FuelCell Energy PFD B (FCELB) Financials
Newest figures come from the 10-Q for Q3 FY2026, filed Sep 2, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FCELB SEC filings page.
FuelCell Energy Inc PFD B (FCELB) reported $154.1M in revenue over the twelve months to Jul 31, 2026, up 1.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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.
Revenue rebounded in FY2025, but costs still exceeded sales and cash generation remained dependent on financing rather than operations.
Revenue rose41.0% in FY2025, but operating cash flow remained negative at-$125M . Because capital expenditures fell61.0% while free cash flow remained-$144M , the improvement reflects reduced investment spending more than self-funded operations.
Revenue rose
Liabilities were
Financial Health Signals
We do not publish a peer-relative financial health score for FuelCell Energy Inc PFD B, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
FuelCell Energy Inc PFD B 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.
FuelCell Energy Inc PFD B reported a net loss of $187.9M while operations used $125.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
FuelCell Energy Inc PFD B reported an operating loss of $192.3M against $10.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
FuelCell Energy Inc PFD B generated $33.0M in revenue in Q3 2026. This represents a decrease of 29.4% from the same quarter a year earlier. Against the prior quarter it is down 7.3%.
FuelCell Energy Inc PFD B's EBITDA was -$37.3M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
FuelCell Energy Inc PFD B reported a net loss of $44.5M in Q3 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
FuelCell Energy Inc PFD B earned -$0.64 per diluted share (EPS) in Q3 2026. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
FuelCell Energy Inc PFD B recorded an outflow of $13.5M in free cash flow in Q3 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
FuelCell Energy Inc PFD B held $658.1M in cash against $134.8M in long-term debt as of Q3 2026.
Not reported for Q3 2026.
Margins & Returns
FuelCell Energy Inc PFD B's gross margin was -74.3% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is down 63.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 37.9 percentage points.
FuelCell Energy Inc PFD B's quarterly ROE was -4.6% in Q3 2026: one quarter's net income over shareholder equity, not annualized. This is up 11.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.3 percentage points.
Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
FuelCell Energy Inc PFD B invested $8.5M in research and development in Q3 2026. This represents an increase of 11.3% from the same quarter a year earlier. Against the prior quarter it is up 10.4%.
FuelCell Energy Inc PFD B invested $1.3M in capex in Q3 2026, funding long-term assets and infrastructure. This represents a decrease of 74.8% from the same quarter a year earlier. Against the prior quarter it is down 22.4%.
Not reported for Q3 2026.
FCELB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Revenue | $33.0M-29.4% | $35.6M-4.9% | $30.5M+60.7% | $55.0M+11.5% | $46.7M+97.3% | $37.4M+66.8% | $19.0M+13.8% | $49.3M+119.6% |
| Cost of Revenue | $57.5M+10.8% | $48.5M+3.6% | $36.4M+50.4% | $61.6M+2.3% | $51.9M+73.5% | $46.8M+58.8% | $24.2M-14.8% | $60.2M+151.8% |
| Gross Profit | -$24.5Mn/m | -$12.9Mn/m | -$5.9Mn/m | -$6.6Mn/m | -$5.1Mn/m | -$9.4Mn/m | -$5.2Mn/m | -$10.9Mn/m |
| R&D Expenses | $8.5M+11.3% | $7.7M-22.1% | $7.0M-37.2% | $5.5M-53.0% | $7.6M-40.3% | $9.9M-40.5% | $11.1M-22.8% | $11.6M-35.6% |
| SG&A Expenses | $13.6M-3.0% | $14.7M-10.7% | $13.5M-10.4% | $15.2M-4.8% | $14.1M-3.7% | $16.5M-6.7% | $15.0M-8.4% | $15.9M-5.6% |
| Operating Income | -$46.7Mn/m | -$77.9Mn/m | -$26.3Mn/m | -$28.3Mn/m | -$95.4Mn/m | -$35.8Mn/m | -$32.9Mn/m | -$41.0Mn/m |
| EBITDA | -$37.3Mn/m | -$67.1Mn/m | -$15.8Mn/m | -$18.5Mn/m | -$85.6Mn/m | -$24.9Mn/m | -$22.9Mn/m | -$32.2Mn/m |
| Interest Expense | $2.9M+13.9% | $2.9M+12.2% | $2.8M+5.8% | $2.7M+6.1% | $2.5M-0.3% | $2.5M+12.0% | $2.6M+11.5% | $2.5M+8.7% |
| Income Tax | N/A | -$50K-159.5% | N/A | $13K-43.5% | $40K+1900.0% | $84K | N/A | $23Kn/m |
| Net Income | -$44.5Mn/m | -$77.9Mn/m | -$22.9Mn/m | -$29.9Mn/m | -$91.7Mn/m | -$38.0Mn/m | -$28.3Mn/m | -$41.4Mn/m |
| EPS (Basic) | -$0.64 | -$1.45 | -$0.49 | -$0.20 | -$3.78 | -$1.79 | -$1.42 | -$2.27 |
| EPS (Diluted) | -$0.64 | -$1.45 | -$0.49 | -$0.20 | -$3.78 | -$1.79 | -$1.42 | -$2.27 |
| Diluted Shares (Avg) | 70M | 54M | 48M | N/A | 24M | 22M | 21M | N/A |
FCELB Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.3B+57.9% | $1.0B+13.5% | $978.5M+7.8% | $932.1M-1.3% | $830.5M-12.5% | $883.8M-3.6% | $907.5M-1.7% | $944.1M-1.2% |
| Current Assets | $833.3M+125.0% | $543.9M+41.5% | $494.8M+20.3% | $449.8M+1.2% | $370.4M-19.5% | $384.5M-9.7% | $411.2M-7.6% | $444.5M-6.7% |
| Cash & Equivalents | $658.1M+276.8% | $373.2M+221.5% | $311.8M+217.9% | $278.1M+87.7% | $174.7M+9.6% | $116.1M-26.9% | $98.1M-67.0% | $148.1M-40.7% |
| Short-Term Investments | $0n/m | $0-100.0% | $0-100.0% | $0-100.0% | $0-100.0% | $60.9M-39.9% | $110.3Mn/m | $109.1M+5.2% |
| Inventory | $86.4M-17.4% | $88.4M-28.4% | $90.3M-28.2% | $86.2M-24.2% | $104.6M-19.1% | $123.5M+8.4% | $125.8M+22.3% | $113.7M+34.6% |
| Accounts Receivable | $7.2M-27.9% | $7.7M-23.4% | $6.2M-32.6% | $4.0M-66.0% | $9.9M-10.9% | $10.0M+40.2% | $9.2M+176.2% | $11.8M+208.5% |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Goodwill | N/A | N/A | N/A | N/A | N/A | $4.1M0.0% | $4.1M0.0% | $4.1M0.0% |
| Total Liabilities | $268.4M+30.6% | $215.0M+4.9% | $214.5M+5.9% | $201.0M-7.2% | $205.5M+0.7% | $205.0M+0.1% | $202.4M+11.7% | $216.7M+11.0% |
| Current Liabilities | $96.1M+39.2% | $63.3M-7.4% | $62.1M-4.2% | $67.8M-8.2% | $69.0M+3.7% | $68.4M+5.2% | $64.9M+20.4% | $73.9M+12.1% |
| Non-Current Liabilities | $172.3M+26.3% | $151.7M+11.0% | $152.3M+10.7% | $133.2M-6.7% | $136.4M-0.7% | $136.7M-2.3% | $137.6M+8.1% | $142.8M+10.4% |
| Long-Term Debt | $134.8M+26.7% | $116.8M+6.8% | $120.4M+7.2% | $103.8M-10.3% | $106.4M-5.7% | $109.4M-5.9% | $112.3M+4.7% | $115.7M+5.8% |
| Total Equity | $975.1M+75.3% | $719.4M+18.1% | $694.9M+9.4% | $662.2M+0.8% | $556.2M-17.7% | $609.2M-4.8% | $635.2M-4.3% | $656.9M-3.7% |
| Retained Earnings | -$2.0Bn/m | -$1.9Bn/m | -$1.9Bn/m | -$1.8Bn/m | -$1.8Bn/m | -$1.7Bn/m | -$1.7Bn/m | -$1.6Bn/m |
FCELB Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$12.2Mn/m | -$27.3Mn/m | -$33.9Mn/m | -$22.9M-491.2% | -$26.8Mn/m | -$29.9Mn/m | -$45.7Mn/m | $5.8Mn/m |
| Depreciation & Amortization | $9.4M-3.7% | $10.8M-0.4% | $10.5M+5.8% | $9.8M+11.5% | $9.7M+5.5% | $10.9M+14.0% | $9.9M+15.7% | $8.8M+31.1% |
| Stock-Based Compensation | $2.5M+50.9% | $2.6M-45.8% | $2.4M+11.7% | N/A | $1.6M-49.7% | $4.8M+63.8% | $2.1M-25.5% | N/A |
| Capital Expenditures | $1.3M-74.8% | $1.7M-67.7% | $773K-89.1% | $1.0M-90.4% | $5.2M-60.9% | $5.3M-60.0% | $7.1M-33.2% | $10.5M-6.3% |
| Free Cash Flow | -$13.5Mn/m | -$29.0Mn/m | -$34.7Mn/m | -$23.9Mn/m | -$32.1Mn/m | -$35.2Mn/m | -$52.8Mn/m | -$4.7Mn/m |
| Investing Cash Flow | -$7.2M-113.7% | -$5.7M-112.6% | -$3.0Mn/m | -$1.1Mn/m | $52.1M+517.8% | $45.3Mn/m | -$7.4M-108.5% | -$41.1Mn/m |
| Financing Cash Flow | $315.8M+866.3% | $94.3M+3016.6% | $74.8M+1446.7% | $128.7M+396.8% | $32.7M-46.5% | $3.0M-79.3% | $4.8M-76.5% | $25.9M-21.3% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
FCELB Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -74.3%-63.3pp | -36.3%-11.1pp | -19.2%+8.2pp | -12.0%+10.1pp | -11.0%+15.2pp | -25.2%+6.3pp | -27.4%+42.9pp | -22.1%-15.6pp |
| Operating Margin | -141.4% | -218.9% | -86.1% | -51.5%+31.7pp | -204.0% | -95.7% | -172.9% | -83.2% |
| Net Margin | -134.7% | -218.9% | -74.9% | -54.3%+29.7pp | -196.1% | -101.7% | -149.1% | -84.0% |
| Return on Equity | -4.6%+11.9pp | -10.8%-4.6pp | -3.3%+1.2pp | -4.5%+1.8pp | -16.5%-11.6pp | -6.3%-1.2pp | -4.5%-1.5pp | -6.3%-1.9pp |
| Return on Assets | -3.4%+7.6pp | -7.8%-3.5pp | -2.3%+0.8pp | -3.2%+1.2pp | -11.0%-7.6pp | -4.3%-0.8pp | -3.1%-1.0pp | -4.4%-1.2pp |
| Current Ratio | 8.67+3.3x | 8.59+3.0x | 7.96+1.6x | 6.63+0.6x | 5.37-1.5x | 5.62-0.9x | 6.34-1.9x | 6.01-1.2x |
| Debt-to-Equity | 0.14-0.1x | 0.160.0x | 0.170.0x | 0.160.0x | 0.190.0x | 0.180.0x | 0.180.0x | 0.180.0x |
| Liabilities-to-Equity | 0.28-0.1x | 0.300.0x | 0.310.0x | 0.300.0x | 0.37+0.1x | 0.340.0x | 0.320.0x | 0.330.0x |
| Asset Turnover | 0.030.0x | 0.040.0x | 0.030.0x | 0.060.0x | 0.060.0x | 0.040.0x | 0.020.0x | 0.050.0x |
| FCF Margin | -41.0%+27.6pp | -81.5%+12.5pp | -113.7% | -43.4%-33.9pp | -68.6% | -94.0% | -277.8% | -9.5% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Where FuelCell Energy Inc PFD B Ranks
Frequently Asked Questions
FuelCell Energy Inc PFD B (FCELB) 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.
FuelCell Energy Inc PFD B (FCELB) revenue grew by 41.0% year-over-year, from $112.1M to $158.2M in fiscal year 2025.
No, FuelCell Energy Inc PFD B (FCELB) reported a net loss of $175.1M over the trailing 12 months to July 31, 2026. In fiscal year 2025 it reported a net loss of $187.9M.
FuelCell Energy Inc PFD B (FCELB) had EBITDA of -$151.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, FuelCell Energy Inc PFD B (FCELB) had $278.1M in cash and equivalents against $103.8M in long-term debt.
FuelCell Energy Inc PFD B (FCELB) had a gross margin of -16.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
FuelCell Energy Inc PFD B (FCELB) has a return on equity of -28.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
FuelCell Energy Inc PFD B (FCELB) recorded an outflow of $143.9M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
FuelCell Energy Inc PFD B (FCELB) recorded an outflow of $125.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
FuelCell Energy Inc PFD B (FCELB) had $932.1M in total assets as of fiscal year 2025, including both current and long-term assets.
FuelCell Energy Inc PFD B (FCELB) invested $18.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
FuelCell Energy Inc PFD B (FCELB) invested $34.1M in research and development during fiscal year 2025.
FuelCell Energy Inc PFD B (FCELB) had a current ratio of 6.63 as of fiscal year 2025, which is generally considered healthy.
FuelCell Energy Inc PFD B (FCELB) had a debt-to-equity ratio of 0.16 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
FuelCell Energy Inc PFD B (FCELB) had a liabilities-to-equity ratio of 0.30 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
FuelCell Energy Inc PFD B (FCELB) had a return on assets of -20.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
At the end of fiscal year 2025, FuelCell Energy Inc PFD B (FCELB) held $278.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $125.3M over that year. Dividing the one by the other, the reported balance equals about 27 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
FuelCell Energy Inc PFD B (FCELB) 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.
FuelCell Energy Inc PFD B (FCELB) reported a net loss of $187.9M while operations used $125.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.
FuelCell Energy Inc PFD B (FCELB) reported an operating loss of $192.3M against $10.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.