FuelCell Energy (FCEL) revenue breakdown
By product, Product is the largest at 44% of fiscal 2025 revenue; Generation grew fastest, 50% a year over 9 years.
By region, United States is the largest at 52% of fiscal 2025 revenue, growing 6% a year over 9 years.
Revenue by product
Fiscal years, as FuelCell Energy reports them in its 10-K filings; fiscal 2025 total $158M.
| Products | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Product | — | — | — | — | — | — | $60M | $20M | $26M | $69M | 44% |
| Generation | $1M | $7M | $7M | $14M | $20M | $24M | $36M | $38M | $50M | $48M | 30% |
| Advanced Technologies | $13M | $18M | $14M | $20M | $26M | $26M | $22M | $17M | $27M | $21M | 13% |
| Service | $31M | $27M | $16M | $27M | $25M | $20M | $13M | $49M | $10M | $20M | 13% |
| Product Sales | $63M | $43M | $52M | — | — | — | — | — | — | — | — |
| Product | — | — | — | $481,000 | — | — | — | — | — | — | — |
Revenue by region
Fiscal years, as FuelCell Energy reports them in its 10-K filings; fiscal 2025 total $158M.
| Regions | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|---|
| United States | $49M | $48M | $51M | $56M | $68M | $58M | $60M | $63M | $87M | $82M | 52% |
| South Korea | $52M | $44M | $36M | $3M | $2M | $8M | $68M | $58M | $23M | $75M | 48% |
| Europe | — | — | — | — | — | $3M | $2M | $2M | $2M | $428,000 | 0% |
| Canada | — | — | — | — | — | — | — | — | $415,000 | $115,000 | 0% |
| CANADA | $124,000 | $729,000 | — | — | — | — | — | — | — | — | — |
| Switzerland | — | — | — | — | $623,000 | — | — | — | — | — | — |
| Germany | $7M | $3M | $2M | $359,000 | $414,000 | — | — | — | — | — | — |
| SPAIN | — | $73,000 | — | — | — | — | — | — | — | — | — |
| England | $277,000 | $368,000 | $387,000 | $1M | $25,000 | — | — | — | — | — | — |
| California | — | — | $23,000 | — | — | — | — | — | — | — | — |
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Where does FuelCell Energy make its money?
In fiscal 2025, by product: Product $69M, Generation $48M, Advanced Technologies $21M, Service $20M.
From FuelCell Energy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.