Fuelcell Energy Inc (FCEL) Financial Statements
Industry: Electrical Industrial Apparatus
In fiscal 2025, Fuelcell Energy reported revenue of $158.2M, up 41.0% from $112.1M the year before. Net income was -$187.9M (a -118.8% net margin), or -$7.42 per diluted share. Gross margin was -16.7% and operating margin was -121.6%. Operating activities generated -$125.3M of cash, leaving -$143.9M of free cash flow. At fiscal year end, Fuelcell Energy held $932.1M in total assets against $201.0M in total liabilities, including $278.1M of cash and equivalents.
Open the full interactive Fuelcell Energy financials → Quarterly statements, key ratios, valuation history and price charts.
Fuelcell Energy Key Stats
| Share Price | $15.50 |
|---|---|
| Market Cap | $1.09B |
| Revenue YoY Growth | +41.0% |
| 52-Week Range | $6.00 – $36.01 |
| Shares Outstanding | 70.4 million (basic, 2026 Q3) |
Fuelcell Energy Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $70.9M | $69.6M | $130.5M | $123.4M | $112.1M | $158.2M |
| Cost of Goods Sold | $78.6M | $85.2M | $160.1M | $133.9M | $148.1M | $184.6M |
| Gross Profit | -$7.7M | -$15.6M | -$29.6M | -$10.5M | -$35.9M | -$26.4M |
| Operating Income | -$39.2M | -$64.9M | -$143.7M | -$136.1M | -$158.5M | -$192.3M |
| Pre-Tax Income | -$89.1M | -$101.0M | -$146.4M | -$107.5M | -$156.8M | -$191.2M |
| Income Tax | $46,000 | $2,000 | $819,000 | $581,000 | $25,000 | $137,000 |
| Net Income | -$89.1M | -$101.1M | -$142.7M | -$107.6M | -$126.0M | -$187.9M |
| Diluted EPS | -$12.60 | -$9.30 | -$11.40 | -$7.80 | -$7.83 | -$7.42 |
Fuelcell Energy Quarterly Results
| 2025 Q4 | 2026 Q1 | 2026 Q2 | 2026 Q3 | |
|---|---|---|---|---|
| Revenue | $55.0M | $30.5M | $35.6M | $33.0M |
| Net Income | -$29.9M | -$22.9M | -$77.9M | -$44.5M |
| Diluted EPS | -$1.16 | -$0.49 | -$1.45 | -$0.64 |
Fuelcell Energy Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $149.9M | $432.2M | $458.1M | $250.0M | $148.1M | $278.1M |
| Current Assets | $234.0M | $543.4M | $580.3M | $476.3M | $444.5M | $449.8M |
| Total Assets | $523.5M | $875.2M | $939.7M | $955.5M | $944.1M | $932.1M |
| Current Liabilities | $58.9M | $52.8M | $85.8M | $65.9M | $73.9M | $67.8M |
| Total Long-Term Debt | $165.4M | $87.7M | $82.4M | $119.5M | $131.7M | $119.6M |
| Total Liabilities | $269.1M | $169.9M | $185.3M | $195.2M | $216.7M | $201.0M |
| Shareholders' Equity | $194.5M | $642.4M | $684.4M | $682.5M | $656.9M | $662.2M |
Fuelcell Energy Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$36.8M | -$70.4M | -$112.2M | -$140.2M | -$152.9M | -$125.3M |
| Cash From Investing | -$32.5M | -$73.2M | -$46.7M | -$192.4M | -$60.0M | $88.9M |
| Cash From Financing | $221.7M | $411.9M | $180.6M | $151.1M | $122.2M | $169.3M |
| Free Cash Flow | -$37.2M | -$76.8M | -$133.2M | -$179.6M | -$200.6M | -$143.9M |
Figures from Fuelcell Energy's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Fuelcell Energy financials page for every line item.
Fuelcell Energy Company Profile
| Ticker | FCEL |
|---|---|
| Exchange | Nasdaq, OTC |
| Industry | Electrical Industrial Apparatus |
| Headquarters | Danbury, Connecticut |
| Incorporated in | Delaware |
| Fiscal Year End | October 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0000886128 |
Frequently Asked Questions
What was Fuelcell Energy's revenue in fiscal 2025?
Fuelcell Energy (FCEL) reported revenue of $158.2M for fiscal 2025.
What is Fuelcell Energy's annual revenue history?
Fuelcell Energy's annual revenue by fiscal year: 2020: $70.9M; 2021: $69.6M; 2022: $130.5M; 2023: $123.4M; 2024: $112.1M; 2025: $158.2M.
What was Fuelcell Energy's net income in fiscal 2025?
Fuelcell Energy reported net income of -$187.9M for fiscal 2025.
What was Fuelcell Energy's earnings per share (EPS) in fiscal 2025?
Fuelcell Energy's diluted EPS was -$7.42 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Fuelcell Energy generate in fiscal 2025?
Fuelcell Energy generated -$143.9M of free cash flow in fiscal 2025.
What was Fuelcell Energy's revenue last quarter?
In its most recent reported quarter (2026 Q3), Fuelcell Energy reported revenue of $33.0M.
How much debt does Fuelcell Energy have?
Fuelcell Energy reported $119.6M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Fuelcell Energy are outstanding?
Fuelcell Energy reported a weighted average of 70.4 million basic shares outstanding in 2026 Q3.
What is Fuelcell Energy's market cap?
Based on its latest closing price, Fuelcell Energy (FCEL) has a market capitalization of about $1.09B.
When does Fuelcell Energy's fiscal year end?
Fuelcell Energy's fiscal year end, as registered with the SEC, is October 31.
Where is Fuelcell Energy headquartered?
Fuelcell Energy lists its business address in Danbury, Connecticut in its SEC filings.