FuelCell Energy (FCEL) financial statements
FuelCell Energy reported revenue of $158M in fiscal 2025, up 4.3% a year over 9 years.
Net income was -$188M and the operating margin -121.6%, against -42.8% in 2016.
Free cash flow was -$144M.
The diluted share count rose 2494% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from FuelCell Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $108M | $96M | $89M | $61M | $71M | $70M | $130M | $123M | $112M | $158M |
| Cost of revenue | $109M | $93M | $86M | $82M | $79M | $85M | $160M | $134M | $148M | $185M |
| Gross profit | -$357,000 | $3M | $3M | -$21M | -$8M | -$16M | -$3M | -$11M | -$36M | -$26M |
| Research and development | $21M | $20M | $23M | $14M | $5M | $11M | $35M | $61M | $55M | $34M |
| Selling, general and admin | $25M | $26M | $25M | $32M | $27M | $38M | $80M | $65M | $65M | $61M |
| Operating income | -$46M | -$45M | -$45M | -$67M | -$39M | -$65M | -$144M | -$136M | -$158M | -$192M |
| Interest expense | $5M | $9M | $9M | $11M | $15M | $7M | $6M | $7M | $10M | $10M |
| Pre-tax income | -$51M | -$54M | -$50M | -$77M | -$89M | -$101M | -$146M | -$107M | -$157M | -$191M |
| Income tax | $519,000 | $44,000 | -$3M | $109,000 | $46,000 | $2,000 | $819,000 | $581,000 | $25,000 | $137,000 |
| Net income | -$51M | -$54M | -$47M | -$78M | -$89M | -$101M | -$143M | -$108M | -$126M | -$188M |
| EPS (diluted) | -$54.60 | -$411.90 | -$270.30 | -$54.60 | -$12.60 | -$9.30 | -$11.43 | -$7.92 | -$7.83 | -$7.42 |
| Diluted shares | 1M | 0M | 0M | 2M | 7M | 11M | 13M | 14M | 17M | 26M |
| Gross margin | -0.3% | 2.9% | 3.5% | -35.0% | -10.9% | -22.5% | -2.2% | -8.5% | -32.0% | -16.7% |
| Operating margin | -42.8% | -47.0% | -49.9% | -110.2% | -55.3% | -93.3% | -110.1% | -110.3% | -141.3% | -121.6% |
| Net margin | -47.1% | -56.3% | -52.9% | -127.7% | -125.7% | -145.2% | -109.4% | -87.2% | -112.4% | -118.8% |
Balance sheet
Fiscal years, from FuelCell Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $84M | $49M | $39M | $9M | $150M | $432M | $458M | $354M | $257M | $278M |
| Receivables | $25M | $69M | $9M | $3M | $10M | $15M | $5M | $4M | $12M | $4M |
| Inventory | $74M | $74M | $54M | $55M | $51M | $67M | $91M | $84M | $114M | $86M |
| Total current assets | $202M | $204M | $130M | $84M | $234M | $543M | $580M | $476M | $444M | $450M |
| Property, plant and equipment | $37M | $44M | $48M | $41M | $36M | $39M | $58M | $90M | $131M | $96M |
| Goodwill | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | — |
| Total assets | $341M | $384M | $340M | $333M | $524M | $875M | $940M | $956M | $944M | $932M |
| Total current liabilities | $52M | $98M | $60M | $63M | $59M | $53M | $86M | $66M | $74M | $68M |
| Long-term debt | $77M | $60M | $70M | $84M | $144M | $78M | $69M | $109M | $116M | $104M |
| Total liabilities | $166M | $195M | $163M | $198M | $269M | $170M | $185M | $195M | $217M | $201M |
| Shareholders' equity | $114M | $101M | $82M | $76M | $195M | $642M | $684M | $682M | $657M | $662M |
| Net debt | -$2M | $38M | $49M | $97M | $15M | -$345M | -$376M | -$130M | -$16M | -$158M |
Cash flow
Fiscal years, from FuelCell Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$47M | -$72M | $16M | -$31M | -$37M | -$70M | -$112M | -$140M | -$153M | -$125M |
| Capital spending | $8M | $12M | $10M | $2M | $382,000 | $6M | $21M | $39M | $48M | $19M |
| Free cash flow | -$54M | -$84M | $6M | -$33M | -$37M | -$77M | -$133M | -$180M | -$201M | -$144M |
| Stock-based compensation | $3M | $5M | $3M | $3M | $2M | $4M | $7M | $12M | $12M | $11M |
| Net borrowing | $55M | $9M | -$4M | $21M | $58M | -$88M | -$10M | $53M | $11M | -$14M |
| Free cash flow margin | -50.2% | -88.0% | 7.0% | -53.9% | -52.4% | -110.4% | -102.1% | -145.6% | -178.9% | -91.0% |
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Open FCEL in InvestinglyQuestions
What was FuelCell Energy's revenue in 2025?
$158M in fiscal 2025, from its 10-K filing.
How much free cash flow does FuelCell Energy generate?
-$144M in fiscal 2025 (operating cash flow minus capital spending).
From FuelCell Energy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.