FuelCell Energy (FCEL) Financials

$20.22 +2.86 (+16.47%)

Closing price 05/20/2026 04:00 PM Eastern

Extended Trading

$20.72 +0.50 (+2.49%)

As of 05/20/2026 07:59 PM Eastern

Annual Income Statements for FuelCell Energy

This table shows FuelCell Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-33	-54	-57	-62	-100	-92	-104	-146	-111	-129	-191
Consolidated Net Income / (Loss)	-30	-51	-54	-47	-78	-89	-101	-147	-108	-157	-191
Net Income / (Loss) Continuing Operations	-30	-51	-54	-47	-78	-89	-101	-147	-108	-157	-191
Total Pre-Tax Income	-29	-51	-54	-50	-77	-89	-101	-146	-107	-157	-191
Total Operating Income	-29	-46	-45	-45	-67	-39	-65	-144	-136	-158	-192
Total Gross Profit	13	-0.36	2.73	3.09	-21	-7.73	-16	-30	-11	-36	-26
Total Revenue	163	108	96	89	61	71	70	130	123	112	158
Operating Revenue	163	108	96	89	61	71	70	130	123	112	158
Total Cost of Revenue	150	109	93	86	82	79	85	160	134	148	185
Operating Cost of Revenue	150	109	93	86	82	79	85	160	134	148	185
Total Operating Expenses	42	46	48	48	46	31	49	114	126	123	166
Selling, General & Admin Expense	24	25	26	25	32	27	38	80	65	65	61
Research & Development Expense	17	21	20	23	14	4.80	11	35	61	55	34
Impairment Charge	-	-	-	-	-	-	-	-	2.38	1.26	66
Restructuring Charge	-	0.00	1.36	-	-	-	-	0.00	0.00	2.56	5.34
Total Other Income / (Expense), net	-0.52	-4.34	-8.92	-5.72	-11	-50	-36	-2.69	29	1.74	1.11
Interest Expense	2.96	4.96	9.17	9.06	11	13	19	6.39	-8.09	9.69	10
Interest & Investment Income	-	-	-	-	0.00	0.00	-0.90	3.39	16	14	8.31
Other Income / (Expense), net	2.44	0.62	0.25	3.34	0.09	-36	-17	0.32	4.72	-2.30	3.18
Income Tax Expense	0.27	0.52	0.04	-3.02	0.11	0.00	0.00	0.82	0.58	0.03	0.14
Preferred Stock Dividends Declared	3.20	3.20	3.20	15	-6.52	3.33	3.20	3.20	3.20	3.20	3.20
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.33	-0.25	-	-	-	0.00	0.03	-4.51	-0.49	-31	-3.47
Basic Earnings per Share	($1.33)	($1.82)	($13.73)	($9.01)	($1.82)	($0.42)	($0.31)	($11.43)	($7.92)	($7.83)	($7.42)
Weighted Average Basic Shares Outstanding	24.51M	29.77M	4.16M	6.90M	55.08M	221.96M	334.74M	12.77M	13.99M	16.51M	25.74M
Diluted Earnings per Share	($1.33)	($1.82)	($13.73)	($9.01)	($1.82)	($0.42)	($0.31)	($11.43)	($7.92)	($7.83)	($7.42)
Weighted Average Diluted Shares Outstanding	24.51M	29.77M	4.16M	6.90M	55.08M	221.96M	334.74M	12.77M	13.99M	16.51M	25.74M
Weighted Average Basic & Diluted Shares Outstanding	24.50M	29.80M	50.10M	82.90M	210.97M	322.41M	366.67M	405.72M	451.80M	20.45M	47.74M

This table shows FuelCell Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025	10/31/2025	1/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-25	-31	-21	-33	-33	-42	-29	-39	-92	-31	-24
Consolidated Net Income / (Loss)	-24	-29	-44	-38	-35	-40	-32	-38	-92	-29	-26
Net Income / (Loss) Continuing Operations	-24	-29	-44	-38	-35	-40	-32	-38	-92	-29	-26
Total Pre-Tax Income	-24	-29	-44	-38	-35	-40	-32	-38	-92	-29	-26
Total Operating Income	-41	-36	-42	-41	-34	-41	-33	-36	-95	-28	-26
Total Gross Profit	-8.22	-1.46	-12	-7.07	-6.20	-11	-5.20	-9.44	-5.13	-6.63	-5.86
Total Revenue	26	22	17	22	24	49	19	37	47	55	31
Operating Revenue	26	22	17	22	24	49	19	37	47	55	31
Total Cost of Revenue	34	24	28	29	30	60	24	47	52	62	36
Operating Cost of Revenue	34	24	28	29	30	60	24	47	52	62	36
Total Operating Expenses	33	35	31	34	27	30	28	26	90	22	20
Selling, General & Admin Expense	18	17	16	18	15	16	15	16	14	15	13
Research & Development Expense	16	18	14	17	13	12	11	9.90	7.65	5.46	6.96
Restructuring Charge	-	-	0.00	0.00	0.00	-	1.54	0.01	4.05	-0.26	0.00
Total Other Income / (Expense), net	18	6.92	-1.92	3.71	-1.50	1.46	0.47	-1.86	3.51	-1.01	0.24
Interest Expense	-13	2.32	2.34	2.28	2.56	2.52	2.61	2.55	2.55	2.68	2.76
Interest & Investment Income	3.97	4.73	4.07	3.39	3.27	2.99	2.39	1.83	2.14	1.96	2.53
Other Income / (Expense), net	0.40	4.51	-3.65	2.59	-2.22	0.98	0.68	-1.13	3.91	-0.29	0.47
Preferred Stock Dividends Declared	0.80	0.80	0.80	0.80	0.80	0.80	0.80	0.80	0.80	0.80	0.80
Net Income / (Loss) Attributable to Noncontrolling Interest	0.68	0.91	-25	-5.52	-2.46	1.82	-4.06	0.30	-0.24	0.53	-3.19
Basic Earnings per Share	($0.06)	($2.23)	($1.37)	($2.18)	($1.99)	($2.56)	($1.42)	($1.79)	($3.78)	($1.19)	($0.49)
Weighted Average Basic Shares Outstanding	415.87M	13.99M	15.05M	15.10M	16.77M	16.51M	20.50M	21.74M	24.44M	25.74M	48.21M
Diluted Earnings per Share	($0.06)	($2.23)	($1.37)	($2.18)	($1.99)	($2.56)	($1.42)	($1.79)	($3.78)	($1.19)	($0.49)
Weighted Average Diluted Shares Outstanding	415.87M	13.99M	15.05M	15.10M	16.77M	16.51M	20.50M	21.74M	24.44M	25.74M	48.21M
Weighted Average Basic & Diluted Shares Outstanding	450.63M	451.80M	451.86M	497.05M	556.01M	20.45M	21.14M	22.79M	32.30M	47.74M	52.98M

This table details how cash moves in and out of FuelCell Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025
Net Change in Cash & Equivalents	-23	33	-31	-7.21	-40	152	268	21	-181	-91	133
Net Cash From Operating Activities	-44	-47	-72	16	-31	-37	-70	-112	-140	-153	-125
Net Cash From Continuing Operating Activities	-44	-47	-72	16	-31	-37	-70	-112	-140	-153	-125
Net Income / (Loss) Continuing Operations	-30	-51	-54	-47	-78	-89	-101	-147	-108	-157	-191
Consolidated Net Income / (Loss)	-30	-51	-54	-47	-78	-89	-101	-147	-108	-157	-191
Depreciation Expense	4.10	4.95	8.52	8.65	12	19	20	21	25	36	40
Amortization Expense	1.83	3.21	6.26	5.96	6.10	7.57	4.44	4.21	3.23	2.18	2.36
Non-Cash Adjustments To Reconcile Net Income	1.47	3.54	-10	28	19	35	35	12	-22	-9.64	11
Changes in Operating Assets and Liabilities, net	-22	-7.08	-22	21	9.36	-9.24	-28	-2.06	-39	-25	12
Net Cash From Investing Activities	-6.93	-41	-31	-51	-69	-33	-73	-47	-192	-60	89
Net Cash From Continuing Investing Activities	-6.93	-41	-31	-51	-69	-33	-73	-47	-192	-60	89
Purchase of Property, Plant & Equipment	-6.93	-7.73	-12	-10	-2.15	-0.38	-6.35	-21	-39	-48	-19
Purchase of Investments	-	-	-	-	-	-	0.00	0.00	-299	-836	-661
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	0.00	199	835	772
Other Investing Activities, net	0.00	-34	-20	-41	-32	-32	-67	-26	-53	-12	-3.94
Net Cash From Financing Activities	28	121	72	28	60	222	412	181	151	122	169
Net Cash From Continuing Financing Activities	28	121	72	28	60	222	412	181	151	122	169
Repayment of Debt	-1.54	-32	-8.78	-17	-52	-33	-103	-9.54	-51	-13	-15
Payment of Dividends	-4.20	-4.17	-4.16	-4.18	-1.84	-6.48	-3.20	-3.51	-3.80	-4.82	-5.31
Issuance of Debt	6.76	86	18	13	70	88	10	0.00	101	23	0.00
Issuance of Common Equity	0.13	0.18	0.09	0.00	0.02	0.01	3.02	196	107	118	190
Other Financing Activities, net	27	71	67	10	44	173	526	-1.89	-0.89	-1.07	-0.55
Effect of Exchange Rate Changes	-0.11	-0.04	0.13	0.01	-0.24	-0.09	-0.08	-0.93	0.08	0.11	0.08

This table details how cash moves in and out of FuelCell Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025	10/31/2025	1/31/2026
Net Change in Cash & Equivalents	59	-37	49	-137	6.29	-9.30	-48	19	58	105	38
Net Cash From Operating Activities	-36	-16	-58	-37	-63	5.85	-46	-30	-27	-23	-34
Net Cash From Continuing Operating Activities	-36	-16	-58	-37	-63	5.85	-46	-30	-27	-23	-34
Net Income / (Loss) Continuing Operations	-24	-29	-44	-38	-35	-40	-32	-38	-92	-29	-26
Consolidated Net Income / (Loss)	-24	-29	-44	-38	-35	-40	-32	-38	-92	-29	-26
Depreciation Expense	6.62	6.72	8.60	9.55	9.24	8.80	9.95	11	9.75	9.82	11
Amortization Expense	0.50	0.66	0.55	0.54	0.55	0.55	0.60	0.59	0.59	0.59	0.66
Non-Cash Adjustments To Reconcile Net Income	-16	6.85	0.01	0.15	2.55	-12	1.51	-8.13	47	-29	-4.63
Changes in Operating Assets and Liabilities, net	-3.07	-0.59	-23	-9.71	-41	48	-25	4.52	7.95	25	-14
Net Cash From Investing Activities	-27	-54	87	-114	8.43	-41	-7.36	45	52	-1.11	-2.98
Net Cash From Continuing Investing Activities	-27	-54	87	-114	8.43	-41	-7.36	45	52	-1.11	-2.98
Purchase of Property, Plant & Equipment	-11	-11	-11	-13	-13	-11	-7.06	-5.28	-5.25	-1.02	-0.77
Purchase of Investments	-58	-103	-125	-131	-221	-359	-379	-282	-	-	0.00
Sale and/or Maturity of Investments	58	78	230	30	246	328	379	333	61	-	0.00
Other Investing Activities, net	-16	-18	-7.52	-0.68	-3.57	-0.06	-0.31	0.09	-3.62	-0.09	-2.21
Net Cash From Financing Activities	122	33	21	15	61	26	4.84	3.03	33	129	75
Net Cash From Continuing Financing Activities	122	33	21	15	61	26	4.84	3.03	33	129	75
Repayment of Debt	-38	-9.11	-2.60	-3.03	-3.51	-3.73	-3.19	-3.27	-4.14	-4.02	-7.13
Payment of Dividends	-0.95	-1.00	-1.04	-1.23	-1.29	-1.28	-1.40	-1.37	-1.27	-1.27	-1.44
Issuance of Debt	-	23	-	-	-	10	0.00	-	-	-	25
Issuance of Common Equity	83	21	25	-	0.05	21	9.91	-5.89	0.04	186	59
Other Financing Activities, net	-0.09	-0.46	-1.00	5.84	66	0.00	-0.48	14	38	-52	-0.59
Effect of Exchange Rate Changes	-	-0.05	0.03	-	-	0.02	-0.23	-	-	0.19	-0.07

This table presents FuelCell Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025
Total Assets	277	341	384	340	333	524	875	940	956	944	932
Total Current Assets	204	202	204	130	84	234	543	580	476	444	450
Cash & Equivalents	59	84	49	39	9.43	150	432	458	250	148	278
Restricted Cash	6.29	9.44	4.63	5.81	3.47	9.23	11	4.42	5.16	12	17
Short-Term Investments	-	-	-	-	-	-	-	0.00	104	109	0.00
Accounts Receivable	61	25	69	23	11	18	24	16	20	49	53
Inventories, net	66	74	74	54	55	51	67	91	84	114	86
Other Current Assets	12	10	6.57	8.59	5.92	6.31	9.18	11	13	13	16
Plant, Property, & Equipment, net	29	37	44	48	41	36	39	58	90	131	96
Total Noncurrent Assets	44	102	137	162	208	253	292	301	390	369	386
Intangible Assets	9.59	9.59	9.59	9.59	21	20	19	17	16	15	3.89
Other Noncurrent Operating Assets	10	64	90	113	156	196	253	261	325	302	335
Other Noncurrent Nonoperating Assets	21	25	34	35	27	33	17	19	44	49	47
Total Liabilities & Shareholders' Equity	277	341	384	340	333	524	875	940	956	944	932
Total Liabilities	123	166	195	163	198	269	170	185	195	217	201
Total Current Liabilities	75	52	98	60	63	59	53	86	66	74	68
Short-Term Debt	7.36	5.01	28	18	22	21	10	13	10	16	16
Accounts Payable	16	18	43	23	17	9.58	19	28	27	23	17
Accrued Expenses	19	21	18	7.63	11	16	16	27	26	30	31
Current Deferred Revenue	32	6.81	7.96	11	11	10	6.29	16	2.41	4.23	2.73
Other Current Liabilities	0.82	0.80	0.84	0.95	0.95	1.88	1.03	0.65	0.60	0.81	0.93
Total Noncurrent Liabilities	48	114	97	103	135	210	117	100	129	143	133
Noncurrent Deferred Revenue	23	21	19	17	29	32	30	9.10	0.73	3.01	5.99
Other Noncurrent Operating Liabilities	25	94	78	87	106	179	87	90	129	140	127
Redeemable Noncontrolling Interest	60	60	88	95	60	60	63	63	60	60	60
Total Equity & Noncontrolling Interests	95	114	101	82	76	195	642	691	700	668	671
Total Preferred & Common Equity	95	114	101	82	76	195	642	684	682	657	662
Total Common Equity	95	114	101	82	76	195	642	684	682	657	662
Common Stock	934	1,005	1,045	1,073	1,151	1,359	1,909	2,094	2,200	2,300	2,493
Retained Earnings	-839	-890	-944	-991	-1,075	-1,164	-1,265	-1,408	-1,516	-1,642	-1,829
Treasury Stock	-0.08	-0.18	-0.28	-0.36	-0.47	-0.43	-0.59	-0.86	-1.08	-1.20	-1.41
Accumulated Other Comprehensive Income / (Loss)	-0.51	-0.54	-0.42	-0.40	-0.65	-0.74	-0.82	-1.75	-1.67	-1.56	-1.70
Other Equity Adjustments	0.08	0.18	0.28	0.36	0.47	0.43	0.59	0.86	1.08	1.20	1.41
Noncontrolling Interest	-0.56	-	-	-	-	-	0.00	7.11	18	11	9.11

This table presents FuelCell Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	4/30/2023	7/31/2023	1/31/2024	4/30/2024	7/31/2024	1/31/2025	4/30/2025	7/31/2025	1/31/2026
Total Assets	859	945	923	917	949	908	884	831	978
Total Current Assets	453	515	445	426	460	411	384	370	495
Cash & Equivalents	247	304	297	159	159	98	116	175	312
Restricted Cash	4.78	6.08	5.96	4.97	9.69	13	12	16	18
Short-Term Investments	76	77	0.00	101	108	110	61	0.00	0.00
Accounts Receivable	23	29	26	34	41	51	55	55	60
Inventories, net	87	86	103	114	129	126	124	105	90
Other Current Assets	14	13	13	13	12	13	16	20	15
Plant, Property, & Equipment, net	71	80	98	112	121	135	138	98	96
Total Noncurrent Assets	335	351	380	379	368	361	361	362	388
Intangible Assets	17	16	16	15	15	14	14	4.22	3.57
Other Noncurrent Operating Assets	289	304	315	312	299	293	292	312	334
Other Noncurrent Nonoperating Assets	25	27	45	48	49	50	51	46	50
Total Liabilities & Shareholders' Equity	859	945	923	917	949	908	884	831	978
Total Liabilities	153	177	181	205	204	202	205	205	214
Total Current Liabilities	63	59	54	65	67	65	68	69	62
Short-Term Debt	13	9.76	10	12	12	17	17	17	18
Accounts Payable	21	22	17	22	17	18	23	16	15
Accrued Expenses	23	23	22	24	26	24	25	30	25
Current Deferred Revenue	4.78	3.11	3.62	6.76	11	5.19	2.92	5.25	3.95
Other Current Liabilities	0.65	0.67	0.69	0.75	0.76	0.80	0.80	0.80	0.98
Total Noncurrent Liabilities	90	118	127	140	137	138	137	136	152
Noncurrent Deferred Revenue	0.00	0.00	0.69	0.99	1.98	3.08	4.20	5.40	8.55
Other Noncurrent Operating Liabilities	90	118	127	139	135	134	132	131	144
Redeemable Noncontrolling Interest	60	60	60	60	60	60	60	60	60
Total Equity & Noncontrolling Interests	646	708	682	652	685	645	619	565	704
Total Preferred & Common Equity	638	700	664	640	676	635	609	556	695
Total Common Equity	638	700	664	640	676	635	609	556	695
Common Stock	2,101	2,186	2,201	2,209	2,277	2,307	2,319	2,358	2,549
Retained Earnings	-1,461	-1,485	-1,535	-1,567	-1,600	-1,670	-1,708	-1,800	-1,852
Treasury Stock	-0.92	-1.03	-1.13	-1.16	-1.20	-1.27	-1.31	-1.36	-1.45
Accumulated Other Comprehensive Income / (Loss)	-1.46	-1.62	-1.64	-1.72	-1.58	-1.79	-1.51	-1.88	-1.77
Other Equity Adjustments	0.92	1.03	1.13	1.16	1.20	1.27	1.31	1.36	1.45
Noncontrolling Interest	7.81	8.34	18	12	9.35	10	9.76	9.05	9.28

This table displays calculated financial ratios and metrics derived from FuelCell Energy's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025
DEI Shares Outstanding	305,078,416.00	33,540,364.00	61,485,741.00	93,342,799.00	125,914,240.00	239,374,041.00	366,613,715.00	405,562,988.00	450,626,333.00	-	32,295,476.00
DEI Adjusted Shares Outstanding	70,620.00	93,168.00	170,794.00	259,286.00	4,197,141.00	7,979,135.00	12,220,457.00	13,518,766.00	15,020,878.00	-	32,295,476.00
DEI Earnings Per Adjusted Shares Outstanding	-461.05	-581.28	-334.34	-239.77	-23.88	-11.59	-8.53	-10.79	-7.37	-	-5.92
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.55%	-33.62%	-11.63%	-6.51%	-32.07%	16.66%	-1.81%	87.52%	-5.43%	-9.13%	41.05%
EBITDA Growth	27.51%	-83.11%	20.39%	10.78%	-81.30%	-0.49%	-17.84%	-105.82%	12.86%	-19.12%	-19.61%
EBIT Growth	24.07%	-72.90%	2.28%	7.59%	-61.85%	-13.06%	-7.99%	-75.73%	8.40%	-22.40%	-17.66%
NOPAT Growth	-5.79%	-60.44%	3.06%	0.67%	-49.96%	41.48%	-65.71%	-121.45%	5.32%	-16.46%	-21.36%
Net Income Growth	23.66%	-72.51%	-5.26%	12.19%	-63.87%	-14.88%	-13.37%	-45.74%	26.61%	-45.09%	-22.07%
EPS Growth	23.66%	-36.84%	-5.26%	12.19%	79.80%	76.92%	26.19%	-45.74%	26.61%	-45.09%	5.24%
Operating Cash Flow Growth	22.96%	-5.24%	-54.19%	122.72%	-287.31%	-20.31%	-91.51%	-59.24%	-25.04%	-9.02%	18.06%
Free Cash Flow Firm Growth	51.62%	62.31%	-483.47%	84.15%	-216.84%	113.11%	-3,388.12%	39.17%	-33.20%	3.68%	32.39%
Invested Capital Growth	49.73%	-20.05%	112.72%	-11.85%	3.02%	-28.89%	204.83%	12.28%	28.09%	15.90%	-4.75%
Revenue Q/Q Growth	-1.78%	-19.95%	54.57%	53.55%	-56.34%	9.18%	-4.22%	24.01%	-11.95%	0.00%	3.73%
EBITDA Q/Q Growth	-26.17%	-6.18%	-44.23%	-237.71%	21.86%	29.17%	-20.25%	-20.37%	10.43%	0.00%	7.86%
EBIT Q/Q Growth	-18.00%	-7.09%	-30.56%	-83.44%	14.93%	19.03%	-10.72%	-16.14%	7.43%	0.00%	5.70%
NOPAT Q/Q Growth	-11.15%	-9.29%	-31.28%	-98.27%	14.82%	28.84%	-9.13%	-16.27%	4.42%	0.00%	6.20%
Net Income Q/Q Growth	-15.64%	-8.57%	-35.19%	-75.44%	13.55%	15.48%	10.69%	-31.48%	10.41%	0.00%	5.09%
EPS Q/Q Growth	-15.64%	-12.35%	-35.19%	-75.44%	0.00%	16.00%	-6.90%	-31.48%	10.41%	0.00%	10.49%
Operating Cash Flow Q/Q Growth	27.83%	15.75%	-24.07%	6.53%	2.42%	0.17%	3.23%	-14.53%	5.56%	12.41%	-29.73%
Free Cash Flow Firm Q/Q Growth	29.69%	38.12%	-62.07%	-3,518.97%	52.12%	-82.30%	-0.30%	2.37%	-1.25%	0.00%	2.40%
Invested Capital Q/Q Growth	6.24%	-12.69%	20.44%	23.79%	-17.31%	25.72%	5.79%	-1.14%	0.90%	0.00%	0.06%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	7.83%	-0.33%	2.86%	3.46%	-35.01%	-10.90%	-22.47%	-22.67%	-8.54%	-32.03%	-16.70%
EBITDA Margin	-12.58%	-34.71%	-31.27%	-29.84%	-79.65%	-68.60%	-82.34%	-90.37%	-83.28%	-109.16%	-92.57%
Operating Margin	-17.72%	-42.82%	-46.97%	-49.90%	-110.17%	-55.26%	-93.27%	-110.15%	-110.28%	-141.34%	-121.61%
EBIT Margin	-16.22%	-42.24%	-46.71%	-46.17%	-110.01%	-106.63%	-117.27%	-109.90%	-106.46%	-143.39%	-119.61%
Profit (Net Income) Margin	-18.20%	-47.30%	-56.35%	-52.92%	-127.68%	-125.73%	-145.18%	-112.84%	-87.57%	-139.82%	-121.00%
Tax Burden Percent	100.93%	101.02%	100.08%	94.01%	100.14%	100.05%	100.00%	100.56%	100.54%	100.02%	100.07%
Interest Burden Percent	111.19%	110.84%	120.52%	121.93%	115.89%	117.86%	123.80%	102.10%	81.82%	97.49%	101.09%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-31.81%	-47.31%	-33.01%	-25.62%	-40.39%	-27.22%	-26.81%	-37.14%	-29.15%	-28.00%	-32.42%
ROIC Less NNEP Spread (ROIC-NNEP)	-21.63%	-27.73%	-6.98%	0.80%	35.93%	38.22%	-8.90%	-26.98%	-26.18%	-14.82%	-14.36%
Return on Net Nonoperating Assets (RNNOA)	12.84%	16.16%	3.31%	-0.27%	-9.25%	-18.48%	5.76%	16.97%	14.88%	6.93%	6.18%
Return on Equity (ROE)	-18.97%	-31.14%	-29.69%	-25.88%	-49.64%	-45.70%	-21.05%	-20.17%	-14.27%	-21.08%	-26.24%
Cash Return on Invested Capital (CROIC)	-71.64%	-25.03%	-105.10%	-13.02%	-43.36%	6.55%	-128.00%	-48.71%	-53.78%	-42.73%	-27.56%
Operating Return on Assets (OROA)	-9.48%	-14.80%	-12.34%	-11.40%	-19.84%	-17.64%	-11.67%	-15.80%	-13.86%	-16.93%	-20.16%
Return on Assets (ROA)	-10.64%	-16.57%	-14.88%	-13.07%	-23.02%	-20.80%	-14.44%	-16.22%	-11.40%	-16.51%	-20.40%
Return on Common Equity (ROCE)	-11.84%	-19.86%	-17.64%	-12.98%	-25.09%	-31.67%	-18.36%	-18.34%	-12.88%	-18.97%	-23.73%
Return on Equity Simple (ROE_SIMPLE)	-31.15%	-44.76%	-53.23%	-57.59%	-102.42%	-45.80%	-15.73%	-21.51%	0.00%	-23.87%	0.00%
Net Operating Profit after Tax (NOPAT)	-20	-32	-31	-31	-47	-27	-45	-101	-95	-111	-135
NOPAT Margin	-12.40%	-29.97%	-32.88%	-34.93%	-77.12%	-38.68%	-65.29%	-77.10%	-77.20%	-98.94%	-85.13%
Net Nonoperating Expense Percent (NNEP)	-10.18%	-19.57%	-26.03%	-26.42%	-76.31%	-65.44%	-17.91%	-10.16%	-2.97%	-13.18%	-18.07%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-14.28%	-13.41%	-16.23%	-19.60%
Cost of Revenue to Revenue	92.17%	100.33%	97.14%	96.54%	135.01%	110.90%	122.47%	122.67%	108.54%	132.03%	116.70%
SG&A Expenses to Revenue	14.86%	23.23%	27.09%	27.85%	52.47%	37.60%	54.53%	61.02%	52.29%	57.61%	38.41%
R&D to Revenue	10.70%	19.26%	21.32%	25.51%	22.69%	6.77%	16.26%	26.46%	49.45%	49.41%	21.55%
Operating Expenses to Revenue	25.55%	42.49%	49.83%	53.36%	75.16%	44.36%	70.80%	87.48%	101.75%	109.31%	104.92%
Earnings before Interest and Taxes (EBIT)	-26	-46	-45	-41	-67	-76	-82	-143	-131	-161	-189
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-21	-38	-30	-27	-48	-49	-57	-118	-103	-122	-146
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.83	0.98	1.33	0.96	0.40	2.46	4.56	1.85	0.72	0.29	0.44
Price to Tangible Book Value (P/TBV)	3.31	1.12	1.54	1.15	0.60	2.81	4.73	1.91	0.74	0.30	0.44
Price to Revenue (P/Rev)	1.65	1.04	1.41	0.88	0.49	6.76	42.10	9.70	3.98	1.71	1.83
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.56	1.37	1.52	1.28	0.84	4.79	10.03	3.09	0.60	0.02	0.20
Enterprise Value to Revenue (EV/Rev)	1.66	0.77	2.05	1.63	1.63	5.66	36.77	6.79	1.78	0.07	0.50
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	8.95	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	60.77	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.05	0.03	0.15	0.10	0.16	0.08	0.01	0.02	0.01	0.02	0.02
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.59	-0.58	-0.48	-0.33	-0.26	-0.48	-0.65	-0.63	-0.57	-0.47	-0.43
Leverage Ratio	1.78	1.88	2.00	1.98	2.16	2.20	1.46	1.24	1.25	1.28	1.29
Compound Leverage Factor	1.98	2.08	2.41	2.41	2.50	2.59	1.80	1.27	1.02	1.24	1.30
Debt to Total Capital	4.54%	2.79%	13.03%	9.05%	13.91%	7.75%	1.41%	1.72%	1.31%	2.14%	2.12%
Short-Term Debt to Total Capital	4.54%	2.79%	13.03%	9.05%	13.91%	7.75%	1.41%	1.72%	1.31%	2.14%	2.12%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	36.61%	33.39%	40.33%	48.70%	38.00%	21.71%	8.79%	9.12%	10.10%	9.49%	9.23%
Common Equity to Total Capital	58.84%	63.81%	46.64%	42.26%	48.08%	70.55%	89.80%	89.16%	88.59%	88.37%	88.65%
Debt to EBITDA	-0.36	-0.13	-0.95	-0.66	-0.45	-0.44	-0.18	-0.11	-0.10	-0.13	-0.11
Net Debt to EBITDA	2.82	2.36	0.86	1.03	-0.19	2.83	7.56	3.81	3.39	2.07	1.90
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-0.36	-0.15	-0.90	-0.56	-0.47	-0.78	-0.22	-0.13	-0.11	-0.14	-0.12
Net Debt to NOPAT	2.86	2.73	0.82	0.88	-0.19	5.02	9.54	4.47	3.66	2.28	2.07
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	-2.08	-2.85	-2.83	-3.68	-4.82	-1.99	8.76	2.27	-0.52	-1.88	-1.89
Noncontrolling Interest Sharing Ratio	37.59%	36.23%	40.60%	49.84%	49.46%	30.70%	12.79%	9.10%	9.76%	9.97%	9.56%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.72	3.89	2.08	2.17	1.34	3.97	10.30	6.76	7.23	6.01	6.63
Quick Ratio	1.60	2.09	1.20	1.04	0.33	2.84	8.64	5.52	5.67	4.14	4.88
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-46	-17	-100	-16	-50	6.60	-217	-132	-176	-169	-114
Operating Cash Flow to CapEx	-638.87%	-603.09%	-581.69%	162.76%	-1,421.29%	-9,628.53%	-1,108.74%	-532.15%	-356.37%	-320.42%	-673.57%
Free Cash Flow to Firm to Interest Expense	-15.39	-3.46	-10.92	-1.75	-4.74	0.49	-11.71	-20.64	0.00	-17.47	-11.03
Operating Cash Flow to Interest Expense	-14.96	-9.40	-7.83	1.80	-2.88	-2.73	-3.80	-17.54	0.00	-15.78	-12.07
Operating Cash Flow Less CapEx to Interest Expense	-17.30	-10.96	-9.18	0.70	-3.08	-2.75	-4.15	-20.84	0.00	-20.70	-13.87
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.58	0.35	0.26	0.25	0.18	0.17	0.10	0.14	0.13	0.12	0.17
Accounts Receivable Turnover	2.61	2.54	2.05	1.95	3.57	4.96	3.37	6.60	6.85	3.26	3.11
Inventory Turnover	2.47	1.56	1.25	1.35	1.52	1.49	1.44	2.03	1.53	1.49	1.85
Fixed Asset Turnover	5.95	3.30	2.39	1.95	1.36	1.83	1.84	2.68	1.67	1.02	1.39
Accounts Payable Turnover	7.76	6.35	3.04	2.65	4.15	5.93	5.91	6.74	4.90	6.03	9.32
Days Sales Outstanding (DSO)	140.07	143.95	177.63	186.83	102.18	73.60	108.21	55.33	53.26	111.82	117.24
Days Inventory Outstanding (DIO)	147.71	234.51	291.24	270.70	240.50	244.94	252.78	180.13	238.96	244.27	197.66
Days Payable Outstanding (DPO)	47.01	57.50	119.97	137.83	87.97	61.58	61.76	54.12	74.56	60.53	39.15
Cash Conversion Cycle (CCC)	240.77	320.95	348.90	319.70	254.71	256.96	299.23	181.34	217.66	295.56	275.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	76	61	130	114	118	84	255	287	367	425	405
Invested Capital Turnover	2.57	1.58	1.00	0.73	0.52	0.70	0.41	0.48	0.38	0.28	0.38
Increase / (Decrease) in Invested Capital	25	-15	69	-15	3.45	-34	171	31	80	58	-20
Enterprise Value (EV)	271	84	197	146	99	401	2,559	886	220	8.32	79
Market Capitalization	270	112	135	79	30	479	2,929	1,265	491	191	289
Book Value per Share	$0.31	$3.41	$1.65	$0.88	$0.60	$0.81	$1.75	$1.69	$1.51	$1.18	$20.50
Tangible Book Value per Share	$0.27	$3.00	$1.42	$0.73	$0.40	$0.71	$1.69	$1.63	$1.47	$1.15	$20.38
Total Capital	162	179	217	195	158	276	715	768	770	743	747
Total Debt	7.36	5.01	28	18	22	21	10	13	10	16	16
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-58	-89	-26	-28	9.01	-138	-433	-449	-349	-253	-279
Capital Expenditures (CapEx)	6.93	7.73	12	10	2.15	0.38	6.35	21	39	48	19
Debt-free, Cash-free Net Working Capital (DFCFNWC)	71	62	80	43	31	37	57	45	62	117	103
Debt-free Net Working Capital (DFNWC)	136	155	134	88	44	196	501	508	420	386	398
Net Working Capital (NWC)	129	150	105	70	22	175	491	494	410	371	382
Net Nonoperating Expense (NNE)	9.46	19	22	16	31	62	56	47	13	46	57
Net Nonoperating Obligations (NNO)	-78	-113	-59	-63	-18	-171	-450	-468	-393	-302	-326
Total Depreciation and Amortization (D&A)	5.93	8.16	15	15	18	27	24	25	29	38	43
Debt-free, Cash-free Net Working Capital to Revenue	43.68%	56.90%	83.41%	47.72%	50.36%	52.70%	82.23%	34.64%	49.93%	104.40%	65.20%
Debt-free Net Working Capital to Revenue	83.62%	143.38%	139.77%	98.15%	71.61%	277.19%	719.55%	389.07%	340.76%	344.66%	251.53%
Net Working Capital to Revenue	79.11%	138.76%	110.21%	78.47%	35.53%	247.04%	705.06%	378.96%	332.60%	330.46%	241.51%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($15.96)	($21.84)	($13.68)	($9.00)	($1.82)	($0.42)	($0.31)	($11.40)	($7.80)	($7.83)	($7.42)
Adjusted Weighted Average Basic Shares Outstanding	2.04M	2.48M	4.16M	6.90M	55.08M	221.96M	334.74M	12.77M	13.99M	16.51M	25.74M
Adjusted Diluted Earnings per Share	($15.96)	($21.84)	($13.68)	($9.00)	($1.82)	($0.42)	($0.31)	($11.40)	($7.80)	($7.83)	($7.42)
Adjusted Weighted Average Diluted Shares Outstanding	2.04M	2.48M	4.16M	6.90M	55.08M	221.96M	334.74M	12.77M	13.99M	16.51M	25.74M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	2.22M	3.36M	6.31M	8.66M	210.97M	322.41M	366.67M	13.52M	15.06M	20.45M	47.74M
Normalized Net Operating Profit after Tax (NOPAT)	-20	-32	-31	-31	-47	-27	-45	-101	-94	-109	-85
Normalized NOPAT Margin	-12.40%	-29.97%	-31.89%	-34.93%	-77.12%	-38.68%	-65.29%	-77.10%	-75.85%	-97.34%	-53.65%
Pre Tax Income Margin	-18.03%	-46.83%	-56.30%	-56.30%	-127.50%	-125.67%	-145.18%	-112.21%	-87.10%	-139.79%	-120.91%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-8.94	-9.22	-4.87	-4.56	-6.29	-5.60	-4.41	-22.43	0.00	-16.59	-18.23
NOPAT to Interest Expense	-6.83	-6.54	-3.43	-3.45	-4.41	-2.03	-2.45	-15.73	0.00	-11.45	-12.97
EBIT Less CapEx to Interest Expense	-11.28	-10.78	-6.22	-5.67	-6.49	-5.63	-4.75	-25.72	0.00	-21.52	-20.02
NOPAT Less CapEx to Interest Expense	-9.17	-8.10	-4.78	-4.56	-4.61	-2.06	-2.80	-19.03	0.00	-16.37	-14.77
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-14.16%	-8.15%	-7.71%	-8.83%	-2.37%	-7.27%	-3.17%	-2.38%	-3.51%	-3.08%	-2.77%
Augmented Payout Ratio	-14.16%	-8.15%	-7.71%	-8.83%	-2.37%	-7.27%	-3.17%	-2.38%	-3.51%	-3.08%	-2.77%

This table displays calculated financial ratios and metrics derived from FuelCell Energy's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025	10/31/2025	1/31/2026
DEI Shares Outstanding	406,760,629.00	450,626,333.00	450,626,333.00	451,862,054.00	497,046,680.00	-	-	21,143,772.00	22,790,931.00	32,295,476.00	47,736,734.00
DEI Adjusted Shares Outstanding	13,558,688.00	15,020,878.00	15,020,878.00	15,062,068.00	16,568,223.00	-	-	21,143,772.00	22,790,931.00	32,295,476.00	47,736,734.00
DEI Earnings Per Adjusted Shares Outstanding	-1.85	-2.07	-1.37	-2.19	-2.02	-	-	-1.84	-4.06	-0.95	-0.50
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	-29	-25	-30	-29	-24	-29	-23	-25	-67	-20	-18
Return On Investment Capital (ROIC_SIMPLE)	-	-3.58%	-4.29%	-4.36%	-3.37%	-4.20%	-3.47%	-3.94%	-11.47%	-2.89%	-2.55%
Earnings before Interest and Taxes (EBIT)	-41	-32	-46	-39	-36	-40	-32	-37	-91	-29	-26
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-34	-24	-37	-29	-26	-31	-22	-25	-81	-18	-15
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-103	-106	-100	-74	-91	-87	-71	-71	-40	0.36	31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	364	367	403	410	431	425	451	456	405	405	402
Increase / (Decrease) in Invested Capital	74	80	70	45	67	58	48	45	-26	-20	-49
Book Value per Share	$1.72	$1.51	$44.10	$1.42	$1.36	$1.18	$31.06	$28.81	$24.40	$20.50	$14.56
Tangible Book Value per Share	$1.67	$1.47	$42.78	$1.37	$1.32	$1.15	$30.16	$27.95	$24.22	$20.38	$14.48
Total Capital	778	770	752	724	757	743	722	696	642	747	782
Total Debt	9.76	10	10	12	12	16	17	17	17	16	18
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-377	-349	-293	-253	-265	-253	-204	-172	-174	-279	-312
Capital Expenditures (CapEx)	11	11	11	13	13	11	7.06	5.28	5.25	1.02	0.77
Debt-free, Cash-free Net Working Capital (DFCFNWC)	78	62	98	107	129	117	142	144	127	103	121
Debt-free Net Working Capital (DFNWC)	465	420	402	373	406	386	363	333	318	398	450
Net Working Capital (NWC)	456	410	391	361	393	371	346	316	301	382	433
Net Nonoperating Expense (NNE)	-5.38	3.99	15	8.70	12	11	9.39	13	25	9.51	7.65
Net Nonoperating Obligations (NNO)	-404	-393	-339	-302	-314	-302	-254	-223	-220	-326	-362
Total Depreciation and Amortization (D&A)	7.13	7.37	9.15	10	9.79	9.35	11	11	10	10	11
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.06)	($66.90)	($1.50)	($2.10)	($2.10)	($76.80)	($1.42)	($1.79)	($3.78)	($1.19)	($0.49)
Adjusted Weighted Average Basic Shares Outstanding	415.87M	466.39K	15.05M	15.10M	16.77M	550.18K	20.50M	21.74M	24.44M	25.74M	48.21M
Adjusted Diluted Earnings per Share	($0.06)	($66.90)	($1.50)	($2.10)	($2.10)	($76.80)	($1.42)	($1.79)	($3.78)	($1.19)	($0.49)
Adjusted Weighted Average Diluted Shares Outstanding	415.87M	466.39K	15.05M	15.10M	16.77M	550.18K	20.50M	21.74M	24.44M	25.74M	48.21M
Adjusted Basic & Diluted Earnings per Share	$0.00	($66.90)	$0.00	$0.00	$0.00	($76.80)	$0.00	$0.00	$0.00	($1.19)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	450.63M	15.06M	15.06M	16.57M	18.53M	681.66K	21.14M	22.79M	32.30M	47.74M	52.98M
Normalized Net Operating Profit after Tax (NOPAT)	-29	-25	-30	-29	-24	-29	-22	-25	-19	-20	-18
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

Financials Breakdown Chart

Key Financial Trends

Here are concise takeaways from FuelCell Energy's quarterly statements (last four years of FCEL data provided). The focus is on liquidity trends, profitability, and key balance-sheet changes that may matter to retail investors.

Significant liquidity boosts from equity issuances: Q4 2025 included a common equity issuance of about $185.7 million, and Q1 2026 added roughly $58.9 million in common equity proceeds.
Financing activity providing meaningful cash inflows in recent quarters: net cash from continuing financing activities was positive (e.g., around $32.7 million in Q4 2025), with ongoing equity/debt activity supporting liquidity.
Solid cash position as of early 2026: cash and equivalents reached about $312 million by Q1 2026, offering a liquidity runway despite ongoing losses.
Top-line momentum in late 2024–2025: quarterly revenue peaks around $55.0 million (Q4 2025) and about $46.7 million (Q3 2025), with early 2026 showing ongoing revenue activity (e.g., $30.5 million in Q1 2026).
Balance sheet remains broadly stable: total assets generally near $0.9B and total liabilities around $0.2B–$0.3B, with total equity in the roughly $0.6B–$0.7B range across periods.
Equity dilution risk from issuances: weighted average shares outstanding rose across periods (basic/diluted), which can press per-share metrics even as liquidity improves.
Asset composition includes sizable noncurrent assets (e.g., Other Noncurrent Operating Assets and intangible assets), reflecting long-term investments that take time to monetize.
Bottom-line losses persist: net income remains negative in every quarter, with a notable impairment in 2025 Q3 (about $64.5 million) that widened losses.
Operating cash flow remains negative: ongoing cash burn from operations in multiple quarters, even as financing inflows bolster liquidity.
Profitability margins remain challenged: gross margins are negative in several quarters (for example, Q3 2025 Total Gross Profit around -$5.13 million; Q1 2026 around -$5.86 million), indicating ongoing margin pressure absent a substantial revenue uplift or cost stabilization.

05/20/26 11:48 PM ETAI Generated. May Contain Errors.

FuelCell Energy Financials - Frequently Asked Questions

According to the most recent income statement we have on file, FuelCell Energy's financial year ends in October. Their financial year 2025 ended on October 31, 2025.

FuelCell Energy's net income appears to be on an upward trend, with a most recent value of -$191.37 million in 2025, rising from -$29.68 million in 2015. The previous period was -$156.78 million in 2024. See FuelCell Energy's forecast for analyst expectations on what's next for the company.

FuelCell Energy's total operating income in 2025 was -$192.35 million, based on the following breakdown:

Total Gross Profit: -$26.41 million
Total Operating Expenses: $165.94 million

Over the last 10 years, FuelCell Energy's total revenue changed from $163.08 million in 2015 to $158.16 million in 2025, a change of -3.0%.

FuelCell Energy's total liabilities were at $201.01 million at the end of 2025, a 7.2% decrease from 2024, and a 63.9% increase since 2015.

In the past 10 years, FuelCell Energy's cash and equivalents has ranged from $9.43 million in 2019 to $458.06 million in 2022, and is currently $278.10 million as of their latest financial filing in 2025.

Over the last 10 years, FuelCell Energy's book value per share changed from 0.31 in 2015 to 20.50 in 2025, a change of 6,463.3%.

Related Companies

Financial statements for NASDAQ:FCEL last updated on 4/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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FuelCell Energy (FCEL) Financials

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FuelCell Energy (FCEL) Financials

Annual Income Statements for FuelCell Energy

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Quarterly Cash Flow Statements for FuelCell Energy

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Quarterly Metrics And Ratios for FuelCell Energy

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Key Financial Trends

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