Shares of FuelCell Energy (FCEL) rose sharply in morning trading after the company reported better-than-expected third-quarter results.

The stock gained 34.4% following the release of financial results for the third quarter of fiscal 2025. The company reported revenue and earnings that exceeded analyst forecasts.

FuelCell Energy posted quarterly revenue of $55.02 million. That marked an increase of 11.5% compared with the same period a year earlier. The figure came in more than 25% above Wall Street expectations.

FuelCell Energy ended the quarter with a backlog of $1.19 billion. The backlog provides visibility into future revenue tied to existing orders and contracts. The revenue growth and reduced loss contributed to a positive reaction from investors during the trading session.

FuelCell Energy shares have shown significant volatility over the past year. The stock recorded 90 moves greater than 5% during that period.

Moves of this size are uncommon even for FuelCell Energy. The sharp rise suggested the earnings report had a meaningful impact on market sentiment toward the company.

The prior notable move occurred 13 days earlier. At that time, the stock rose 7.7%, with the increase attributed to technical factors and an ongoing upward trend. That earlier move marked the third consecutive day of gains for the shares. On the trading day before that, the stock had climbed more than 12%.

Since the beginning of the year, FuelCell Energy shares are up about 4%. Despite the recent jump, the stock remains below earlier levels.

The shares were trading at $10.79 following the move. That price is about 17.5% below the 52-week high of $13.07 reached in January 2025.