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FCEL

FuelCell Energy, Inc.

FCEL

FuelCell Energy, Inc. • NASDAQ
$6.71 ▲ 7.88% (+0.49)
Market Cap $143.89 M
52w High $13.98
52w Low $3.58
Dividend Yield 0%
P/E -0.71
Volume 1.01M
Outstanding Shares 21.44M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $46.743M ▲ $90.23M ▲ $-92.456M ▼ -197.796% ▼ $-3.78 ▼ $-95.364M ▼
Q2-2025 $37.406M ▲ $26.372M ▼ $-38.049M ▼ -101.719% ▲ $-1.79 ▼ $-24.227M ▼
Q1-2025 $18.997M ▼ $27.647M ▼ $-29.126M ▲ -153.319% ▼ $-1.42 ▼ $-19.833M ▲
Q4-2024 $49.326M ▲ $30.115M ▲ $-41.416M ▼ -83.964% ▲ $-0.17 ▼ $-28.251M ▼
Q3-2024 $23.695M $27.415M $-32.66M -137.835% $-0.07 $-23.328M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $190.754M ▲ $830.535M ▼ $205.458M ▲ $556.171M ▼
Q2-2025 $176.969M ▼ $883.843M ▼ $205.047M ▲ $669.034M ▼
Q1-2025 $208.368M ▼ $907.535M ▼ $202.439M ▼ $695.069M ▼
Q4-2024 $257.256M ▼ $944.124M ▼ $216.658M ▲ $716.779M ▼
Q3-2024 $276.85M $948.91M $203.946M $735.619M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-95.956M ▼ $-26.832M ▲ $52.057M ▲ $32.676M ▲ $57.738M ▲ $-32.165M ▲
Q2-2025 $-37.749M ▼ $-29.885M ▲ $45.268M ▲ $3.025M ▼ $18.694M ▲ $-35.078M ▲
Q1-2025 $-28.326M ▲ $-45.71M ▼ $-7.355M ▲ $4.836M ▼ $-48.461M ▼ $-52.77M ▼
Q4-2024 $-39.6M ▼ $5.845M ▲ $-41.071M ▼ $25.913M ▼ $-9.298M ▼ $-4.763M ▲
Q3-2024 $-35.123M $-63.361M $8.426M $61.082M $6.288M $-80.332M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Advanced Technologies
Advanced Technologies
 $0 ▲$10.00M ▲$10.00M ▲$10.00M ▲
Electricity Generation
Electricity Generation
 $0 ▲$390.00M ▲$380.00M ▼$380.00M ▲
Product
Product
 $0 ▲$110.00M ▲$100.00M ▼$100.00M ▲
Service
Service
 $10.00M ▲$0 ▼$10.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement FuelCell Energy’s income statement shows a business still very much in the build‑out phase. Revenue is relatively small and has not grown meaningfully over the past few years, while the cost of delivering projects continues to exceed what the company earns on them. That leads to negative gross margins and sizable operating losses year after year. Losses have actually drifted a bit wider more recently rather than narrowing, which suggests that scale efficiencies and cost improvements are not yet coming through the way investors would ultimately want to see. Overall, the company is generating interesting technology but has not yet proven it can convert that into a profitable, self‑funding business model.

Balance Sheet

Balance Sheet The balance sheet is equity‑heavy with moderate debt, which limits financial leverage risk but also reflects repeated reliance on shareholders to fund operations. Total assets have been fairly stable, but the mix has shifted: cash has come down from earlier peaks, while debt has stayed roughly flat. Book equity remains positive and sizable compared with debt, which is a strength, but persistent operating losses gradually eat into this cushion over time. In simple terms, the company does not look over‑borrowed, yet its balance sheet is slowly being strained by ongoing unprofitability.

Cash Flow

Cash Flow FuelCell Energy continues to consume cash rather than generate it. Operating cash flow has been negative for several years, and the cash burn from running the business has edged worse more recently instead of improving. On top of this, the company is still spending on capital projects, so free cash flow is even more negative. That combination means the business depends on external funding—either from equity, debt, or project financing—to sustain operations and growth initiatives. Unless operating cash flow improves meaningfully, managing liquidity and timing of investments will remain a central risk factor.

Competitive Edge

Competitive Edge Competitively, the company operates in a crowded clean‑energy and fuel‑cell landscape but does have some clear points of differentiation. Its molten carbonate fuel cell technology, ability to generate power while capturing carbon, and tri‑generation systems (power, hydrogen, and water from one platform) give it a distinctive profile versus peers that focus only on power or only on mobility. Long‑term service contracts, a meaningful backlog, and reference projects—such as large installations in South Korea and a tri‑generation project with Toyota—help validate the technology. At the same time, FuelCell is much smaller and less commercially scaled than some rivals, and policy shifts, customer caution on new technologies, and intense competition for large projects all weigh on its competitive standing. Its moat is more technological and contractual than scale‑based at this stage, and still needs to be proven out in broader commercial adoption and consistent margins.

Innovation and R&D

Innovation and R&D Innovation is the clear strength of this company. It has built a sizable patent portfolio around molten carbonate fuel cells, carbon capture integrated with power production, and tri‑generation systems. Collaborations with large partners like ExxonMobil and Toyota signal that its technology is taken seriously by major industrial players. The decision to exit solid oxide commercialization and focus on molten carbonate is a major strategic pivot: it concentrates resources on the most differentiated platform and may lower ongoing R&D and overhead, but also increases dependence on a narrower technology set. The push toward data center power solutions and industrial carbon‑capture projects shows a shift from pure technology development toward more targeted commercial use cases. The main question is less about whether the technology is novel and more about whether the company can scale it economically, on time, and with acceptable risk for large customers.

Summary

FuelCell Energy combines strong technological promise with weak current financial performance. The firm has carved out a distinctive niche in fuel cells that can simultaneously generate power, hydrogen, and provide carbon capture, backed by patents, partnerships, and a growing project backlog. However, revenues remain modest, all core profit metrics are negative, and cash burn is persistent, putting pressure on its cash reserves over time. The balance sheet is not heavily leveraged, which is a positive, but continuing losses slowly erode that buffer. Future outcomes will largely hinge on the company’s ability to execute on its backlog, improve project economics, convert high‑profile partnerships into repeatable revenue, and move its business model closer to consistent, positive cash generation. Until then, FuelCell Energy remains a high‑innovation, high‑uncertainty story where execution risk and funding needs are central considerations.

NEWS

November 14, 2025 · 9:00 AM UTC

Rising AI Power Demand Drives S-Fuelcell's Grid-Free, On-Site PEM Expansion

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September 9, 2025 · 7:30 AM UTC

FuelCell Energy Reports Third Quarter of Fiscal 2025 Results

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