FuelCell Energy announces CFO transition and reaffirms Q4 2027 adjusted EBITDA target
FuelCell Energy said Michael Bishop will step down as chief financial officer on October 7, 2026 after 15 years in the role and will serve as a senior advisor through the 2027 annual meeting. Matthew Latino, formerly senior vice president and CFO of Xylem’s $2 billion Measurement & Control Solutions business, will succeed him. The company also reiterated its goal of achieving positive adjusted EBITDA in the fourth quarter of fiscal 2027, contingent on higher production and cost‑reduction initiatives. The announcement triggered a sharp sell‑off in the stock.
Why it matters
Investors saw the leadership change and reaffirmed profit target as a risk catalyst, with the shares falling 12% to $18.13 in pre‑market trading and later dropping about 14% to $17.66. The price decline reflects market concerns over execution of the backlog conversion and cost‑cutting plan tied to the EBITDA target.
Key facts
- 1Michael Bishop will transition from CFO to senior advisor effective October 7, 2026. globenewswire.com
- 2Bishop served as CFO for 15 years and has been with the company for more than two decades. globenewswire.com
- 3Matthew Latino joins from Xylem Inc., where he was senior vice president, finance and segment CFO of its approximately $2 billion Measurement & Control Solutions business. globenewswire.com
- 4FuelCell Energy reaffirmed its target of positive Adjusted EBITDA in the fourth quarter of fiscal 2027. globenewswire.com
- 5Shares fell 12% to $18.13 in morning trading after the announcement. 247wallst.com
- 6Shares were down 14.48% to $17.66 later in the day. benzinga.com
Summary written by AlphAI AI Desk from 14 of 14 sources. Not investment advice. Figures are as stated by the linked sources.