FuelCell Energy Reports Third Quarter of Fiscal 2025 Results
FuelCell Energy (NASDAQ: FCEL) reported its Q3 2025 financial results, showing significant revenue growth but continued losses. Revenue increased 97% to $46.7 million from $23.7 million year-over-year, driven primarily by product revenues from Korea operations. However, the company reported a net loss of $92.5 million ($3.78 per share), compared to $33.5 million ($1.99 per share) in Q3 2024.
The quarter was marked by significant restructuring and impairment charges totaling $68.6 million. Despite these charges, the company maintained a strong backlog of $1.24 billion, up 4% year-over-year. Cash position stood at $236.9 million as of July 31, 2025. The company raised additional capital through stock sales, generating net proceeds of $38.1 million during Q3.
Management highlighted opportunities in the data center market and reported improved carbonate platform efficiency above 50%, while implementing cost-reduction measures to position for future profitability.
FuelCell Energy (NASDAQ: FCEL) ha comunicato i risultati finanziari del terzo trimestre 2025, mostrando una forte crescita dei ricavi ma perdite ancora rilevanti. I ricavi sono saliti del 97% a $46,7 milioni rispetto ai $23,7 milioni dell’anno precedente, trainati soprattutto dalle vendite di prodotti in Corea. Tuttavia, la società ha registrato una perdita netta di $92,5 milioni ($3,78 per azione), rispetto a $33,5 milioni ($1,99 per azione) nel Q3 2024.
Il trimestre è stato caratterizzato da rilevanti oneri di ristrutturazione e svalutazioni per un totale di $68,6 milioni. Nonostante ciò, l’azienda mantiene un solido portafoglio ordini di $1,24 miliardi, in aumento del 4% su base annua. La posizione di cassa al 31 luglio 2025 era di $236,9 milioni. Durante il Q3 la società ha inoltre raccolto capitale aggiuntivo con la vendita di azioni, realizzando proventi netti di $38,1 milioni.
La dirigenza ha evidenziato opportunità nel mercato dei data center e ha riferito un miglioramento dell’efficienza della piattaforma a carbonato oltre il 50%, implementando al contempo misure di riduzione dei costi per puntare alla redditività futura.
FuelCell Energy (NASDAQ: FCEL) presentó sus resultados del tercer trimestre de 2025, con un notable incremento de ingresos pero pérdidas continuas. Los ingresos aumentaron un 97% hasta $46,7 millones desde $23,7 millones interanual, impulsados principalmente por las ventas de productos en Corea. No obstante, la compañía registró una pérdida neta de $92,5 millones ($3,78 por acción), frente a $33,5 millones ($1,99 por acción) en el Q3 de 2024.
El trimestre estuvo marcado por importantes cargos por reestructuración e imputaciones por deterioro por un total de $68,6 millones. A pesar de ello, la empresa mantuvo una sólida cartera de pedidos de $1,24 mil millones, un 4% más año tras año. La posición de efectivo al 31 de julio de 2025 fue de $236,9 millones. Además, la compañía obtuvo capital adicional mediante la venta de acciones, generando ingresos netos de $38,1 millones durante el Q3.
La dirección destacó oportunidades en el mercado de centros de datos y señaló una mejora en la eficiencia de la plataforma carbonatada por encima del 50%, aplicando medidas de reducción de costos para encaminarse hacia la rentabilidad futura.
FuelCell Energy (NASDAQ: FCEL)는 2025년 3분기 실적을 발표했으며, 매출은 크게 증가했지만 손실은 지속되었습니다. 매출은 전년 동기 대비 97% 증가한 $4670만으로, 주로 한국 사업의 제품 매출이 증가한 것이 원인입니다. 그러나 회사는 $9250만의 순손실($주당 $3.78)을 기록했으며, 이는 2024년 3분기의 $3350만($주당 $1.99)과 비교됩니다.
해당 분기는 총 $6860만의 구조조정 및 손상차손이 발생한 것이 특징입니다. 그럼에도 불구하고 회사는 전년 대비 4% 증가한 $12.4억의 견조한 수주 잔고를 유지하고 있습니다. 현금 보유액은 2025년 7월 31일 기준 $236.9만이었으며(편의상 단위 유지), 분기 중 주식 매각을 통해 순수익 $3810만을 추가로 조달했습니다.
경영진은 데이터센터 시장의 기회를 강조했으며, 카보네이트 플랫폼 효율이 50%를 상회하는 개선을 보고했고 향후 수익성 확보를 위해 비용 절감 조치를 시행하고 있습니다.
FuelCell Energy (NASDAQ: FCEL) a publié ses résultats du troisième trimestre 2025 : forte croissance du chiffre d’affaires mais pertes persistantes. Le chiffre d’affaires a augmenté de 97% pour atteindre $46,7 millions, contre $23,7 millions un an plus tôt, principalement porté par les ventes de produits en Corée. Toutefois, la société a enregistré une perte nette de $92,5 millions ($3,78 par action), contre $33,5 millions ($1,99 par action) au T3 2024.
Le trimestre a été marqué par d’importantes charges de restructuration et de dépréciation totalisant $68,6 millions. Malgré ces charges, l’entreprise conserve un carnet de commandes robuste de $1,24 milliard, en hausse de 4% sur un an. La trésorerie s’élevait à $236,9 millions au 31 juillet 2025. La société a par ailleurs levé des fonds supplémentaires via des ventes d’actions, générant des recettes nettes de $38,1 millions durant le T3.
La direction a mis en avant des opportunités sur le marché des centres de données et a signalé une amélioration de l’efficacité de la plateforme carbonatée au‑delà de 50%, tout en mettant en œuvre des mesures de réduction des coûts pour viser la rentabilité future.
FuelCell Energy (NASDAQ: FCEL) meldete seine Finanzergebnisse für das dritte Quartal 2025: deutlicher Umsatzanstieg, aber weiterhin Verluste. Der Umsatz stieg um 97% auf $46,7 Millionen gegenüber $23,7 Millionen im Vorjahr, maßgeblich getrieben von Produktumsätzen aus Korea. Dennoch verzeichnete das Unternehmen einen Nettoverlust von $92,5 Millionen ($3,78 je Aktie), im Vergleich zu $33,5 Millionen ($1,99 je Aktie) im Q3 2024.
Das Quartal war geprägt von erheblichen Restrukturierungs- und Wertminderungsaufwendungen in Höhe von $68,6 Millionen. Trotz dieser Belastungen hält das Unternehmen ein solides Auftragsvolumen von $1,24 Milliarden, ein Anstieg von 4% gegenüber dem Vorjahr. Die Barbestände beliefen sich zum 31. Juli 2025 auf $236,9 Millionen. Zusätzlich wurde durch Aktienverkäufe Eigenkapital in Höhe von netto $38,1 Millionen im Q3 aufgenommen.
Das Management hob Chancen im Rechenzentrumsmarkt hervor und berichtete von einer verbesserten Effizienz der Carbonat-Plattform von über 50%, während Kostenreduktionsmaßnahmen umgesetzt werden, um die zukünftige Profitabilität zu sichern.
- Revenue grew 97% year-over-year to $46.7 billion
- Backlog increased 4% to $1.24 billion
- Carbonate platform efficiency improved to above 50%
- Adjusted EBITDA loss improved by 19% to $(16.4) million
- Successfully raised $38.1 million through stock sales
- Net loss increased 176% to $(92.5) million
- Recorded $64.5 million in non-cash impairment charges
- Gross loss of $(5.1) million despite revenue growth
- Generation revenues decreased from $13.4M to $12.4M
- Advanced Technologies contract revenues declined by 38%
Insights
FCEL shows 97% revenue growth but reports wider losses due to restructuring charges and non-cash impairments while focusing on core carbonate platform.
FuelCell Energy's Q3 results present a mixed financial picture with significant revenue growth of 97% to
Despite the topline growth, the company posted a substantial net loss of
The balance sheet shows cash reserves of
Encouragingly, the company's backlog increased by
Management's emphasis on data center opportunities highlights a strategic pivot toward this high-growth market where reliable, distributed power generation is increasingly critical. However, the substantial impairment charges signal that previous diversification investments are being written down as the company streamlines operations to pursue profitability.
Third Quarter Fiscal 2025 Summary
(All comparisons are year-over-year unless otherwise noted)
- Revenue of
$46.7 million , compared to$23.7 million , an increase of approximately97% - Gross loss of
$(5.1) million compared to$(6.2) million , a decrease of approximately17% - Loss from operations of
$(95.4) million compared with$(33.6) million , an increase of approximately184% - Net loss attributable to common stockholders of
$(92.5) million , compared to$(33.5) million , an increase of approximately176% - Net loss per share attributable to common stockholders was
$(3.78) compared with$(1.99) , primarily driven by restructuring expenses and non-cash impairment expenses - Adjusted net loss per share attributable to common stockholders, which excludes the non-cash impairment expenses, the restructuring expenses and certain other non-cash items, was
$(0.95) compared with$(1.74) - Backlog of
$1.24 billion , compared to$1.20 billion , an increase of approximately4%
DANBURY, Conn., Sept. 09, 2025 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (NASDAQ: FCEL) today reported financial results for its third quarter ended July 31, 2025.
“In our third fiscal quarter, we delivered meaningful revenue growth while advancing execution of our long-term strategy,” said Jason Few, President and Chief Executive Officer. “We improved our core carbonate platform by increasing efficiency above
“Today, we are particularly encouraged by the opportunities created by surging power demand from data centers, as server racks grow denser with increasingly powerful, energy-intensive chips. Our modular power block solutions are uniquely positioned to scale with this demand and to provide the reliability and flexibility these customers require,” Few continued. “Looking ahead, our focus remains on scaling our core carbonate technologies to meet America's pursuit of energy leadership while supporting rapid growth across the global markets we serve -- all with the long-term goal of future profitability. We believe the decisive actions we have taken to right-size our organization and concentrate on the strengths of our core carbonate platform, combined with the market momentum of distributed power generation, position us to be the partner of choice in this critical global growth sector.”
Consolidated Financial Metrics
| Three Months Ended July 31, | |||||||||||
| (Amounts in thousands, except per share data)(1) | 2025 | 2024 | Change | ||||||||
| Total revenues | 97 | % | |||||||||
| Gross loss | (17 | %) | |||||||||
| Loss from operations | 184 | % | |||||||||
| Net loss | 162 | % | |||||||||
| Net loss attributable to common stockholders | 176 | % | |||||||||
| Net loss per basic and diluted share attributable to common stockholders | 90 | % | |||||||||
| EBITDA * | 251 | % | |||||||||
| Adjusted EBITDA * | (19 | %) | |||||||||
| Adjusted net loss per basic and diluted share attributable to common stockholders * | (45 | %) | |||||||||
(1) All historic per share figures have been retroactively adjusted to reflect the Company’s reverse stock split that became effective on November 8, 2024.
* Reconciliations of non-GAAP measures EBITDA, Adjusted EBITDA, and Adjusted net loss per basic and diluted share attributable to common stockholders are contained in the appendix to this press release.
Third Quarter of Fiscal 2025 Results
(All comparisons are between third quarter of fiscal 2025 and third quarter of fiscal 2024 unless otherwise noted)
Third quarter revenue of
quarter.
- Product revenues were
$26.0 million compared to$0.3 million in the comparable prior year period. The increase was primarily driven by$24.0 million of revenue recognized under the Company’s long-term service agreement with Gyeonggi Green Energy Co., Ltd. (“GGE”) for the delivery and commissioning of eight fuel cell modules for GGE’s 58.8 MW fuel cell power plant platform in Hwaseong-si, Korea, and$2.0 million of revenue recognized under the Company's sales contract with Ameresco, Inc. - Service agreements revenues increased to
$3.1 million from$1.4 million . The increase in service agreements revenues during the three months ended July 31, 2025 was primarily driven by revenue recognized under the Company’s long-term service agreement with GGE for service provided by the Company to GGE’s 58.8 MW fuel cell power plant platform in Hwaseong-si, Korea. - Generation revenues decreased to
$12.4 million from$13.4 million . The decrease in generation revenues for the three months ended July 31, 2025 reflects lower output from plants in the Company’s generation operating portfolio resulting from routine maintenance activities during the quarter. - Advanced Technologies contract revenues decreased to
$5.3 million from$8.6 million . Advanced Technologies contract revenues recognized under our Joint Development Agreement with ExxonMobil Technology and Engineering Company (“EMTEC”) were approximately$3.1 million , revenues arising from the purchase order received from Esso Nederland B.V. (“Esso”), an affiliate of EMTEC and Exxon Mobil Corporation, related to the Rotterdam project were approximately$1.4 million and revenue recognized under government contracts and other contracts were approximately$0.8 million for the three months ended July 31, 2025. This compares to Advanced Technologies contract revenues recognized under our Joint Development Agreement with EMTEC of approximately$1.8 million , revenue recognized under the Esso purchase order of approximately$3.5 million and revenue recognized under government contracts and other contracts of approximately$3.3 million for the three months ended July 31, 2024.
Gross loss for the third quarter of fiscal 2025 totaled
Operating expenses for the third quarter of fiscal 2025 increased to
Administrative and selling expenses decreased to
Research and development expenses decreased to
In connection with our June 2025 restructuring plan, the Company evaluated certain asset groups for impairment in the third quarter of fiscal 2025. As a result of this analysis, the Company recorded total non-cash impairment expenses of
Net loss was
Net loss attributable to common stockholders was
Adjusted EBITDA totaled
The net loss per share attributable to common stockholders in the third quarter of fiscal 2025 was
Cash, Restricted Cash and Short-Term Investments
Cash and cash equivalents, restricted cash and cash equivalents, and short-term investments totaled
During the three months ended July 31, 2025, approximately 6.8 million shares of the Company’s common stock were sold under the Company’s Open Market Sale Agreement, as amended, at an average sale price of
Backlog
| As of July 31, | |||||||||
| (Amounts in thousands) | 2025 | 2024 | Change | ||||||
| Product | |||||||||
| Service | 169,384 | 178,387 | (9,003) | ||||||
| Generation | 955,033 | 839,532 | 115,501 | ||||||
| Advanced Technologies | 24,254 | 42,480 | (18,226) | ||||||
| Total Backlog | |||||||||
Overall, backlog increased by approximately
- Service agreements backlog totaled
$169.4 million as of July 31, 2025, compared to$178.4 million as of July 31, 2024. Service agreements backlog includes future contracted revenue from maintenance and scheduled module exchanges for power plants under service agreements. During the three months ended July 31, 2025, the Company entered into a LTSA with CGN (the “CGN LTSA”) for the CGN Platform. The contract value of the CGN LTSA totaled approximately$31.7 million , of which approximately$7.7 million was allocated to service backlog at the time of the execution of the CGN LTSA and will be recognized as revenue as the Company performs service at the CGN Platform over the term of the CGN LTSA. During the fourth quarter of fiscal year 2024, the Company entered into the GGE LTSA with respect to the GGE Platform. The contract value of the GGE LTSA totaled approximately$159.6 million , of which approximately$33.6 million was allocated to service backlog at the time of the execution of the GGE LTSA and is being recognized as revenue as the Company performs service at the GGE Platform over the term of the GGE LTSA. - Generation backlog totaled
$955.0 million as of July 31, 2025, compared to$839.5 million as of July 31, 2024. Generation backlog represents future contracted energy sales under power purchase agreements (“PPAs”) or approved utility tariffs. During the nine months ended July 31, 2025, the Company entered into a 20-year PPA with Eversource and United Illuminating, pursuant to which the Company will build and operate a 7.4 MW carbonate fuel cell power plant in Hartford, Connecticut (the “Hartford Project”). The electricity generated by the plant will be sold to Eversource and United Illuminating. The revenue over the contract term is expected to total approximately$167.4 million , which has been added to Generation backlog. - Product backlog totaled
$96.2 million as of July 31, 2025, compared to$136.7 million as of July 31, 2024. Product backlog decreased during the period ended July 31, 2025 primarily as a result of the product backlog that was recognized as revenue as the Company completed commissioning of replacement modules for the GGE Platform. Under the GGE LTSA, commissioning of the first six 1.4-MW replacement fuel cell modules was completed in the fourth quarter of fiscal year 2024, and commissioning of an additional twelve 1.4-MW replacement fuel cell modules was completed in the first nine months of fiscal year 2025. An additional eight 1.4-MW replacement fuel cell modules are expected to be commissioned throughout the remainder of fiscal year 2025, and the remaining 16 1.4-MW replacement fuel cell modules are expected to be commissioned in fiscal year 2026. Partially offsetting this decrease was the CGN LTSA, which added$24.0 million to product backlog during the third quarter of fiscal year 2025. - Advanced Technologies contract backlog totaled
$24.3 million as of July 31, 2025, compared to$42.5 million as of July 31, 2024. Advanced Technologies contract backlog primarily represents remaining revenue under our Joint Development Agreement with EMTEC, revenue under a purchase order from Esso valued at$15.6 million (which includes a$4.0 million increase due to two change orders executed during the first nine months of fiscal year 2025), and remaining revenue under our government contracts.
The CGN Platform is comprised of four SureSource 3000 molten carbonate fuel cells (each a “CGN Plant”). Each CGN Plant is comprised of two carbonate fuel cell modules. Pursuant to the CGN LTSA, CGN and the Company have agreed that (i) CGN will purchase from the Company eight carbonate fuel cell modules to replace existing fuel cell modules at the CGN Platform, (ii) the Company will provide certain balance of plant replacement components if and to the extent the parties reasonably determine existing components should be replaced, and (iii) the Company will provide long term operations and maintenance services for the CGN Platform. The total amount payable by CGN under the CGN LTSA for the eight replacement fuel cell modules, balance of plant replacement components, and service is
The GGE Platform is comprised of 21 SureSource 3000 molten carbonate fuel cells (each a “GGE Plant”). Each GGE Plant is comprised of two 1.4-MW carbonate fuel cell modules. Pursuant to the GGE LTSA, GGE and the Company have agreed that (i) GGE will purchase from the Company 42 1.4-MW carbonate fuel cell modules to replace existing fuel cell modules at the GGE Platform, (ii) the Company will provide certain balance of plant replacement components if and to the extent the parties reasonably determine existing components should be replaced, and (iii) the Company will provide long term operations and maintenance services for the GGE Platform. The total amount payable by GGE under the GGE LTSA for the 42 replacement fuel cell modules, balance of plant replacement components, and service was
Backlog represents definitive agreements executed by the Company and our customers. Projects for which we have an executed PPA are included in generation backlog, which represents future revenue under long-term PPAs. The Company’s ability to recognize revenue in the future under a PPA is subject to the Company’s completion of construction of the project covered by such PPA. Should the Company not complete the construction of the project covered by a PPA, it will forgo future revenues with respect to the project and may incur penalties and/or impairment expenses related to the project. Projects sold to customers (and not retained by the Company) are included in product sales and service agreements backlog, and the related generation backlog is removed upon sale. Together, the service and generation portion of backlog had a weighted average term of approximately 16 years as of July 31, 2025, with weighting based on the dollar amount of backlog and utility service contracts of up to 20 years in duration at inception.
Conference Call Information
FuelCell Energy will host a conference call today beginning at 10:00 a.m. ET to discuss third quarter of fiscal year 2025 results as well as key business highlights. Participants can access the live call via webcast on the Company’s website or by telephone as follows:
- The live webcast of the call and supporting slide presentation will be available at www.fuelcellenergy.com. To listen to the call, select “Investors” on the home page located under the “Our Company” pull-down menu, proceed to the “Events & Presentations” page and then click on the “Webcast” link listed under the September 9th earnings call event, or click here.
- Alternatively, participants can dial 888-330-3181 and state FuelCell Energy or the conference ID number 1099808.
The replay of the conference call will be available via webcast on the Company’s Investors’ page at www.fuelcellenergy.com approximately two hours after the conclusion of the call.
Cautionary Language
This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or our future financial performance that involve certain contingencies and uncertainties. The forward-looking statements include, without limitation, statements with respect to the Company’s anticipated financial results and statements regarding the Company’s plans and expectations regarding the continuing development, commercialization and financing of its current and future fuel cell technologies, the expected timing of completion of the Company’s ongoing projects, the Company’s business plans and strategies, the implementation, effect, and potential impact of the Company’s restructuring plans, the Company’s plan to reduce operating costs, the Company’s plans for and ability to achieve positive Adjusted EBITDA, the capabilities of the Company’s products, and the markets in which the Company expects to operate. Projected and estimated numbers contained herein are not forecasts and may not reflect actual results. These forward-looking statements are not guarantees of future performance, and all forward-looking statements are subject to risks and uncertainties, known and unknown, that could cause actual results and future events to differ materially from those projected. Factors that could cause such a difference include, without limitation: general risks associated with product development and manufacturing; general economic conditions; changes in interest rates, which may impact project financing; supply chain disruptions; changes in the utility regulatory environment; changes in the utility industry and the markets for distributed generation, distributed hydrogen, and fuel cell power plants configured for carbon capture or carbon separation; potential volatility of commodity prices that may adversely affect our projects; availability of government subsidies and economic incentives for alternative energy technologies; our ability to remain in compliance with U.S. federal and state and foreign government laws and regulations; our ability to maintain compliance with the listing rules of The Nasdaq Stock Market; rapid technological change; competition; the risk that our bid awards will not convert to contracts or that our contracts will not convert to revenue; market acceptance of our products; changes in accounting policies or practices adopted voluntarily or as required by accounting principles generally accepted in the United States; factors affecting our liquidity position and financial condition; government appropriations; the ability of the government and third parties to terminate their development contracts at any time; the ability of the government to exercise “march-in” rights with respect to certain of our patents; our ability to successfully market and sell our products internationally; delays in our timeline for bringing commercially viable products to market; our ability to develop additional commercially viable products; our ability to implement our strategy; our ability to reduce our levelized cost of energy and deliver on our cost reduction strategy generally; our ability to protect our intellectual property; litigation and other proceedings; the risk that commercialization of our new products will not occur when anticipated or, if it does, that we will not have adequate capacity to satisfy demand; our need for and the availability of additional financing; our ability to generate positive cash flow from operations; our ability to service our long-term debt; our ability to increase the output and longevity of our platforms and to meet the performance requirements of our contracts; our ability to expand our customer base and maintain relationships with our largest customers and strategic business allies; the risk that our restructuring plans and workforce reductions will not result in the intended benefits or savings; the risk that our restructuring plans and workforce reductions will result in unanticipated costs; the risk that our restructuring plans will yield unintended consequences to our remaining workforce and results of operations; our ability to reduce operating costs; and our ability to achieve positive Adjusted EBITDA in the future, as well as other risks set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2025. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL): FuelCell Energy is a global leader in delivering environmentally responsible distributed baseload energy platform solutions through our proprietary fuel cell technology. FuelCell Energy is focused on advancing sustainable clean energy technologies that address some of the world’s most critical challenges around energy access, security, resilience, reliability, affordability, safety and environmental stewardship. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers worldwide with sustainable products and solutions for industrial and commercial businesses, utilities, governments, municipalities, and communities. Learn more at www.fuelcellenergy.com.
SureSource, SureSource 1500, SureSource 3000, SureSource 4000, SureSource Recovery, SureSource Capture, SureSource Hydrogen, SureSource Storage, SureSource Service, SureSource Capital, FuelCell Energy, and FuelCell Energy logo are all trademarks of FuelCell Energy, Inc.
Contact:
FuelCell Energy Investor Relations
ir@fce.com
| FUELCELL ENERGY, INC. | ||||||||
| Consolidated Balance Sheets | ||||||||
| (Unaudited) | ||||||||
| (Amounts in thousands, except share and per share amounts) | ||||||||
| July 31, 2025 | October 31, 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents, unrestricted | $ | 174,662 | $ | 148,133 | ||||
| Restricted cash and cash equivalents – short-term | 16,092 | 12,161 | ||||||
| Investments – short-term | - | 109,123 | ||||||
| Accounts receivable, net | 9,950 | 11,751 | ||||||
| Unbilled receivables | 44,718 | 36,851 | ||||||
| Inventories | 104,598 | 113,703 | ||||||
| Other current assets | 20,377 | 12,736 | ||||||
| Total current assets | 370,397 | 444,458 | ||||||
| Restricted cash and cash equivalents – long-term | 46,100 | 48,589 | ||||||
| Inventories – long-term | 2,743 | 2,743 | ||||||
| Project assets, net | 224,482 | 242,131 | ||||||
| Property, plant and equipment, net | 97,761 | 130,686 | ||||||
| Operating lease right-of-use assets, net | 10,935 | 8,122 | ||||||
| Goodwill | - | 4,075 | ||||||
| Intangible assets, net | 4,215 | 14,779 | ||||||
| Other assets | 73,902 | 48,541 | ||||||
| Total assets(1) | $ | 830,535 | $ | 944,124 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Current portion of long-term debt | $ | 16,710 | $ | 15,924 | ||||
| Current portion of operating lease liabilities | 798 | 807 | ||||||
| Accounts payable | 16,399 | 22,585 | ||||||
| Accrued liabilities | 29,866 | 30,362 | ||||||
| Deferred revenue | 5,254 | 4,226 | ||||||
| Total current liabilities | 69,027 | 73,904 | ||||||
| Long-term deferred revenue | 5,401 | 3,010 | ||||||
| Long-term operating lease liabilities | 11,710 | 8,894 | ||||||
| Long-term debt and other liabilities | 119,320 | 130,850 | ||||||
| Total liabilities(1) | 205,458 | 216,658 | ||||||
| Redeemable Series B preferred stock (liquidation preference of | 59,857 | 59,857 | ||||||
| Total equity: | ||||||||
| Stockholders’ equity: Common stock ( | 3 | 2 | ||||||
| Additional paid-in capital | 2,357,630 | 2,300,031 | ||||||
| Accumulated deficit | (1,799,581 | ) | (1,641,550 | ) | ||||
| Accumulated other comprehensive loss | (1,881 | ) | (1,561 | ) | ||||
| Treasury stock, Common, at cost (40,594 and 12,543 shares as of July 31, 2025 and October 31, 2024, respectively) | (1,360 | ) | (1,198 | ) | ||||
| Deferred compensation | 1,360 | 1,198 | ||||||
| Total stockholders’ equity | 556,171 | 656,922 | ||||||
| Noncontrolling interests | 9,049 | 10,687 | ||||||
| Total equity | 565,220 | 667,609 | ||||||
| Total liabilities, redeemable Series B preferred stock and total equity | $ | 830,535 | $ | 944,124 | ||||
(1) As of July 31, 2025 and October 31, 2024, the combined assets of the variable interest entities (“VIEs”) were
| FUELCELL ENERGY, INC. | |||||||||||
| Consolidated Statements of Operations and Comprehensive Loss | |||||||||||
| (Unaudited) | |||||||||||
| (Amounts in thousands, except share and per share amounts) | |||||||||||
| Three Months Ended July 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Revenues: | |||||||||||
| Product | $ | 26,000 | $ | 250 | |||||||
| Service | 3,130 | 1,411 | |||||||||
| Generation | 12,355 | 13,402 | |||||||||
| Advanced Technologies | 5,258 | 8,632 | |||||||||
| Total revenues | 46,743 | 23,695 | |||||||||
| Costs of revenues: | |||||||||||
| Product | 29,083 | 4,181 | |||||||||
| Service | 3,642 | 1,146 | |||||||||
| Generation | 15,330 | 18,761 | |||||||||
| Advanced Technologies | 3,822 | 5,809 | |||||||||
| Total costs of revenues | 51,877 | 29,897 | |||||||||
| Gross loss | (5,134 | ) | (6,202 | ) | |||||||
| Operating expenses: | |||||||||||
| Administrative and selling expenses | 14,066 | 14,599 | |||||||||
| Research and development expenses | 7,646 | 12,816 | |||||||||
| Impairment expense | 64,467 | - | |||||||||
| Restructuring expense | 4,051 | - | |||||||||
| Total costs and expenses | 90,230 | 27,415 | |||||||||
| Loss from operations | (95,364 | ) | (33,617 | ) | |||||||
| Interest expense | (2,548 | ) | (2,555 | ) | |||||||
| Interest income | 2,144 | 3,269 | |||||||||
| Other income (expense), net | 3,912 | (2,218 | ) | ||||||||
| Loss before provision for income taxes | (91,856 | ) | (35,121 | ) | |||||||
| Provision for income taxes | (40 | ) | (2 | ) | |||||||
| Net loss | (91,896 | ) | (35,123 | ) | |||||||
| Net loss attributable to noncontrolling interest | (240 | ) | (2,463 | ) | |||||||
| Net loss attributable to FuelCell Energy, Inc. | (91,656 | ) | (32,660 | ) | |||||||
| Series B preferred stock dividends | (800 | ) | (800 | ) | |||||||
| Net loss attributable to common stockholders | $ | (92,456 | ) | $ | (33,460 | ) | |||||
| Loss per share basic and diluted: | |||||||||||
| Net loss per share attributable to common stockholders | $ | (3.78 | ) | $ | (1.99 | ) | |||||
| Basic and diluted weighted average shares outstanding | 24,441,294 | 16,772,791 | |||||||||
| FUELCELL ENERGY, INC. | |||||||||
| Consolidated Statements of Operations and Comprehensive Loss | |||||||||
| (Unaudited) | |||||||||
| (Amounts in thousands, except share and per share amounts) | |||||||||
| Nine Months Ended July 31, | |||||||||
| 2025 | 2024 | ||||||||
| Revenues: | |||||||||
| Product | $ | 39,099 | $ | 250 | |||||
| Service | 13,122 | 4,397 | |||||||
| Generation | 35,825 | 38,013 | |||||||
| Advanced Technologies | 15,100 | 20,146 | |||||||
| Total revenues | 103,146 | 62,806 | |||||||
| Costs of revenues: | |||||||||
| Product | 48,380 | 9,510 | |||||||
| Service | 14,377 | 4,301 | |||||||
| Generation | 49,035 | 61,079 | |||||||
| Advanced Technologies | 11,130 | 12,917 | |||||||
| Total costs of revenues | 122,922 | 87,807 | |||||||
| Gross loss | (19,776 | ) | (25,001 | ) | |||||
| Operating expenses: | |||||||||
| Administrative and selling expenses | 45,566 | 48,659 | |||||||
| Research and development expenses | 28,623 | 43,796 | |||||||
| Impairment expense | 64,467 | - | |||||||
| Restructuring expense | 5,593 | - | |||||||
| Total costs and expenses | 144,249 | 92,455 | |||||||
| Loss from operations | (164,025 | ) | (117,456 | ) | |||||
| Interest expense | (7,703 | ) | (7,168 | ) | |||||
| Interest income | 6,357 | 10,726 | |||||||
| Other income (expense), net | 3,464 | (3,278 | ) | ||||||
| Loss before provision for income taxes | (161,907 | ) | (117,176 | ) | |||||
| Provision for income taxes | (124 | ) | (2 | ) | |||||
| Net loss | (162,031 | ) | (117,178 | ) | |||||
| Net loss attributable to noncontrolling interest | (4,000 | ) | (32,585 | ) | |||||
| Net loss attributable to FuelCell Energy, Inc. | (158,031 | ) | (84,593 | ) | |||||
| Series B preferred stock dividends | (2,400 | ) | (2,400 | ) | |||||
| Net loss attributable to common stockholders | $ | (160,431 | ) | $ | (86,993 | ) | |||
| Loss per share basic and diluted: | |||||||||
| Net loss per share attributable to common stockholders | $ | (7.22 | ) | $ | (5.56 | ) | |||
| Basic and diluted weighted average shares outstanding | 22,223,074 | 15,646,242 | |||||||
Appendix
Non-GAAP Financial Measures
Financial results are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Management also uses non-GAAP measures to analyze and make operating decisions on the business. Earnings before interest, taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders are non-GAAP measures of operations and operating performance by the Company.
These supplemental non-GAAP measures are provided to assist readers in assessing operating performance. Management believes EBITDA, Adjusted EBITDA, Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders are useful in assessing performance and highlighting trends on an overall basis. Management also believes these measures are used by companies in the fuel cell sector and by securities analysts and investors when comparing the results of the Company with those of other companies. EBITDA differs from the most comparable GAAP measure, net loss attributable to the Company, primarily because it does not include finance expense, income taxes and depreciation of property, plant and equipment and project assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation, impairment and restructuring expenses, non-cash (gain) loss on derivative instruments and other unusual items, which are considered either non-cash or non-recurring. Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders differ from the most comparable GAAP measures, Net loss attributable to common stockholders and Net loss per share attributable to common stockholders, primarily because they do not include stock-based compensation, impairment and restructuring expenses, non-cash (gain) loss on derivative instruments and other unusual items, which are considered either non-cash or non-recurring.
While management believes that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these measures. The measures are not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation. The Company’s non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP.
The following table calculates EBITDA and Adjusted EBITDA and reconciles these figures to the GAAP financial statement measure Net loss.
| Three Months Ended July 31, | Nine Months Ended July 31, | ||||||||||||||||||
| (Amounts in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Net loss | $ | (91,896 | ) | $ | (35,123 | ) | $ | (162,031 | ) | $ | (117,178 | ) | |||||||
| Depreciation and amortization(1) | 9,746 | 9,238 | 30,582 | 27,389 | |||||||||||||||
| Provision for income taxes | 40 | 2 | 124 | 2 | |||||||||||||||
| Other (income) expense, net(2) | (3,912 | ) | 2,218 | (3,464 | ) | 3,278 | |||||||||||||
| Interest income | (2,144 | ) | (3,269 | ) | (6,357 | ) | (10,726 | ) | |||||||||||
| Interest expense | 2,548 | 2,555 | 7,703 | 7,168 | |||||||||||||||
| EBITDA | $ | (85,618 | ) | $ | (24,379 | ) | $ | (133,443 | ) | $ | (90,067 | ) | |||||||
| Stock-based compensation expense | 1,691 | 3,350 | 8,657 | 9,227 | |||||||||||||||
| Unrealized (gain) loss on natural gas contract derivative assets(3) | (971 | ) | 895 | (2,037 | ) | 5,072 | |||||||||||||
| Impairment expense(4) | 64,467 | - | 64,467 | - | |||||||||||||||
| Restructuring expense | 4,051 | - | 5,593 | - | |||||||||||||||
| Adjusted EBITDA | $ | (16,380 | ) | $ | (20,134 | ) | $ | (56,763 | ) | $ | (75,768 | ) | |||||||
The following table calculates Adjusted net loss attributable to common stockholders and reconciles that figure to the GAAP financial statement measure Net loss attributable to common stockholders, and calculates Adjusted net loss per share attributable to common stockholders.
| Three Months Ended July 31, | Nine Months Ended July 31, | |||||||||||||||
| (Amounts in thousands except share and per share amounts) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net loss attributable to common stockholders | $ | (92,456 | ) | $ | (33,460 | ) | (160,431 | ) | (86,993 | ) | ||||||
| Stock-based compensation expense | 1,691 | 3,350 | 8,657 | 9,227 | ||||||||||||
| Unrealized (gain) loss on natural gas contract derivative assets(3) | (971 | ) | 895 | (2,037 | ) | 5,072 | ||||||||||
| Impairment expense(4) | 64,467 | - | 64,467 | - | ||||||||||||
| Restructuring expense | 4,051 | - | 5,593 | - | ||||||||||||
| Adjusted net loss attributable to common stockholders | $ | (23,218 | ) | $ | (29,215 | ) | $ | (83,751 | ) | $ | (72,694 | ) | ||||
| Net loss per share attributable to common stockholders | $ | (3.78 | ) | $ | (1.99 | ) | $ | (7.22 | ) | $ | (5.56 | ) | ||||
| Adjusted net loss per share attributable to common stockholders | $ | (0.95 | ) | $ | (1.74 | ) | $ | (3.77 | ) | $ | (4.65 | ) | ||||
| Basic and diluted weighted average shares outstanding | 24,441,294 | 16,772,791 | 22,233,074 | 15,646,242 | ||||||||||||
(1) Includes depreciation and amortization on our Generation portfolio of
(2) Other (income) expense, net includes gains and losses from transactions denominated in foreign currencies, interest rate swap income earned from investments and other items incurred periodically, which are not the result of the Company’s normal business operations.
(3) The Company recorded a mark-to-market net gain of
(4) The Company recorded a non-cash impairment expense of
FAQ
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