino began his career at Deloitte\n& Touche LLP.\n\n“As we scale, our responsibility to shareholders is to grow with\ndiscipline-every megawatt we build and every dollar we deploy must compound\nvalue,” Few said. “Matt has led finance for a large-scale industrial\ntechnology business, partnered with operating leaders to drive performance,\nand led investor relations for a global public company. He understands how the\nmarket measures execution and how to build the operating rhythm that delivers\nit. We believe he is the right leader to help us convert a significant\ncommercial opportunity into durable shareholder value.”\n\n“I am honored to join FuelCell Energy at an important point in the\nCompany’s evolution,” said Latino. “The Company has a differentiated\ntechnology platform, a strong financial foundation and clear strategic\npriorities. I look forward to partnering with Jason, the leadership team and\nthe Board to build on the foundation Mike helped establish, maintain rigorous\nfinancial discipline, and support the execution and investment decisions\nrequired to scale the business and create sustainable value.”\n\nFuelCell Energy, Inc. (Nasdaq: FCEL) is an American clean energy technology\ncompany delivering continuous, scalable baseload power for mission-critical\napplications globally. The company’s fuel cell systems generate electricity\ndirectly at the point of use, enabling reliable, low-emissions power for data\ncenters, industrial facilities, utilities, and distributed generation\ncustomers. FuelCell Energy delivers commercially proven, modular,\nutility-scale systems—backed by global fuel cell deployments approaching one\ngigawatt. Learn more at www.FuelCellEnergy.com. \n\nCautionary Language\n\nThis news release contains forward-looking statements within the meaning of\nthe safe harbor provisions of the Private Securities Litigation Reform Act of\n1995 regarding future events or our future financial performance that involve\ncertain contingencies and uncertainties. The forward-looking statements\ninclude, without limitation, statements with respect to the Company’s\nanticipated financial results and statements regarding the Company’s plans\nand expectations regarding the continuing development, commercialization and\nfinancing of its current and future fuel cell technologies, the Company’s\nbusiness plans and strategies, the Company’s plan to reduce operating costs,\nthe capabilities of the Company’s products, the Company’s plans and\nability to achieve positive Adjusted EBITDA, subject to the planned increase\nin annualized production rate, the conversion of awarded capacity backlog into\ncommitted backlog, customer delivery schedules and continued execution of the\nCompany’s cost reduction initiatives, the Company’s potential sales\npipeline, opportunities, and partners, and the markets in which the Company\nexpects to operate. Projected and estimated numbers contained herein are not\nforecasts and may not reflect actual results. These forward-looking statements\nare not guarantees of future performance, and all forward-looking statements\nare subject to risks and uncertainties, known and unknown, that could cause\nactual results and future events to differ materially from those projected.\nFactors that could cause such a difference include, without limitation:\ngeneral risks associated with product development and manufacturing; general\neconomic conditions; changes in interest rates, which may impact project\nfinancing; supply chain disruptions; changes in the utility regulatory\nenvironment; changes in the utility industry and the markets for distributed\ngeneration, distributed hydrogen, and fuel cell power plants configured for\ncarbon capture or carbon separation; potential volatility of commodity prices\nthat may adversely affect our projects; availability of government subsidies\nand economic incentives for alternative energy technologies; our ability to\nremain in compliance with U.S. federal and state and foreign government laws\nand regulations; our ability to maintain compliance with the listing rules of\nThe Nasdaq Stock Market; rapid technological change; competition; the risk\nthat our bid awards (or other non-binding commitments) will not convert to\ncontracts or that our contracts will not convert to revenue; market acceptance\nof our products; changes in accounting policies or practices adopted\nvoluntarily or as required by accounting principles generally accepted in the\nUnited States; factors affecting our liquidity position and financial\ncondition; government appropriations; the ability of the government and third\nparties to terminate their development contracts at any time; the ability of\nthe government to exercise “march-in” rights with respect to certain of\nour patents; our ability to successfully market and sell our products\ninternationally; delays in our timeline for bringing commercially viable\nproducts to market; our ability to develop additional commercially viable\nproducts in the future; our ability to implement our strategy; our ability to\nreduce our levelized cost of energy and deliver on our cost reduction strategy\ngenerally; our ability to protect our intellectual property; litigation and\nother proceedings; the risk that commercialization of our new products will\nnot occur when anticipated or, if it does, that we will not have adequate\ncapacity to satisfy demand; our need for and the availability of additional\nfinancing; our ability to generate positive cash flow from operations; our\nability to service our long-term debt; our ability to increase the output and\nlongevity of our platforms and to meet the performance requirements of our\ncontracts; our ability to expand our customer base and maintain relationships\nwith our largest customers and strategic business allies; our ability to\nreduce operating costs; and our ability to achieve positive Adjusted EBITDA in\nthe future, as well as other risks set forth in the Company’s filings with\nthe Securities and Exchange Commission, including the Company’s Annual\nReport on Form 10-K for the fiscal year ended October 31, 2025. The\nforward-looking statements contained herein speak only as of the date of this\npress release. The Company expressly disclaims any obligation or undertaking\nto release publicly any updates or revisions to any such statement contained\nherein to reflect any change in the Company’s expectations or any change in\nevents, conditions or circumstances on which any such statement is based.\n\nContacts\n\nMedia: \nKathleen Blomquist\nkblomquist@fce.com \n203.546.5844\n\nInvestor Relations:\nir@fce.com\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/6ae7b881-343d-43ca-b414-93e9d5a89f21)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-10-07T12:15:00.158151926Z","server_sent_at_ms":1791375300158},"received_at":"2026-10-07T12:15:00.311Z","source_url":null},"analysis":{"id":"151523","press_release_id":"163056","analysis_json":{"industry":{"label":"Electrical Equipment","sector":"Industrials"},"redFlags":["long-tenured (15-year) CFO departing even in a planned transition removes institutional financial knowledge","positive Adjusted EBITDA target remains conditional on backlog conversion and cost cuts"],"eventType":"executive_change","narrative":"FuelCell Energy announced that CFO Michael Bishop is transitioning out and Matthew Latino will succeed him as EVP, CFO and Treasurer effective October 7, 2026, in a planned transition.\n\nBishop, CFO for 15 years with a tenure of more than two decades, will stay on as a senior advisor through the 2027 Annual Meeting to support continuity.\n\nLatino joins from Xylem, where he led finance for its approximately $2 billion Measurement & Control Solutions business and previously ran investor relations.\n\nThe company also reaffirmed its target of positive Adjusted EBITDA in Q4 fiscal 2027, tied to production ramp, backlog conversion and cost-reduction execution.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Planned CFO succession at FuelCell Energy with Xylem finance veteran Matthew Latino taking over as company reaffirms Q4 FY27 EBITDA profitability target."},"keyFigures":{"guidance":"Reaffirmed target of positive Adjusted EBITDA in Q4 fiscal 2027","customDimensions":{"cfo_tenure_years":15,"incoming_cfo_prior_business_size":"approximately $2 billion (Xylem Measurement & Control Solutions)"}},"quotedText":"reaffirmed its previously stated target of achieving positive Adjusted EBITDA results in the fourth quarter of fiscal 2027","namedEntities":{"people":[{"name":"Michael Bishop","role":"outgoing EVP, CFO and Treasurer; to remain as senior advisor through 2027 Annual Meeting"},{"name":"Matthew Latino","role":"incoming EVP, CFO and Treasurer, effective October 7, 2026"},{"name":"Jason Few","role":"President and CEO"},{"name":"Kathleen Blomquist","role":"media contact"}],"products":[],"companies":[{"name":"FuelCell Energy, Inc.","ticker":"FCEL","relationship":"filer"},{"name":"Xylem Inc.","ticker":"XYL","relationship":"incoming CFO's prior employer"},{"name":"Deloitte & Touche LLP","relationship":"incoming CFO's first employer"}],"dollarAmounts":[{"amount":"approximately $2 billion","context":"revenue size of Xylem's Measurement & Control Solutions business led by Latino"}]},"materialImpact":{"score":2,"reasoning":"Planned, orderly CFO transition with a named successor already effective and the departing CFO staying on as senior advisor. The company also reaffirmed its Q4 FY2027 positive Adjusted EBITDA target, but no financial results changed."},"tickerRelevance":{"others":[{"ticker":"XYL","relevance":"prior employer of incoming CFO Matthew Latino"}],"primary":"FCEL"},"globalImportance":25,"audienceRelevance":30,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"planned CFO transition with named successor","issuerAuthored":true,"retailFavoriteBoost":"moderate (FCEL has retail following)"}},"event_type":"executive_change","event_type_secondary":null,"sentiment":"neutral","material_impact_score":2,"narrative":"FuelCell Energy announced that CFO Michael Bishop is transitioning out and Matthew Latino will succeed him as EVP, CFO and Treasurer effective October 7, 2026, in a planned transition.\n\nBishop, CFO for 15 years with a tenure of more than two decades, will stay on as a senior advisor through the 2027 Annual Meeting to support continuity.\n\nLatino joins from Xylem, where he led finance for its approximately $2 billion Measurement & Control Solutions business and previously ran investor relations.\n\nThe company also reaffirmed its target of positive Adjusted EBITDA in Q4 fiscal 2027, tied to production ramp, backlog conversion and cost-reduction execution.","key_figures":{"guidance":"Reaffirmed target of positive Adjusted EBITDA in Q4 fiscal 2027","customDimensions":{"cfo_tenure_years":15,"incoming_cfo_prior_business_size":"approximately $2 billion (Xylem Measurement & Control Solutions)"}},"named_entities":{"people":[{"name":"Michael Bishop","role":"outgoing EVP, CFO and Treasurer; to remain as senior advisor through 2027 Annual Meeting"},{"name":"Matthew Latino","role":"incoming EVP, CFO and Treasurer, effective October 7, 2026"},{"name":"Jason Few","role":"President and CEO"},{"name":"Kathleen Blomquist","role":"media contact"}],"products":[],"companies":[{"name":"FuelCell Energy, Inc.","ticker":"FCEL","relationship":"filer"},{"name":"Xylem Inc.","ticker":"XYL","relationship":"incoming CFO's prior employer"},{"name":"Deloitte & Touche LLP","relationship":"incoming CFO's first employer"}],"dollarAmounts":[{"amount":"approximately $2 billion","context":"revenue size of Xylem's Measurement & Control Solutions business led by Latino"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-07T12:15:07.408Z","global_importance":25,"audience_relevance":30,"importance_components":{"tickerTier":"small-cap","eventGravity":"planned CFO transition with named successor","issuerAuthored":true,"retailFavoriteBoost":"moderate (FCEL has retail following)"}},"durationMs":7077,"modelName":"glm-5.3-flashx"}}