FuelCell Energy (FCEL) Financial Statements & Analysis

FuelCell Energy (FCEL) Income Statement

FuelCell Energy reported revenue of $158.16M in fiscal 2025 (fiscal year ended Oct 31, 2025), up 41.0% from $112.13M a year earlier. FuelCell Energy posted a net loss of $187.90M, compared with a net loss of $126.01M a year earlier. Gross margin was -16.7% and operating margin -76.6%. In the most recent quarter, Q3 fiscal 2026 (ended Jul 31, 2026), revenue was $33.00M, down 29.4% from the same quarter a year earlier.

FuelCell Energy Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

Scale:

Scroll to see more

FuelCell Energy, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 2021	Oct 2020	Oct 2019	Oct 2018	Oct 2017
Revenue & Gross Profit
Revenue	158.16	112.13	123.39	130.48	69.59	70.87	60.75	89.44	95.67
Cost of Revenue	184.57	148.05	131.55	160.06	85.22	78.60	82.02	86.34	92.93
Gross Profit	-26.41	-35.92	-10.54	-29.58	-15.64	-7.73	-21.27	3.09	2.73
Operating Expenses
Research & Development	34.08	55.40	61.02	34.53	11.32	4.80	13.79	22.82	20.40
Selling, General & Administrative	60.74	64.60	63.63	79.62	37.95	26.64	31.87	24.91	25.92
Operating Expenses	94.82	120.01	125.55	114.15	49.26	31.44	45.66	47.73	46.31
Operating Income	-121.23	-155.93	-136.08	-143.72	-64.90	-39.17	-66.93	-44.63	-44.94
Other Income/Expense
Interest Income	8.31	13.72	15.80	3.39	0.03	0.00	0.00	0.00	0.00
Interest Expense	10.38	9.69	-7.25	6.39	7.36	15.29	10.62	9.06	9.17
Other Income/Expense	-67.94	-0.83	28.61	0.32	-36.12	-49.90	-10.53	-5.72	-8.92
Income
Income Before Tax	-191.24	-156.75	-107.48	-146.41	-101.02	-89.06	-77.46	-50.35	-53.86
Income Tax Expense	0.14	0.03	-0.58	0.82	0.00	0.05	0.11	-3.02	0.04
Net Income	-187.90	-126.01	-110.77	-142.72	-101.03	-89.11	-77.57	-47.33	-53.90
Net Income - Continuous Operations	-191.37	-126.01	-107.57	-147.23	-101.03	-89.11	-77.57	-47.33	-53.90
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	-140.46	-110.87	-108.33	-118.75	-73.79	-54.39	-55.08	-33.25	-37.07
EBIT	-180.86	-147.06	-133.71	-140.02	-59.88	-	-	-	-
Depreciation & Amortization	40.40	36.19	25.38	21.27	19.87	19.38	12.35	8.65	8.52
Earnings Per Share
Basic EPS	-7.00	-8.00	-8.00	-11.00	-	-	-2.00	-9.00	-14.00
Diluted EPS	-7.00	-8.00	-8.00	-11.00	-	-	-1.00	-7.00	-13.00
Basic Shares Outstanding	25.74	20.29	13.99	12.77	27.04	17.68	42.62	5.25	3.93
Diluted Shares Outstanding	25.74	21.82	13.99	12.77	27.90	18.50	55.08	6.90	4.16

Source: Company financial statements from annual and quarterly filings. Data as of Jul 31, 2026. Data sources and methodology

Frequently Asked Questions About FuelCell Energy Financial Statements

What was FuelCell Energy's revenue in fiscal 2025?

FuelCell Energy reported revenue of $158.16M in fiscal 2025 (fiscal year ended Oct 31, 2025). That was up 41.0% from $112.13M a year earlier.

Is FuelCell Energy profitable?

No. FuelCell Energy reported a net loss of $187.90M in fiscal 2025. In fiscal 2024 it lost $126.01M.

What is FuelCell Energy's operating margin?

FuelCell Energy's operating income was −$121.23M on revenue of $158.16M in fiscal 2025, an operating margin of -76.6%, compared with -139.1% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition