FuelCell Energy Inc. (FCEL) shares slid in extended trading Tuesday after the company filed paperwork to upsize its common stock offering, a move that often signals dilution concerns for existing shareholders.

The Deal Gets Bigger

After the closing bell, FuelCell disclosed in a regulatory filing that it's boosting the size of its at-the-market stock offering to $200 million. These types of offerings let companies sell shares gradually into the market rather than all at once, which can be less disruptive but still puts downward pressure on the stock price as new shares flood the market.

The amended sales agreement includes a roster of eight banks acting as sales agents: Jefferies, B. Riley Securities, Barclays Capital, BMO Capital, BofA Securities, Canaccord Genuity, Citigroup, and Loop Capital. Notably absent from that list is JPMorgan, which sent the company a written notice terminating its participation effective December 24, 2025.

FuelCell, which provides power generation solutions designed to help customers access electricity faster while managing emissions, reported total unrestricted cash and cash equivalents of $278.1 million at the end of fiscal 2025. So it's not like the company is desperate for cash, but raising $200 million would certainly bolster the balance sheet.

Investment Options Beyond Direct Stock Purchase

Investors looking for exposure to FuelCell don't necessarily need to buy the stock directly. You can gain access through exchange-traded funds that hold positions in the company. For instance, the Global X Hydrogen ETF (HYDR) had FuelCell Energy as a holding with a 5.91% weighting as of December 29, offering a way to invest in the broader hydrogen economy while including FuelCell in the mix.

How the Stock is Trading

FuelCell shares closed Tuesday's regular session down 2.70%, then dropped another 5.54% in after-hours trading to $7.50. The technical picture shows some near-term weakness, with the stock trading roughly 9.1% below its 20-day simple moving average, though it's still holding 4.4% above its 100-day moving average, suggesting longer-term support remains intact for now.