Fuelcell Energy Financials
This page shows Fuelcell Energy (FCEL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FuelCell Energy’s core operations still consume cash because higher sales have not overcome negative gross margins or fixed operating costs.
Cash rose from$98M in FY2024 to$312M in FY2025, but that stronger liquidity was externally funded, not earned by the business. FY2025 still carried negative gross profit and a free cash flow margin of-90.9% , so higher sales did not translate into self-funding operations.
This is not yet a scale-driven turnaround: gross margin improved from
The balance sheet is unusual for a company with losses this deep because leverage is modest and near-term liquidity is ample: debt-to-equity was 0.2x and the current ratio was 8.0x in FY2025. That shifts the operating question away from solvency and toward whether repeated cash burn keeps requiring fresh capital.
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Fuelcell Energy's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Fuelcell Energy scores 2.10, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($1.7B) relative to total liabilities ($214.5M). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Fuelcell Energy passes 5 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Fuelcell Energy generates $0.67 in operating cash flow (-$125.3M OCF vs -$187.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Fuelcell Energy earns $-18.5 in operating income for every $1 of interest expense (-$192.3M vs $10.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Fuelcell Energy generated $158.2M in revenue in fiscal year 2025. This represents an increase of 41.0% from the prior year.
Fuelcell Energy's EBITDA was -$151.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 24.2% from the prior year.
Fuelcell Energy reported -$187.9M in net income in fiscal year 2025. This represents a decrease of 49.1% from the prior year.
Fuelcell Energy earned $-7.42 per diluted share (EPS) in fiscal year 2025. This represents an increase of 5.2% from the prior year.
Cash & Balance Sheet
Fuelcell Energy generated -$143.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 28.3% from the prior year.
Fuelcell Energy held $311.8M in cash against $120.4M in long-term debt as of fiscal year 2025.
Fuelcell Energy had 48M shares outstanding in fiscal year 2025. This represents an increase of 133.4% from the prior year.
Margins & Returns
Fuelcell Energy's gross margin was -16.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 15.3 percentage points from the prior year.
Fuelcell Energy's operating margin was -121.6% in fiscal year 2025, reflecting core business profitability. This is up 19.7 percentage points from the prior year.
Fuelcell Energy's net profit margin was -118.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6.4 percentage points from the prior year.
Fuelcell Energy's ROE was -27.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 7.2 percentage points from the prior year.
Capital Allocation
Fuelcell Energy invested $34.1M in research and development in fiscal year 2025. This represents a decrease of 38.5% from the prior year.
Fuelcell Energy invested $18.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 61.0% from the prior year.
FCEL Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $35.6M+16.6% | $30.5M-44.5% | $55.0M+17.7% | $46.7M+25.0% | $37.4M+96.9% | $19.0M-61.5% | $49.3M+108.2% | $23.7M |
| Cost of Revenue | $48.5M+33.3% | $36.4M-41.0% | $61.6M+18.8% | $51.9M+10.7% | $46.8M+93.6% | $24.2M-59.8% | $60.2M+101.5% | $29.9M |
| Gross Profit | -$12.9M-120.7% | -$5.9M+11.7% | -$6.6M-29.2% | -$5.1M+45.6% | -$9.4M-81.4% | -$5.2M+52.3% | -$10.9M-76.0% | -$6.2M |
| R&D Expenses | $7.7M+10.7% | $7.0M+27.6% | $5.5M-28.6% | $7.6M-22.7% | $9.9M-10.7% | $11.1M-4.5% | $11.6M-9.4% | $12.8M |
| SG&A Expenses | $14.7M+9.2% | $13.5M-11.2% | $15.2M+7.9% | $14.1M-14.6% | $16.5M+9.6% | $15.0M-5.7% | $15.9M+9.2% | $14.6M |
| Operating Income | -$77.9M-196.4% | -$26.3M+7.2% | -$28.3M+70.3% | -$95.4M-166.3% | -$35.8M-9.0% | -$32.9M+19.9% | -$41.0M-22.1% | -$33.6M |
| Interest Expense | $2.9M+3.7% | $2.8M+3.1% | $2.7M+5.0% | $2.5M0.0% | $2.5M-2.3% | $2.6M+3.4% | $2.5M-1.3% | $2.6M |
| Income Tax | -$50K | N/A | N/A | $40K-52.4% | $84K | N/A | N/A | $2K |
| Net Income | -$77.9M-240.8% | -$22.9M+23.5% | -$29.9M+67.4% | -$91.7M-140.9% | -$38.0M-34.3% | -$28.3M+31.6% | -$41.4M-26.8% | -$32.7M |
| EPS (Diluted) | $-1.45-195.9% | $-0.49 | N/A | $-3.78-111.2% | $-1.79-26.1% | $-1.42 | N/A | $-1.99 |
FCEL Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.0B+2.5% | $978.5M+5.0% | $932.1M+12.2% | $830.5M-6.0% | $883.8M-2.6% | $907.5M-3.9% | $944.1M-0.5% | $948.9M |
| Current Assets | $543.9M+9.9% | $494.8M+10.0% | $449.8M+21.4% | $370.4M-3.7% | $384.5M-6.5% | $411.2M-7.5% | $444.5M-3.4% | $460.0M |
| Cash & Equivalents | $373.2M+19.7% | $311.8M+12.1% | $278.1M+59.2% | $174.7M+50.5% | $116.1M+18.3% | $98.1M-33.8% | $148.1M-7.0% | $159.3M |
| Inventory | $88.4M-2.0% | $90.3M+4.7% | $86.2M-17.6% | $104.6M-15.3% | $123.5M-1.8% | $125.8M+10.6% | $113.7M-12.1% | $129.3M |
| Accounts Receivable | $7.7M+23.4% | $6.2M+55.7% | $4.0M-59.8% | $9.9M-0.8% | $10.0M+8.6% | $9.2M-21.4% | $11.8M+5.3% | $11.2M |
| Goodwill | N/A | N/A | N/A | N/A | $4.1M0.0% | $4.1M0.0% | $4.1M0.0% | $4.1M |
| Total Liabilities | $215.0M+0.2% | $214.5M+6.7% | $201.0M-2.2% | $205.5M+0.2% | $205.0M+1.3% | $202.4M-6.6% | $216.7M+6.2% | $203.9M |
| Current Liabilities | $63.3M+1.9% | $62.1M-8.4% | $67.8M-1.7% | $69.0M+1.0% | $68.4M+5.4% | $64.9M-12.2% | $73.9M+11.1% | $66.5M |
| Long-Term Debt | $116.8M-3.0% | $120.4M+16.0% | $103.8M-2.4% | $106.4M-2.8% | $109.4M-2.6% | $112.3M-3.0% | $115.7M+2.7% | $112.7M |
| Total Equity | $719.4M+3.5% | $694.9M+4.9% | $662.2M+19.1% | $556.2M-8.7% | $609.2M-4.1% | $635.2M-3.3% | $656.9M-2.8% | $675.8M |
| Retained Earnings | -$1.9B-4.2% | -$1.9B-1.2% | -$1.8B-1.7% | -$1.8B-5.4% | -$1.7B-2.3% | -$1.7B-1.7% | -$1.6B-2.6% | -$1.6B |
FCEL Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$27.3M+19.6% | -$33.9M-48.4% | -$22.9M+14.8% | -$26.8M+10.2% | -$29.9M+34.6% | -$45.7M-882.0% | $5.8M+109.2% | -$63.4M |
| Capital Expenditures | $1.7M+120.4% | $773K-23.8% | $1.0M-80.6% | $5.2M-0.7% | $5.3M-25.2% | $7.1M-33.0% | $10.5M-21.3% | $13.4M |
| Free Cash Flow | -$29.0M+16.5% | -$34.7M-45.4% | -$23.9M+25.6% | -$32.1M+8.8% | -$35.2M+33.4% | -$52.8M-1022.8% | -$4.7M+93.9% | -$76.8M |
| Investing Cash Flow | -$5.7M-90.8% | -$3.0M-168.8% | -$1.1M-102.1% | $52.1M+15.0% | $45.3M+715.5% | -$7.4M+82.1% | -$41.1M-587.4% | $8.4M |
| Financing Cash Flow | $94.3M+26.0% | $74.8M-41.9% | $128.7M+293.9% | $32.7M+980.2% | $3.0M-37.4% | $4.8M-81.3% | $25.9M-57.6% | $61.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
FCEL Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -36.3%-17.2pp | -19.2%-7.1pp | -12.0%-1.1pp | -11.0%+14.3pp | -25.2%+2.2pp | -27.4%-5.3pp | -22.1%+4.0pp | -26.2% |
| Operating Margin | -218.9%-132.8pp | -86.1%-34.6pp | -51.5%+152.5pp | -204.0%-108.3pp | -95.7%+77.2pp | -172.9%-89.7pp | -83.2%+58.7pp | -141.9% |
| Net Margin | -218.9%-144.0pp | -74.9%-20.6pp | -54.3%+141.8pp | -196.1%-94.4pp | -101.7%+47.4pp | -149.1%-65.2pp | -84.0%+53.9pp | -137.8% |
| Return on Equity | -10.8%-7.5pp | -3.3%+1.2pp | -4.5%+12.0pp | -16.5%-10.2pp | -6.3%-1.8pp | -4.5%+1.8pp | -6.3%-1.5pp | -4.8% |
| Return on Assets | -7.8%-5.4pp | -2.3%+0.9pp | -3.2%+7.8pp | -11.0%-6.7pp | -4.3%-1.2pp | -3.1%+1.3pp | -4.4%-1.0pp | -3.4% |
| Current Ratio | 8.59+0.6 | 7.96+1.3 | 6.63+1.3 | 5.37-0.3 | 5.62-0.7 | 6.34+0.3 | 6.01-0.9 | 6.91 |
| Debt-to-Equity | 0.16-0.0 | 0.17+0.0 | 0.16-0.0 | 0.19+0.0 | 0.180.0 | 0.180.0 | 0.180.0 | 0.17 |
| FCF Margin | -81.5%+32.2pp | -113.7%-70.3pp | -43.4%+25.2pp | -68.6%+25.4pp | -94.0%+183.8pp | -277.8%-268.3pp | -9.5%+314.4pp | -324.0% |
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Frequently Asked Questions
What is Fuelcell Energy's annual revenue?
Fuelcell Energy (FCEL) reported $158.2M in total revenue for fiscal year 2025. This represents a 41.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Fuelcell Energy's revenue growing?
Fuelcell Energy (FCEL) revenue grew by 41% year-over-year, from $112.1M to $158.2M in fiscal year 2025.
Is Fuelcell Energy profitable?
No, Fuelcell Energy (FCEL) reported a net income of -$187.9M in fiscal year 2025, with a net profit margin of -118.8%.
What is Fuelcell Energy's EBITDA?
Fuelcell Energy (FCEL) had EBITDA of -$151.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Fuelcell Energy have?
As of fiscal year 2025, Fuelcell Energy (FCEL) had $311.8M in cash and equivalents against $120.4M in long-term debt.
What is Fuelcell Energy's gross margin?
Fuelcell Energy (FCEL) had a gross margin of -16.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Fuelcell Energy's operating margin?
Fuelcell Energy (FCEL) had an operating margin of -121.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Fuelcell Energy's net profit margin?
Fuelcell Energy (FCEL) had a net profit margin of -118.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Fuelcell Energy's return on equity (ROE)?
Fuelcell Energy (FCEL) has a return on equity of -27.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Fuelcell Energy's free cash flow?
Fuelcell Energy (FCEL) generated -$143.9M in free cash flow during fiscal year 2025. This represents a 28.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Fuelcell Energy's operating cash flow?
Fuelcell Energy (FCEL) generated -$125.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Fuelcell Energy's total assets?
Fuelcell Energy (FCEL) had $978.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Fuelcell Energy's capital expenditures?
Fuelcell Energy (FCEL) invested $18.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Fuelcell Energy spend on research and development?
Fuelcell Energy (FCEL) invested $34.1M in research and development during fiscal year 2025.
What is Fuelcell Energy's current ratio?
Fuelcell Energy (FCEL) had a current ratio of 7.96 as of fiscal year 2025, which is generally considered healthy.
What is Fuelcell Energy's debt-to-equity ratio?
Fuelcell Energy (FCEL) had a debt-to-equity ratio of 0.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Fuelcell Energy's return on assets (ROA)?
Fuelcell Energy (FCEL) had a return on assets of -19.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Fuelcell Energy's cash runway?
Based on fiscal year 2025 data, Fuelcell Energy (FCEL) had $311.8M in cash against an annual operating cash burn of $125.3M. This gives an estimated cash runway of approximately 30 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Fuelcell Energy's Altman Z-Score?
Fuelcell Energy (FCEL) has an Altman Z-Score of 2.10, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Fuelcell Energy's Piotroski F-Score?
Fuelcell Energy (FCEL) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Fuelcell Energy's earnings high quality?
Fuelcell Energy (FCEL) has an earnings quality ratio of 0.67x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Fuelcell Energy cover its interest payments?
Fuelcell Energy (FCEL) has an interest coverage ratio of -18.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Fuelcell Energy?
Fuelcell Energy (FCEL) scores 65 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.