FuelCell Energy surges on cost-cutting measures, layoffs

Shares of renewable power company FuelCell Energy FCEL.O jumps 40.3% to $7.30

Company plans to reduce operating expenses by 30% on an annualized basis compared to last fiscal year

Company says it has reduced around 22% of its workforce as a part of its restructuring plan and now has around 426 global employees

FCEL says the plan is to protect its position "amid slower-than-expected market investments in clean energy"

We are encouraged by the company’s continued focus on cost controls, though we do not model the company reaching breakeven during our forecasted period (thru FY26)"- J.P. Morgan analyst Mark Strouse

Including session's moves, shares are down 21.87% YTD