FUELCELL ENERGY INC FCEL
Last close
11.11
2026-10-23
Market cap
$888.3M
2026-07-31 share count
52-week range
5.71 - 37.88
Valuation FY2025 figures against the last close
P/S5.6x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-7.42
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- South Korea
- Other
| Region | FY2025 |
|---|---|
| United States | $82.4M |
| South Korea | $75.2M |
| Other | $543.0K |
As the company reported it, from the “Segment Information - Revenues by Geographic Locations (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $158.2M | $112.1M | $123.4M | $130.5M | $69.6M | $70.9M | $60.8M | $89.4M | $95.7M | $108.3M |
| Cost of revenue | $184.6M | $148.1M | $133.9M | $160.1M | $85.2M | $78.6M | $82.0M | $86.3M | $92.9M | $108.6M |
| Gross profit | -$26.4M | -$35.9M | -$10.5M | -$29.6M | -$15.6M | -$7.7M | -$21.3M | $3.1M | $2.7M | -$357.0K |
| R&D | $34.1M | $55.4M | $61.0M | $34.5M | $11.3M | $4.8M | $13.8M | $22.8M | $20.4M | $20.8M |
| SG&A | $60.7M | $64.6M | $64.5M | $79.6M | $37.9M | $26.6M | $31.9M | $24.9M | $25.9M | $25.1M |
| Total operating expenses | $165.9M | $122.6M | $125.5M | $114.1M | $49.3M | $31.4M | $45.7M | $47.7M | $47.7M | $46.0M |
| Operating income | -$192.3M | -$158.5M | -$136.1M | -$143.7M | -$64.9M | -$39.2M | -$66.9M | -$44.6M | -$44.9M | -$46.4M |
| Interest expense | $10.4M | $9.7M | $7.2M | $6.4M | $7.4M | $15.3M | $10.6M | $9.1M | $9.2M | $5.0M |
| Pre-tax income | -$191.2M | -$156.8M | -$107.5M | -$146.4M | -$101.0M | -$89.1M | -$77.5M | -$50.3M | -$53.9M | -$50.7M |
| Income tax | $137.0K | $25.0K | $581.0K | $819.0K | $2.0K | $46.0K | $109.0K | $3.0M | $44.0K | $519.0K |
| Net income | -$187.9M | -$126.0M | -$107.6M | -$142.7M | -$101.1M | -$89.1M | -$77.6M | -$47.3M | -$53.9M | -$51.0M |
| EPS, basic | -7.42 | -7.83 | -7.92 | -11.43 | -0.31 | -0.42 | -1.82 | -9.01 | -13.73 | -1.82 |
| EPS, diluted | -7.42 | -7.83 | -7.92 | -11.43 | -0.31 | -0.42 | -1.82 | -9.01 | -13.73 | -1.82 |
| Shares, diluted (wtd. avg.) | 25.7M | 16.5M | 14.0M | 12.8M | 334.7M | 222.0M | 55.1M | 6.9M | 4.2M | 29.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $278.1M | $148.1M | $250.0M | $481.0M | $460.2M | $192.1M | $39.8M | $80.2M | $87.4M | $118.3M |
| Short-term investments | — | $109.1M | $103.8M | — | — | — | — | — | — | — |
| Receivables | $4.0M | $11.8M | $3.8M | $4.9M | $14.7M | $9.6M | $3.3M | $9.3M | $68.5M | $24.6M |
| Inventory | $86.2M | $113.7M | $84.5M | $90.9M | $67.1M | $51.0M | $54.5M | $53.6M | $74.5M | $73.8M |
| Total current assets | $449.8M | $444.5M | $476.3M | $580.3M | $543.4M | $234.0M | $84.3M | $130.3M | $203.5M | $202.2M |
| Property, plant and equipment | $96.4M | $130.7M | $89.7M | $58.1M | $39.4M | $36.3M | $41.1M | $48.2M | $43.6M | $36.6M |
| Goodwill | — | $4.1M | $4.1M | $4.1M | $4.1M | $4.1M | $4.1M | $4.1M | $4.1M | $4.1M |
| Other intangibles | $3.9M | $14.8M | $16.1M | $17.4M | $18.7M | $20.0M | $21.3M | $9.6M | $9.6M | $9.6M |
| Total assets | $932.1M | $944.1M | $955.5M | $939.7M | $875.2M | $523.5M | $333.4M | $340.4M | $383.8M | $340.7M |
| Accounts payable | $17.0M | $22.6M | $26.5M | $28.2M | $19.3M | $9.6M | $16.9M | $22.6M | $42.6M | $18.5M |
| Short-term debt | $15.8M | $15.9M | $10.1M | $13.2M | $10.1M | $21.4M | $21.9M | $17.6M | $28.3M | $5.0M |
| Total current liabilities | $67.8M | $73.9M | $65.9M | $85.8M | $52.8M | $58.9M | $62.7M | $60.1M | $98.1M | $52.0M |
| Long-term debt | — | — | — | — | — | — | — | — | — | $77.9M |
| Total liabilities | $201.0M | $216.7M | $195.2M | $185.3M | $169.9M | $269.1M | $197.9M | $163.5M | $195.0M | $166.5M |
| Retained earnings | -$1.83B | -$1.64B | -$1.52B | -$1.41B | -$1.27B | -$1.16B | $0 | -$990.9M | -$943.5M | -$889.6M |
| Total equity | $662.2M | $656.9M | $700.4M | $691.5M | $642.4M | $194.5M | $75.7M | $82.2M | $101.3M | $114.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$125.3M | -$152.9M | -$140.2M | -$112.2M | -$70.4M | -$36.8M | -$30.6M | $16.3M | -$71.8M | -$46.6M |
| Depreciation and amortisation | $40.4M | $36.2M | $25.4M | $21.3M | $19.9M | $19.4M | $12.4M | $8.6M | $4.4M | $4.3M |
| Stock-based compensation | $11.1M | $11.8M | $12.0M | $6.8M | $4.3M | $1.9M | $2.8M | $3.2M | $4.6M | $3.4M |
| Capital expenditure | $18.6M | $47.7M | $39.4M | $21.1M | $6.4M | $382.0K | $2.2M | $10.0M | $12.4M | $7.7M |
| Investing cash flow | $88.9M | -$60.0M | -$192.4M | -$46.7M | -$73.2M | -$32.5M | -$69.3M | -$51.3M | -$31.4M | -$41.5M |
| Financing cash flow | $169.3M | $122.2M | $151.1M | $180.6M | $411.9M | $221.7M | $59.7M | $27.7M | $72.3M | $120.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-25-122302.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $108.3M | $95.7M | $89.4M | $60.8M | $70.9M | $69.6M | $130.5M | $123.4M | $112.1M | $158.2M |
| Gross profit | -$357.0K | $2.7M | $3.1M | -$21.3M | -$7.7M | -$15.6M | -$29.6M | -$10.5M | -$35.9M | -$26.4M |
| Net income | -$51.0M | -$53.9M | -$47.3M | -$77.6M | -$89.1M | -$101.1M | -$142.7M | -$107.6M | -$126.0M | -$187.9M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Regulation FD disclosure Item 7.01
- Material agreement signed Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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