What is FUELCELL ENERGY INC PFD B's earnings per share (EPS)?

FUELCELL ENERGY INC PFD B (FCELB) reported diluted earnings per share of -$7.42 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

FUELCELL ENERGY INC PFD B (FCELB) Financials

FCELB

Trailing 12 months to July 31, 2026

Revenue $154.1M +1.1% YoY

Net Income -$175.1M +12.2% YoY

EPS (Diluted) -$7.42 FY2025 annual

Free Cash Flow -$101.1M +18.9% YoY

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2026, ended Jul 31, 2026 Reported Sep 2, 2026 Currency USD FYE October

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 (10-K and 10-Q reports).

Rhea AI FCELB FY2025 2026-08-30

Revenue recovery is not yet translating into gross profitability, while financing inflows bridge persistent operating and investment cash deficits.

Revenue rebounded 41.1% in FY2025 from FY2024, while gross margin improved to -16.7% from -32.0%. Operating margin nevertheless remained deeply negative at -121.6%, so better production economics have not yet translated into operating profitability.

Operating cash flow stayed negative across the last three years, so the revenue rebound has not become self-funded cash generation. In FY2025, financing cash flow was $169M, exceeding operating cash outflow of $125M; alongside capital spending of $18.6M, funding—not operations—supplied the cash bridge.

The short-term cushion narrowed: current ratio fell from 10.3x in FY2021 to 6.6x in FY2025. Debt-to-equity remained 0.2x, so that deterioration has not come primarily from conventional debt leverage.

Financial Health Signals

Financial health score not available

FUELCELL ENERGY INC PFD B does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Neutral

5/9

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.

Earnings Quality No Cash Backing

N/A

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.

Interest Coverage At Risk

N/A

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

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Earnings & Revenue

Revenue

$33.0M

YoY-29.4%

QoQ-7.3%

5Y CAGR+4.2%

10Y CAGR+4.3%

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%.

EBITDA

-$37.3M

YoY+56.5%

QoQ+44.4%

FUELCELL ENERGY INC PFD B's EBITDA was -$37.3M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 56.5% from the same quarter a year earlier. Against the prior quarter it is up 44.4%.

Net Income

-$44.5M

YoY+51.5%

QoQ+42.9%

FUELCELL ENERGY INC PFD B reported -$44.5M in net income in Q3 2026. This represents an increase of 51.5% from the same quarter a year earlier. Against the prior quarter it is up 42.9%.

EPS (Diluted)

-$0.64

QoQ+55.9%

FUELCELL ENERGY INC PFD B earned -$0.64 per diluted share (EPS) in Q3 2026. Against the prior quarter it is up 55.9%.

Cash & Balance Sheet

Free Cash Flow

-$13.5M

YoY+57.8%

QoQ+53.4%

FUELCELL ENERGY INC PFD B recorded an outflow of $13.5M in free cash flow in Q3 2026, representing a cash shortfall after capex. This represents an increase of 57.8% from the same quarter a year earlier. Against the prior quarter it is up 53.4%.

Cash & Debt

$658.1M

YoY+276.8%

QoQ+76.4%

5Y CAGR+7.0%

10Y CAGR+21.5%

FUELCELL ENERGY INC PFD B held $658.1M in cash against $134.8M in long-term debt as of Q3 2026.

Shares Outstanding

80M

QoQ+18.3%

5Y CAGR-26.3%

10Y CAGR+9.1%

FUELCELL ENERGY INC PFD B had 80M shares outstanding in Q3 2026. Against the prior quarter it is up 18.3%.

Dividends Per Share

Not reported for Q3 2026.

Margins & Returns

Gross Margin

-74.3%

YoY-63.3pp

QoQ-37.9pp

5Y change-78.4pp

10Y change-76.3pp

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.

Return on Equity

-4.6%

YoY+11.9pp

QoQ+6.3pp

5Y change-2.8pp

10Y change+4.2pp

FUELCELL ENERGY INC PFD B's ROE was -4.6% in Q3 2026, measuring profit generated per dollar of shareholder equity. 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.

Operating Margin

Not shown for Q3 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

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

R&D Spending

$8.5M

YoY+11.3%

QoQ+10.4%

5Y CAGR+23.0%

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%.

Capital Expenditures

$1.3M

YoY-74.8%

QoQ-22.4%

5Y CAGR-7.5%

10Y CAGR-2.4%

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%.

Share Buybacks

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.

FCELB quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$154.1M	$158.2M+41.0%	$112.1M-9.1%	$123.4M-5.4%	$130.5M+87.5%	$69.6M-1.8%	$70.9M+16.7%	$60.8M-32.1%	$89.4M-6.5%	$95.7M-11.6%	$108.3M-33.6%	$163.1M-9.5%	$180.3M-3.9%	$187.7M+55.6%	$120.6M-1.6%	$122.6M
Cost of Revenue	$204.1M	$184.6M+24.7%	$148.1M+10.5%	$133.9M-16.3%	$160.1M+87.8%	$85.2M+8.4%	$78.6M-4.2%	$82.0M-5.0%	$86.3M-7.1%	$92.9M-14.4%	$108.6M-27.7%	$150.3M-9.8%	$166.6M-7.7%	$180.5M+50.2%	$120.2M-11.1%	$135.2M
Gross Profit	-$49.9M	-$26.4M+26.5%	-$35.9M-240.9%	-$10.5M+64.4%	-$29.6M-89.1%	-$15.6M-102.4%	-$7.7M+63.7%	-$21.3M-787.6%	$3.1M+13.1%	$2.7M+865.8%	-$357K-102.8%	$12.8M-6.9%	$13.7M+92.7%	$7.1M+1500.4%	$445K+103.5%	-$12.6M
R&D Expenses	$28.6M	$34.1M-38.5%	$55.4M-9.2%	$61.0M+76.7%	$34.5M+205.2%	$11.3M+135.9%	$4.8M-65.2%	$13.8M-39.6%	$22.8M+11.9%	$20.4M-2.1%	$20.8M+19.5%	$17.4M-4.4%	$18.2M+16.1%	$15.7M+9.5%	$14.4M-14.4%	$16.8M
SG&A Expenses	$57.0M	$60.7M-6.0%	$64.6M+0.1%	$64.5M-19.0%	$79.6M+109.8%	$37.9M+42.4%	$26.6M-16.4%	$31.9M+28.0%	$24.9M-3.9%	$25.9M+3.0%	$25.1M+3.8%	$24.2M+6.3%	$22.8M+7.4%	$21.2M+16.5%	$18.2M+11.8%	$16.3M
Operating Income	-$179.2M	-$192.3M-21.4%	-$158.5M-16.5%	-$136.1M+5.3%	-$143.7M-121.4%	-$64.9M-65.7%	-$39.2M+41.5%	-$66.9M-50.0%	-$44.6M+0.7%	-$44.9M+3.1%	-$46.4M-60.4%	-$28.9M-5.8%	-$27.3M+8.4%	-$29.8M+7.2%	-$32.1M+29.7%	-$45.7M
EBITDA	N/A	-$151.9M-24.2%	-$122.3M-10.5%	-$110.7M+9.6%	-$122.5M-171.9%	-$45.0M-127.6%	-$19.8M+63.7%	-$54.6M-51.7%	-$36.0M+11.2%	-$40.5M+3.6%	-$42.1M-69.6%	-$24.8M-8.1%	-$22.9M+10.8%	-$25.7M+4.5%	-$26.9M+31.4%	-$39.2M
Interest Expense	$11.2M	$10.4M+7.1%	$9.7M+33.7%	$7.2M+13.3%	$6.4M-13.2%	$7.4M-51.9%	$15.3M+44.0%	$10.6M+17.3%	$9.1M-1.3%	$9.2M+85.0%	$5.0M+67.5%	$3.0M-16.9%	$3.6M-10.4%	$4.0M+72.4%	$2.3M-10.6%	$2.6M
Income Tax	N/A	$137K+448.0%	$25K-95.7%	$581K-29.1%	$819K+40850.0%	$2K-95.7%	$46K-57.8%	$109K+103.6%	-$3.0M-6952.3%	$44K-91.5%	$519K+89.4%	$274K-43.9%	$488K+31.5%	$371K+437.7%	$69K+305.9%	$17K
Net Income	-$175.1M	-$187.9M-49.1%	-$126.0M-17.1%	-$107.6M+24.6%	-$142.7M-41.2%	-$101.1M-13.4%	-$89.1M-14.9%	-$77.6M-63.9%	-$47.3M+12.2%	-$53.9M-5.8%	-$51.0M-73.6%	-$29.4M+23.0%	-$38.1M-11.0%	-$34.4M+3.2%	-$35.5M+22.4%	-$45.7M
EPS (Basic)	N/A	-$7.42+5.2%	-$7.83+1.1%	-$7.92+30.7%	-$11.43-3587.1%	-$0.31+26.2%	-$0.42+76.9%	-$1.82+79.8%	-$9.01+34.4%	-$13.73-654.4%	-$1.82-36.8%	-$1.33+34.2%	-$2.02+16.5%	-$2.42-952.2%	-$0.23+51.1%	-$0.47
EPS (Diluted)	—	-$7.42	-$7.83	-$7.92+30.7%	-$11.43	-$0.31	-$0.42	-$1.82	-$9.01+34.4%	-$13.73	-$1.82-36.8%	-$1.33	-$2.02+16.5%	-$2.42	-$0.23	-$0.47
Diluted Shares (Avg)	N/A	26M	17M	14M+9.6%	13M	335M	222M	55M	7M+65.8%	4M	30M+21.5%	25M	20M+31.7%	16M	165M	124M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
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	-$24.5M-377.3%	-$12.9M-37.0%	-$5.9M-12.5%	-$6.6M+39.3%	-$5.1M+17.2%	-$9.4M-33.4%	-$5.2M+55.6%	-$10.9M-645.7%
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	-$46.7M+51.1%	-$77.9M-117.6%	-$26.3M+20.0%	-$28.3M+31.0%	-$95.4M-183.7%	-$35.8M+13.4%	-$32.9M+22.7%	-$41.0M-12.8%
EBITDA	-$37.3M+56.5%	-$67.1M-169.1%	-$15.8M+31.1%	-$18.5M+42.6%	-$85.6M-251.2%	-$24.9M+21.7%	-$22.9M+32.4%	-$32.2M-8.7%
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	N/A	$40K+1900.0%	$84K	N/A	N/A
Net Income	-$44.5M+51.5%	-$77.9M-104.8%	-$22.9M+19.3%	-$29.9M+27.9%	-$91.7M-180.6%	-$38.0M-18.4%	-$28.3M-43.1%	-$41.4M-36.4%
EPS (Basic)	-$0.64+83.1%	-$1.45+19.0%	-$0.49+65.5%	-$0.20+91.2%	-$3.78-89.9%	-$1.79+17.9%	-$1.42-3.6%	-$2.27-3142.9%
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

FCELB quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$932.1M-1.3%	$944.1M-1.2%	$955.5M+1.7%	$939.7M+7.4%	$875.2M+67.2%	$523.5M+57.0%	$333.4M-2.0%	$340.4M-11.3%	$383.8M+12.6%	$340.7M+22.9%	$277.2M-1.2%	$280.6M+18.1%	$237.6M+24.1%	$191.5M+4.3%	$183.6M
Current Assets	$449.8M+1.2%	$444.5M-6.7%	$476.3M-17.9%	$580.3M+6.8%	$543.4M+132.2%	$234.0M+177.5%	$84.3M-35.3%	$130.3M-36.0%	$203.5M+0.6%	$202.2M-0.8%	$203.9M-6.1%	$217.0M+14.6%	$189.3M+34.6%	$140.6M+5.8%	$132.9M
Cash & Equivalents	$278.1M+87.7%	$148.1M-40.7%	$250.0M-45.4%	$458.1M+6.0%	$432.2M+188.4%	$149.9M+1488.6%	$9.4M-76.0%	$39.3M-20.3%	$49.3M-41.4%	$84.2M+43.0%	$58.9M-29.7%	$83.7M+23.7%	$67.7M+44.4%	$46.9M+9.1%	$43.0M
Short-Term Investments	$0-100.0%	$109.1M+5.2%	$103.8M	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$12.0M
Inventory	$86.2M-24.2%	$113.7M+34.6%	$84.5M-7.1%	$90.9M+35.5%	$67.1M+31.6%	$51.0M-6.5%	$54.5M+1.8%	$53.6M-28.1%	$74.5M+0.9%	$73.8M+12.2%	$65.8M+17.6%	$55.9M-0.5%	$56.2M+17.8%	$47.7M+19.0%	$40.1M
Accounts Receivable	$4.0M-66.0%	$11.8M+208.5%	$3.8M-22.0%	$4.9M-66.8%	$14.7M+54.0%	$9.6M+190.5%	$3.3M-64.5%	$9.3M-86.5%	$68.5M+178.6%	$24.6M-59.5%	$60.8M-5.6%	$64.4M+31.1%	$49.1M+89.0%	$26.0M+18.4%	$21.9M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%	$4.1M0.0%	$4.1M	$0	N/A
Total Liabilities	$201.0M-7.2%	$216.7M+11.0%	$195.2M+5.3%	$185.3M+9.1%	$169.9M-36.9%	$269.1M+36.0%	$197.9M-23.4%	$258.2M-8.6%	$282.5M+69.7%	$166.5M-8.5%	$181.9M+0.7%	$180.6M-27.8%	$250.0M+41.3%	$177.0M-10.2%	$197.1M
Current Liabilities	$67.8M-8.2%	$73.9M+12.1%	$65.9M-23.2%	$85.8M+62.6%	$52.8M-10.4%	$58.9M-6.1%	$62.7M+4.3%	$60.1M-38.7%	$98.1M+88.6%	$52.0M-30.6%	$74.9M-0.2%	$75.1M-29.4%	$106.3M+25.2%	$84.9M-25.6%	$114.2M
Non-Current Liabilities	$133.2M-6.7%	$142.8M+10.4%	$129.3M+29.9%	$99.5M-15.0%	$117.2M-44.3%	$210.2M+55.6%	$135.1M-31.8%	$198.1M+7.4%	$184.5M+61.1%	$114.5M+7.0%	$107.0M+1.4%	$105.6M-26.6%	$143.8M+56.2%	$92.1M+11.1%	$82.9M
Long-Term Debt	$103.8M-10.3%	$115.7M+5.8%	$109.4M+58.1%	$69.2M-10.9%	$77.6M-46.1%	$144.0M+70.6%	$84.4M+20.1%	$70.3M+18.1%	$59.5M-22.5%	$76.8M+758.1%	$8.9M-3.9%	$9.3M-78.8%	$44.0M+1198.0%	$3.4M-6.5%	$3.6M
Total Equity	$662.2M+0.8%	$656.9M-3.7%	$682.5M-0.3%	$684.4M+6.5%	$642.4M+230.2%	$194.5M+156.9%	$75.7M-7.9%	$82.2M-18.8%	$101.3M-11.5%	$114.4M+20.0%	$95.3M-4.7%	$100.0M+905.6%	-$12.4M-185.5%	$14.5M+207.9%	-$13.5M
Retained Earnings	-$1.8B-11.4%	-$1.6B-8.3%	-$1.5B-7.6%	-$1.4B-11.3%	-$1.3B-8.7%	-$1.2B-8.3%	-$1.1B-8.5%	-$990.9M-5.0%	-$943.5M-6.1%	-$889.6M-6.1%	-$838.7M-3.6%	-$809.3M-4.9%	-$771.2M-4.7%	-$736.8M-5.1%	-$701.3M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
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	$0	$0-100.0%	$0-100.0%	$0-100.0%	$0-100.0%	$60.9M-39.9%	$110.3M	$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	$0	$0	$0	$0	$0	$0	$0	$0
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	-$2.0B-9.7%	-$1.9B-13.0%	-$1.9B-10.9%	-$1.8B-11.4%	-$1.8B-12.5%	-$1.7B-9.0%	-$1.7B-8.8%	-$1.6B-8.3%

FCELB Cash Flow Statement

FCELB quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$96.3M	-$125.3M+18.1%	-$152.9M-9.0%	-$140.3M-25.0%	-$112.2M-59.2%	-$70.4M-91.5%	-$36.8M-20.3%	-$30.6M-287.3%	$16.3M+122.7%	-$71.8M-54.2%	-$46.6M-5.2%	-$44.3M+23.0%	-$57.5M-245.0%	-$16.7M+71.6%	-$58.7M-591.3%	-$8.5M
Depreciation & Amortization	N/A	$40.4M+11.6%	$36.2M+42.6%	$25.4M+19.3%	$21.3M+7.1%	$19.9M+2.6%	$19.4M+56.9%	$12.4M+42.8%	$8.6M+96.5%	$4.4M+2.3%	$4.3M+4.9%	$4.1M-6.5%	$4.4M+7.0%	$4.1M-21.1%	$5.2M-19.3%	$6.4M
Stock-Based Compensation	N/A	$11.1M-5.7%	$11.8M-1.6%	$12.0M+76.0%	$6.8M+58.2%	$4.3M+129.8%	$1.9M-33.4%	$2.8M-13.4%	$3.2M-29.4%	$4.6M+33.9%	$3.4M+8.5%	$3.2M+8.6%	$2.9M+30.6%	$2.2M+8.4%	$2.1M-20.3%	$2.6M
Capital Expenditures	$4.8M	$18.6M-61.0%	$47.7M+21.3%	$39.4M+86.7%	$21.1M+231.8%	$6.4M+1563.1%	$382K-82.2%	$2.2M-78.6%	$10.0M-18.8%	$12.4M+59.9%	$7.7M+11.5%	$6.9M+10.1%	$6.3M-3.9%	$6.6M+47.1%	$4.5M+32.9%	$3.4M
Free Cash Flow	-$101.1M	-$143.9M+28.3%	-$200.6M-11.7%	-$179.6M-34.8%	-$133.2M-73.5%	-$76.8M-106.6%	-$37.2M-13.6%	-$32.7M-619.9%	$6.3M+107.5%	-$84.2M-55.0%	-$54.3M-6.1%	-$51.2M+19.7%	-$63.8M-174.7%	-$23.2M+63.2%	-$63.1M-433.3%	-$11.8M
Investing Cash Flow	-$16.9M	$88.9M+248.0%	-$60.0M+68.8%	-$192.4M-312.3%	-$46.7M+36.3%	-$73.2M-125.2%	-$32.5M+53.1%	-$69.3M-35.2%	-$51.3M-63.0%	-$31.4M+24.1%	-$41.5M-498.2%	-$6.9M+2.1%	-$7.1M-14.3%	-$6.2M-182.1%	$7.5M-58.1%	$18.0M
Financing Cash Flow	$613.6M	$169.3M+38.6%	$122.2M-19.1%	$151.1M-16.3%	$180.6M-56.2%	$411.9M+85.8%	$221.7M+271.6%	$59.7M+115.2%	$27.7M-61.7%	$72.3M-40.1%	$120.7M+327.6%	$28.2M-70.6%	$95.9M+119.9%	$43.6M-20.6%	$55.0M+149.6%	$22.0M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Operating Cash Flow	-$12.2M+54.5%	-$27.3M+8.7%	-$33.9M+25.8%	-$22.9M-491.2%	-$26.8M+57.7%	-$29.9M+19.5%	-$45.7M+21.6%	$5.8M+136.9%
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	-$13.5M+57.8%	-$29.0M+17.5%	-$34.7M+34.2%	-$23.9M-408.1%	-$32.1M+58.2%	-$35.2M+30.1%	-$52.8M+23.3%	-$4.7M+82.6%
Investing Cash Flow	-$7.2M-113.7%	-$5.7M-112.6%	-$3.0M+59.5%	-$1.1M+97.3%	$52.1M+517.8%	$45.3M+139.6%	-$7.4M-108.5%	-$41.1M+23.8%
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.

FCELB quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	-16.7%+15.3pp	-32.0%-23.5pp	-8.5%+14.1pp	-22.7%-0.2pp	-22.5%-11.6pp	-10.9%+24.1pp	-35.0%-38.5pp	3.5%+0.6pp	2.9%+3.2pp	-0.3%-8.2pp	7.8%+0.2pp	7.6%+3.8pp	3.8%+3.4pp	0.4%+10.7pp	-10.3%
Operating Margin	-121.6%	-141.3%	-110.3%	-110.1%	-93.3%-38.0pp	-55.3%	-110.2%	-49.9%-2.9pp	-47.0%-4.1pp	-42.8%-25.1pp	-17.7%-2.6pp	-15.2%+0.7pp	-15.9%+10.8pp	-26.6%+10.6pp	-37.3%
Net Margin	-118.8%	-112.4%	-87.2%	-109.4%	-145.2%	-125.7%	-127.7%	-52.9%+3.4pp	-56.3%-9.3pp	-47.1%-29.1pp	-18.0%+3.1pp	-21.1%-2.8pp	-18.3%+11.1pp	-29.4%+7.9pp	-37.3%
Return on Equity	-28.4%-9.2pp	-19.2%-3.4pp	-15.8%+5.1pp	-20.8%-5.1pp	-15.7%+30.1pp	-45.8%+56.6pp	-102.4%-44.8pp	-57.6%-4.4pp	-53.2%-8.7pp	-44.5%-13.7pp	-30.8%+7.3pp	-38.1%	N/A	-244.6%	N/A
Return on Assets	-20.2%-6.8pp	-13.4%-2.1pp	-11.3%+3.9pp	-15.2%-3.6pp	-11.6%+5.5pp	-17.0%+6.2pp	-23.3%-9.4pp	-13.9%+0.2pp	-14.1%+0.9pp	-15.0%-4.4pp	-10.6%+3.0pp	-13.6%+0.9pp	-14.5%+4.1pp	-18.5%+6.3pp	-24.9%
Current Ratio	6.63+0.6x	6.01-1.2x	7.23+0.5x	6.76-3.5x	10.30+6.3x	3.97+2.6x	1.34-0.8x	2.17+0.1x	2.08-1.8x	3.89+1.2x	2.72-0.2x	2.89+1.1x	1.78+0.1x	1.66+0.5x	1.16
Debt-to-Equity	0.160.0x	0.180.0x	0.16+0.1x	0.100.0x	0.12-0.6x	0.74-0.4x	1.11+0.3x	0.86+0.3x	0.59-0.1x	0.67+0.6x	0.090.0x	0.09	N/A	0.23	N/A
Asset Turnover	0.17+0.1x	0.120.0x	0.130.0x	0.14+0.1x	0.08-0.1x	0.140.0x	0.18-0.1x	0.260.0x	0.25-0.1x	0.32-0.3x	0.59-0.1x	0.64-0.1x	0.79+0.2x	0.630.0x	0.67
FCF Margin	-91.0%	-178.9%	-145.6%	-102.1%	-110.4%	-52.4%+1.4pp	-53.9%-60.9pp	7.0%+95.0pp	-88.0%-37.8pp	-50.2%-18.8pp	-31.4%+4.0pp	-35.4%-23.0pp	-12.4%+40.0pp	-52.3%-42.7pp	-9.7%

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
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
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

What is FUELCELL ENERGY INC PFD B's annual revenue?

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.

How fast is FUELCELL ENERGY INC PFD B's revenue growing?

FUELCELL ENERGY INC PFD B (FCELB) revenue grew by 41.0% year-over-year, from $112.1M to $158.2M in fiscal year 2025.

Is FUELCELL ENERGY INC PFD B profitable?

No, FUELCELL ENERGY INC PFD B (FCELB) reported a net income of -$187.9M in fiscal year 2025.

What is FUELCELL ENERGY INC PFD B's EBITDA?

FUELCELL ENERGY INC PFD B (FCELB) had EBITDA of -$151.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does FUELCELL ENERGY INC PFD B have?

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.

What is FUELCELL ENERGY INC PFD B's gross margin?

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.

What is FUELCELL ENERGY INC PFD B's return on equity (ROE)?

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.

What is FUELCELL ENERGY INC PFD B's free cash flow?

FUELCELL ENERGY INC PFD B (FCELB) recorded an outflow of $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 INC PFD B's operating cash flow?

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.

What are FUELCELL ENERGY INC PFD B's total assets?

FUELCELL ENERGY INC PFD B (FCELB) had $932.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are FUELCELL ENERGY INC PFD B's capital expenditures?

FUELCELL ENERGY INC PFD B (FCELB) invested $18.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does FUELCELL ENERGY INC PFD B spend on research and development?

FUELCELL ENERGY INC PFD B (FCELB) invested $34.1M in research and development during fiscal year 2025.

How many shares does FUELCELL ENERGY INC PFD B have outstanding?

FUELCELL ENERGY INC PFD B (FCELB) had 48M shares outstanding as of fiscal year 2025.

What is FUELCELL ENERGY INC PFD B's current ratio?

FUELCELL ENERGY INC PFD B (FCELB) had a current ratio of 6.63 as of fiscal year 2025, which is generally considered healthy.

What is FUELCELL ENERGY INC PFD B's debt-to-equity ratio?

FUELCELL ENERGY INC PFD B (FCELB) had a debt-to-equity ratio of 0.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is FUELCELL ENERGY INC PFD B's return on assets (ROA)?

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.

What is FUELCELL ENERGY INC PFD B's Piotroski F-Score?

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.

Are FUELCELL ENERGY INC PFD B's earnings high quality?

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.

Can FUELCELL ENERGY INC PFD B cover its interest payments?

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.