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Dilution profile // every instrument, one screen, from SEC filings

FUELCELL ENERGY INC (FCEL)

CIK 886128 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGHS-3ASR on file 2026-06-08
= is there a registration (S-1/S-3 family) on file without a later withdrawal
no structured fee data on the live registrations, so this is a yes/no, not a size
Overhead supply
LOWwarrants = 9% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
LOW-85% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
LOW~35.7 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2020-09-032026-06-04

Latest: 67.6M shares as of Jun 4, 2026 (10-Q). Share count fell from 185.92B to 185.9M between Jun 6, 2012 and Sep 5, 2012, a pattern consistent with a reverse split (roughly 1-for-1000); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Self-funding

generates cash

Full breakdown: cash runway tool · source filing →

Warrants

Warrants outstanding: 6.0M underlying shares, as reported Oct 31, 2019 (10-K).

Reported exercise price: $0.242 (aggregate figure as tagged; individual tranches vary).

Balance-sheet fair value of warrants: $5.2M as of Oct 31, 2020.

Down-round (price protection) accounting has been tagged in this filer’s XBRL: some instrument carries repricing protection. Which tranche requires reading the exhibits.

Rough fully diluted estimate: 73.6M = 67.6M O/S + 6.0M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Jun 8, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding67.6MJun 4, 2026
+ Warrants (aggregate, as tagged) (if exercised)6.0MOct 31, 2019
Fully diluted estimate73.6M+8.9% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

S-3ASRJun 8, 2026fee exhibit found but no total offering amount (fees deferred, typical for automatic shelves)filing →
S-3Apr 29, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →
S-3ASROct 13, 2023no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 4 executed · 1 registered.

UPDATEJul 21, 2026Resale prospectus — existing holders registering to sell424B7 →
EXECUTEDJul 8, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDJul 7, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EXECUTEDJun 24, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →
REGISTEREDJun 8, 2026Automatic shelf registration — effective immediately (large filers)S-3ASR →
EXECUTEDDec 30, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EFFECTIVEMay 8, 2025SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDApr 29, 2025S-3 registration — capacity to sell shares, not a sale yetS-3 →
EXECUTEDMar 10, 2025Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EFFECTIVEMar 10, 2025SEC declared a registration effective — selling can beginEFFECT →
EXECUTEDApr 10, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
REGISTEREDOct 13, 2023Automatic shelf registration — effective immediately (large filers)S-3ASR →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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