FCEL · Fuelcell Energy Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.53M | - | $46.74M | $37.41M | $19.00M | - | $23.70M | $22.42M | $16.69M | - |
| Cost of Revenue | $36.39M | - | $51.88M | $46.84M | $24.20M | - | $29.90M | $29.49M | $28.42M | - |
| Gross Profit | ($5.86M) | - | ($5.13M) | ($9.44M) | ($5.20M) | - | ($6.20M) | ($7.07M) | ($11.72M) | - |
| R&D | $6.96M | - | $7.65M | $9.90M | $11.08M | - | $12.82M | $16.63M | $14.35M | - |
| SG&A | $13.47M | - | $14.07M | $16.47M | $15.03M | - | $14.60M | $17.66M | $16.40M | - |
| Total Operating Expenses | $20.43M | - | $90.23M | $26.37M | $27.65M | - | $27.41M | $34.29M | $30.75M | - |
| D&A | $10.52M | - | - | - | $9.95M | - | - | - | $8.60M | - |
| Operating Income | ($26.29M) | - | ($95.36M) | ($35.81M) | ($32.85M) | - | ($33.62M) | ($41.36M) | ($42.48M) | - |
| Interest Expense | $2.76M | - | $2.55M | $2.55M | $2.61M | - | $2.56M | $2.27M | $2.34M | - |
| Income Tax | - | - | $40.0K | $84.0K | - | - | $2.0K | - | - | - |
| Net Income | ($22.86M) | - | ($91.66M) | ($38.05M) | ($28.33M) | - | ($32.66M) | ($32.14M) | ($19.79M) | - |
| EPS - Basic | ($0.49) | - | ($3.78) | ($1.79) | ($1.42) | - | ($2.10) | ($2.10) | ($1.50) | - |
| EPS - Diluted | ($0.49) | - | ($3.78) | ($1.79) | ($1.42) | - | ($2.10) | ($2.10) | ($1.50) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $311.78M | $278.10M | $174.66M | $116.06M | $98.07M | $148.13M | $159.35M | $158.79M | $297.47M | $249.95M |
| Accounts Receivable | $6.22M | $4.00M | $9.95M | $10.03M | $9.24M | $11.75M | $11.16M | $7.16M | $3.35M | $3.81M |
| Inventory | $90.28M | $86.20M | $104.60M | $123.54M | $125.75M | $113.70M | $129.35M | $113.92M | $102.86M | $84.46M |
| Accounts Payable | $14.55M | $17.01M | $16.40M | $22.55M | $18.45M | $22.59M | $16.93M | $21.61M | $17.05M | $26.52M |
| Current Assets | $494.76M | $449.81M | $370.40M | $384.46M | $411.24M | $444.46M | $459.97M | $425.84M | $445.23M | $476.31M |
| Total Assets | $978.48M | $932.15M | $830.53M | $883.84M | $907.53M | $944.12M | $948.91M | $916.83M | $923.18M | $955.52M |
| Current Liabilities | $62.13M | $67.84M | $69.03M | $68.35M | $64.87M | $73.90M | $66.54M | $65.00M | $53.89M | $65.90M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $214.48M | $201.00M | $205.46M | $205.05M | $202.44M | $216.66M | $203.95M | $204.87M | $181.15M | $195.22M |
| Stockholders' Equity | $694.87M | $662.18M | $556.17M | $609.18M | $635.21M | $656.92M | $675.76M | $639.81M | $663.93M | $682.49M |
| Retained Earnings | ($1.85B) | ($1.83B) | ($1.80B) | ($1.71B) | ($1.67B) | ($1.64B) | ($1.60B) | ($1.57B) | ($1.54B) | ($1.52B) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($33.94M) | - | - | - | ($45.71M) | - | - | - | ($58.27M) | - |
| Investing Cash Flow | ($2.98M) | - | - | - | ($7.36M) | - | - | - | $86.89M | - |
| Financing Cash Flow | $74.80M | - | - | - | $4.84M | - | - | - | $20.56M | - |
| CapEx | $773.0K | - | - | - | $7.06M | - | - | - | $10.56M | - |
| Free Cash Flow | ($34.71M) | - | - | - | ($52.77M) | - | - | - | ($68.83M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | -19.2% | - | -11.0% | -25.2% | -27.4% | - | -26.2% | -31.6% | -70.2% | - |
| Operating margin | -86.1% | - | -204.0% | -95.7% | -172.9% | - | -141.9% | -184.5% | -254.5% | - |
| EBITDA margin | -51.7% | - | - | - | -120.6% | - | - | - | -203.0% | - |
| Net margin | -74.9% | - | -196.1% | -101.7% | -149.1% | - | -137.8% | -143.4% | -118.6% | - |
| Free cash flow margin | -113.7% | - | - | - | -277.8% | - | - | - | -412.4% | - |
| FCF / Net income | 1.52 | - | - | - | 1.86 | - | - | - | 3.48 | - |
| R&D / Revenue | 22.8% | - | 16.4% | 26.5% | 58.3% | - | 54.1% | 74.2% | 86.0% | - |
| SG&A / Revenue | 44.1% | - | 30.1% | 44.0% | 79.1% | - | 61.6% | 78.8% | 98.3% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -2.3% | - | -11.0% | -4.3% | -3.1% | - | -3.4% | -3.5% | -2.1% | - |
| Return on equity | -3.3% | - | -16.5% | -6.2% | -4.5% | - | -4.8% | -5.0% | -3.0% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 7.96 | 6.63 | 5.37 | 5.62 | 6.34 | 6.01 | 6.91 | 6.55 | 8.26 | 7.23 |
| Quick ratio | 6.51 | 5.36 | 3.85 | 3.82 | 4.40 | 4.48 | 4.97 | 4.80 | 6.35 | 5.95 |
| Cash ratio | 5.02 | 4.10 | 2.53 | 1.70 | 1.51 | 2.00 | 2.39 | 2.44 | 5.52 | 3.79 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -9.5x | - | -37.4x | -14.1x | -12.6x | - | -13.2x | -18.2x | -18.2x | - |
| Equity multiplier | 1.41 | 1.41 | 1.49 | 1.45 | 1.43 | 1.44 | 1.40 | 1.43 | 1.39 | 1.40 |
| Liabilities / Assets | 0.22 | 0.22 | 0.25 | 0.23 | 0.22 | 0.23 | 0.21 | 0.22 | 0.20 | 0.20 |
| Efficiency | ||||||||||
| Asset turnover | 0.03 | - | 0.06 | 0.04 | 0.02 | - | 0.02 | 0.02 | 0.02 | - |
| Inventory turnover | 0.40 | - | 0.50 | 0.38 | 0.19 | - | 0.23 | 0.26 | 0.28 | - |
| Days sales outstanding | 74d | - | 78d | 98d | 178d | - | 172d | 116d | 73d | - |
| Days inventory outstanding | 906d | - | 736d | 963d | 1897d | - | 1579d | 1410d | 1321d | - |
| Days payable outstanding | 146d | - | 115d | 176d | 278d | - | 207d | 267d | 219d | - |
| Cash conversion cycle | 834d | - | 698d | 885d | 1796d | - | 1544d | 1259d | 1175d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 0.6x | - | 0.2x | 0.1x | 0.2x | - | 11.4x | 19.8x | 24.5x | - |
| P / S | 12.9x | - | 2.6x | 2.4x | 8.3x | - | 324.9x | 563.7x | 974.1x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 60.7% | - | 97.3% | 66.8% | 13.8% | - | -7.1% | -41.5% | -55.0% | - |
| Revenue CAGR (3y) | -6.3% | - | 2.7% | 31.7% | -15.8% | - | -4.0% | 17.1% | 3.9% | - |
| Revenue CAGR (5y) | 15.5% | - | 20.1% | 14.7% | 3.2% | - | 0.9% | 19.5% | -15.4% | - |
| Gross profit growth (YoY) | -12.5% | - | 17.2% | -33.4% | 55.6% | - | 24.5% | -16.1% | - | - |
| Operating income growth (YoY) | 20.0% | - | -183.7% | 13.4% | 22.7% | - | 18.8% | -15.3% | -89.2% | - |
| Net income growth (YoY) | 19.3% | - | -180.6% | -18.4% | -43.1% | - | -34.5% | 6.3% | -6.3% | - |
| EPS growth (YoY) | 65.5% | - | -80.0% | 14.8% | 5.3% | - | -3400.0% | -2233.3% | -2900.0% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 34.2% | - | - | - | 23.3% | - | - | - | -12.6% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 9.4% | 0.8% | -17.7% | -4.8% | -4.3% | -3.7% | -3.4% | 0.2% | -0.6% | -0.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-10-31.
Product / service
$158.16M totalProduct$69.13M · 43.7%
Electricity Generation$48.01M · 30.4%
Advanced Technologies$20.62M · 13.0%
Service$20.40M · 12.9%
Geographic
$158.16M totalUS$82.40M · 52.1%
KR$75.22M · 47.6%
Europe$428.0K · 0.3%
CA$115.0K · 0.1%
Peer comparison
Same SIC group: Electrical Industrial Apparatus
Comparing FUELCELL ENERGY INC against the 5 most active filers in the same SIC group.
Dividends
$0.00/share trailing 12 months
| Ex-date | Per share |
|---|---|
| Feb 17, 1999 | $239.7600 |