<SEC-DOCUMENT>0001144204-19-030604.txt : 20190611
<SEC-HEADER>0001144204-19-030604.hdr.sgml : 20190611
<ACCEPTANCE-DATETIME>20190611173047
ACCESSION NUMBER:		0001144204-19-030604
CONFORMED SUBMISSION TYPE:	NT 10-Q
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20190430
FILED AS OF DATE:		20190611
DATE AS OF CHANGE:		20190611
EFFECTIVENESS DATE:		20190611

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FUELCELL ENERGY INC
		CENTRAL INDEX KEY:			0000886128
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				060853042
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		NT 10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14204
		FILM NUMBER:		19891883

	BUSINESS ADDRESS:	
		STREET 1:		3 GREAT PASTURE RD
		CITY:			DANBURY
		STATE:			CT
		ZIP:			06813
		BUSINESS PHONE:		2038256000

	MAIL ADDRESS:	
		STREET 1:		3 GREAT PASTURE ROAD
		CITY:			DANBURY
		STATE:			CT
		ZIP:			06813

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ENERGY RESEARCH CORP /NY/
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>NT 10-Q
<SEQUENCE>1
<FILENAME>tv523435_nt10q.htm
<DESCRIPTION>NT 10-Q
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
washington, d.c. 20549<BR>
<BR>
form 12<FONT STYLE="text-transform: none">b</FONT>-25<BR>
<BR>
NOTIFICATION OF LATE FILING</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: right">SEC FILE NUMBER: 1-14204<BR>
 &#9;CUSIP NUMBER: 35952H 601</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt">(Check One):</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">Form 10-K</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">Form 20-F</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">Form 11-K</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;</TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">Form 10-Q</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">Form 10-D</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">Form N-CEN</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">Form N-CSR</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For Period Ended: <B>April 30, 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 95%; padding: 0; text-indent: 0">Transition Report on Form 10-K</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">Transition Report on Form 20-F</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">Transition Report on Form 11-K</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">Transition Report on Form 10-Q</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the Transition Period Ended: _____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Nothing in this form shall be construed
to imply that the Commission has verified any information contained herein.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the notification relates to a portion
of the filing checked above, identify the Item(s) to which the notification relates: ____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PART I &ndash;
REGISTRANT INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Full Name of Registrant:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>FuelCell Energy, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Former Name if Applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>N/A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Address of Principal Executive Office (Street
and Number):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>3 Great Pasture Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">City, State and Zip Code:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Danbury, Connecticut 06810</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PART II
 &ndash; RULES <FONT STYLE="text-transform: none">12b-25(b</FONT>) and (<FONT STYLE="text-transform: none">c</FONT>)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If the subject report could not be filed without
unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check
box if appropriate)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The reason described in reasonable detail in Part III
of this form could not be eliminated without unreasonable effort or expense;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="width: 0.5in">(b)</TD><TD>The subject annual report, or semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-CEN or
Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the
subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will
be filed on or before the fifth calendar day following the prescribed due date; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(c)</TD><TD STYLE="text-align: justify">The accountant&rsquo;s statement or other exhibit required
by Rule 12b-25(c) has been attached if applicable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">part iii
 &ndash; narrative</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">State below in reasonable detail why the Form
10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed
time period. (Attach Extra Sheets if Needed).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Quarterly Report on Form 10-Q for the
three months ended April 30, 2019 (the &ldquo;Quarterly Report&rdquo;) of FuelCell Energy, Inc. (the &ldquo;Company&rdquo;) could
not be filed within the prescribed time period without unreasonable effort or expense. The delay in filing is due to (i) the Company&rsquo;s
ongoing process of exploring refinancing alternatives and negotiations with its senior lender, (ii) the recent changes in the Company&rsquo;s
management&nbsp;and&nbsp;the&nbsp;related consideration of&nbsp;any&nbsp;updates to the Company&rsquo;s internal&nbsp;controls
which may be required as a result of those changes, and (iii) management&rsquo;s continuing review, analysis and assessment of
certain financial and other related data and the disclosures required in connection therewith, as described in further detail in
the paragraphs below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Management is continuing to&nbsp;review&nbsp;the&nbsp;Company&rsquo;s
liquidity position&nbsp;and&nbsp;related disclosures. Given the Company&rsquo;s current liquidity position, management expects
to disclose that there is substantial doubt about the Company&rsquo;s ability to continue to operate as a&nbsp;going concern within
one year after the date the Quarterly Report is filed. This analysis is further described in &ldquo;Part IV &ndash; Other Information&rdquo;
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, an impairment analysis of certain
assets is being finalized given recent decreases in the production rate, the reorganization undertaken during the quarter ended
April 30, 2019, and changes in cash flow forecasts. Based on assessments to date, an impairment charge of $2.8 million will be
recognized; however, it is possible that additional impairments may be recognized once the analysis is complete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Management is also committed to providing
sufficient time for its auditors to complete their review in order for the Company to prepare complete filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">part iv
 &ndash; other information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Name and telephone number of person to contact in regard to this notification:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Michael S. Bishop</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(203) 825-6000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of
the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to
file such reports been filed? If answer is no, identify report(s).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 12pt; font-weight: normal; text-indent: 0in">&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-bottom: 12pt; font-weight: normal; text-indent: 0in">Yes</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 12pt; font-weight: normal; text-indent: 0in">&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-bottom: 12pt; font-weight: normal; text-indent: 0in">No</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year
will be reflected by the earnings statements to be included in the subject report or portion thereof?</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 12pt; font-weight: normal; text-indent: 0in"><FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;</TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-bottom: 12pt; font-weight: normal; text-indent: 0in">Yes</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 12pt; font-weight: normal; text-indent: 0in"><FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;</TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-bottom: 12pt; font-weight: normal; text-indent: 0in">No</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If so, attach an explanation of the anticipated change,
both narratively and quantitatively, and if, appropriate, state the reasons why a reasonable estimate of the results cannot be
made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company anticipates reporting total
revenues of approximately $9.2 million for the three month period ended April 30, 2019 as compared to total revenues of $20.8 million
for the three month period ended April 30, 2018. This anticipated decrease in revenue was primarily a result of the fact that no
product revenue was recorded for the three months ended April 30, 2019, whereas product revenue for the three months ended April
30, 2018 was $12.2 million, which included the sale of a 2.8 megawatt fuel cell power plant project located at the waste water
treatment facility in Tulare, California.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pending completion of the impairment analysis,
the Company anticipates reporting a gross loss of $3.6 million for the three month period ended April 30, 2019 compared to a gross
loss of $0.6 million for the three month period ended April 30, 2018. The increase in the gross loss was primarily a result of
a charge for a specific non-commercial construction in process asset related to automation equipment for use in manufacturing with
a carrying value of $2.8 million, which was impaired due to uncertainty as to whether the asset will be completed as a result of
the Company&rsquo;s liquidity position and continued low level of production rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pending completion of the impairment analysis,
the Company anticipates reporting a net loss attributable to common stockholders of $22.9 million for the three month period ended
April 30, 2019 compared to a net loss attributable to common stockholders of $18.2 million for the three month period ended April
30, 2018. The increase in the net loss attributable to common stockholders is primarily attributable to an increase in the gross
loss, an increase in administrative and selling expenses primarily relating to legal and consulting costs incurred in connection
with the Company&rsquo;s restructuring and refinancing initiatives, and charges for a warrant exchange and Series D preferred stock
deemed dividends, partially offset by Series C preferred stock deemed contributions of $1.6 million for the three month period
ended April 30, 2019 compared to Series C preferred stock deemed dividends of $4.2 million for the three month period ended April
30, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pending completion of the impairment analysis,
the Company anticipates reporting a net loss per common share of $2.06 for the three month period ended April 30, 2019 as compared
to a net loss per common share of $2.74 for the three month period ended April 30, 2018. Net loss per common share is lower due
to the increase in shares compared to the prior period. As of April 30, 2019, basic and diluted weighted average shares outstanding
was approximately 11.1 million compared to 6.6 million as of April 30, 2018. The net losses per common share reflect a 1-for-12
reverse stock split that was effected on May 8, 2019, and all per share amounts have been adjusted to retroactively reflect this
reverse stock split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company anticipates reporting that unrestricted
cash and cash equivalents was $14.9 million as of April 30, 2019 compared to $39.3 million as of October 31, 2018, and that restricted
cash and cash equivalents was $38.1 million as of April 30, 2019 compared to $40.9 million as of October 31, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has significant short-term debt
and other obligations currently due or maturing in less than one year, which are in excess of the Company&rsquo;s cash and current
asset balance, and the Company has been delaying certain payments to conserve cash. The Company has entered into a series of amendments
to its corporate loan agreement with its senior lender Hercules Capital, Inc. (&ldquo;Hercules&rdquo;) in order to, among other
things, provide for a lower minimum cash covenant and avoid events of default and acceleration of amounts due under the loan agreement.
Most recently, Hercules provided an amendment through August 9, 2019. In exchange for this new amendment, the Company has agreed
to pay down a portion of the outstanding principal amount in June 2019. As of April 30, 2019, the Company had an accumulated deficit
from recurring net losses for the current and prior years. These factors as well as negative cash flows from operating and investing
activities raise substantial doubt about the Company&rsquo;s ability to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Management has plans to alleviate the substantial
doubt. These plans include exploring refinancing alternatives for the Company&rsquo;s senior secured credit facility with Hercules.
However, the Company may not be able to obtain such refinancing on acceptable terms, or at all. If the Company is not able to consummate
such a refinancing transaction by August 9, 2019, and if Hercules is not willing to provide further accommodations, the Company
could default on its obligations under its senior secured credit facility with Hercules, which would trigger additional defaults
under other agreements. Other plans include implementing cost reduction measures such as the reduction in force implemented in
April, increasing sales activity related to the Company&rsquo;s products, and negotiating and entering into advanced technology
research and development contracts. The Company may also consider licensing certain of its technology, sales of intellectual property
and other assets, and/or sales of common stock directly to investors or through the Company&rsquo;s at-the-market sales plan (which
is subject to contractual requirements, trading windows and market conditions) to raise capital in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The terms of any financing and other measures
to obtain funds that may be undertaken by the Company may adversely affect the holdings or the rights of the Company&rsquo;s stockholders.
If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate some or all of its research
and development efforts and commercialization efforts and sell intellectual property and other assets, which could adversely affect
its business prospects, or the Company may be unable to continue operations. Although management continues to pursue these plans,
there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to
fund continuing operations, if at all. Based on its recurring losses from operations, expectation of continuing operating losses
for the foreseeable future, and need to raise additional capital to finance its future operations, the Company has concluded that
there is substantial doubt about its ability to continue as a going concern for a period of one year after the date that the financial
statements are issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company&rsquo;s financial statements
do not include any adjustments that might result from the outcome of this uncertainty. Accordingly, the financial statements have
been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets
and satisfaction of liabilities and commitments in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The financial results presented above are
preliminary, subject to completion of the reviews, analyses, and assessments described in &ldquo;Part III &ndash; Narrative&rdquo;
above and the issuance of the Company&rsquo;s financial statements as of and for the three months ended April 30, 2019. The Company&rsquo;s
final financial results could differ from its preliminary financial results. The Company&rsquo;s final financial results will be
set forth in the Company&rsquo;s Quarterly Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Form 12b-25 contains certain &ldquo;forward-looking
statements&rdquo; relating to, among other things, the Company, the Quarterly Report, and the Company&rsquo;s business, plans,
results and operations. All statements, other than statements of historical fact included herein, are &ldquo;forward-looking statements,&rdquo;
including, but not limited to, statements regarding the timing, duration, and outcome of the Company&rsquo;s and its auditor&rsquo;s
work in connection with completing certain reviews, analyses, and assessments in connection with the Quarterly Report, the results
of such reviews, analyses, and assessments, the timing of filing of the Quarterly Report, the Company&rsquo;s plans to alleviate
substantial doubt about the Company&rsquo;s ability to continue as a going concern, and the Company&rsquo;s expectations with respect
to future performance, plans, results and operations. Forward-looking statements are often identified by the use of forward-looking
terminology, such as &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects,&rdquo; &ldquo;intends,&rdquo;
 &ldquo;plans,&rdquo; &ldquo;believes,&rdquo; &ldquo;predicts,&rdquo; &ldquo;should,&rdquo; &ldquo;will&rdquo;, &ldquo;could&rdquo;,
 &ldquo;would&rdquo;, &ldquo;may&rdquo;, &ldquo;forecast&rdquo; or similar expressions, and involve known and unknown risks and
uncertainties that could cause the Company&rsquo;s actual results to differ materially from any future results expressed or implied
by the forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements
are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Such risks
and uncertainties include, but are not limited to, other events that may require the attention of the Company&rsquo;s management,
the timing of the process of finalizing the Quarterly Report and undertaking various reviews, analyses, and assessments in connection
with the Quarterly Report, the Company&rsquo;s ability to implement its plans to alleviate substantial doubt about its ability
to continue as a going concern, and other events, factors and risks previously and from time to time disclosed in the Company&rsquo;s
filings with the Securities and Exchange Commission. Investors should not place undue reliance on these forward-looking statements,
which speak only as of the date of this filing. The Company disclaims any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.
The information contained in this filing is made as of the date hereof, even if subsequently made available by the Company on its
website or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">FuelCell Energy, Inc.
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0; text-indent: 0">Date:&nbsp;&nbsp;June 11, 2019</TD>
    <TD STYLE="width: 5%; padding: 0; text-indent: 0">By:</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; padding: 0 1in 0 0; text-indent: 0">/s/ Michael S. Bishop</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Michael S. Bishop</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Executive Vice President, Chief Financial <BR>
Officer, and Treasurer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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