FuelCell Energy, Inc. most recently reported annual revenue of $158.0M, a net loss of $188.0M. Revenue grew at an average annual rate of 17.3% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.
FuelCell Energy, Inc.: Revenue rose from $108.0M in 2016 to $158.0M in 2025, a change of +46.3% over 9 years; net profit was positive in 0 of 10 reported years; operating margin moved from -42.8% to -76.7%, a shift of -33.8 percentage points; the most recent year shows a net loss of $188.0M.
Income Statement — 10 Years (USD millions)
Metric
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Revenue
$108.0M
$96.0M
$89.0M
$61.0M
$71.0M
$70.0M
$130.0M
$123.0M
$112.0M
$158.0M
Operating Expenses
$155.0M
$141.0M
$134.0M
$128.0M
$110.0M
$134.0M
$274.0M
$259.0M
$268.0M
$279.0M
Operating Profit
$-46.0M
$-45.0M
$-45.0M
$-67.0M
$-39.0M
$-65.0M
$-144.0M
$-136.0M
$-156.0M
$-121.0M
Operating Margin
-42.8%
-47.0%
-49.9%
-110.2%
-55.3%
-93.3%
-110.2%
-110.3%
-139.1%
-76.7%
Other Income
$-4.0M
$-9.0M
$-6.0M
$-11.0M
$-50.0M
$-36.0M
$-3.0M
$29.0M
$-1.0M
$-70.0M
Interest
$5.0M
$9.0M
$9.0M
$11.0M
$15.0M
$7.0M
$6.0M
$7.0M
$10.0M
$10.0M
Depreciation
$5.0M
$9.0M
$9.0M
$12.0M
$19.0M
$20.0M
$21.0M
$25.0M
$36.0M
$40.0M
Profit Before Tax
$-51.0M
$-54.0M
$-50.0M
$-77.0M
$-89.0M
$-101.0M
$-146.0M
$-107.0M
$-157.0M
$-191.0M
Tax
$-1.0M
$-80,000
$6.0M
$-140,000
$-50,000
$0
$-560,000
$-540,000
$-20,000
$-70,000
Net Profit
$-51.0M
$-54.0M
$-47.0M
$-78.0M
$-89.0M
$-101.0M
$-143.0M
$-108.0M
$-126.0M
$-188.0M
EPS
$-20.54
$-12.96
$-6.86
$-1.41
$-0.40
$-0.30
$-11.40
$-0.26
$-7.83
$-7.42
Dividend Payout
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Quarterly Results — Last 12 Quarters (USD millions)
8 duplicate period labels in the source data were collapsed.
Metric
Sep '23
Dec '23
Mar '24
Jun '24
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
$22.0M
$17.0M
$22.0M
$24.0M
$49.0M
$19.0M
$37.0M
$47.0M
$55.0M
$31.0M
$36.0M
$33.0M
Operating Expenses
$59.0M
$59.0M
$64.0M
$57.0M
$90.0M
$52.0M
$73.0M
$142.0M
$12.0M
$57.0M
$114.0M
$80.0M
Operating Profit
$-36.0M
$-42.0M
$-41.0M
$-34.0M
$-41.0M
$-33.0M
$-36.0M
$-95.0M
$43.0M
$-26.0M
$-78.0M
$-47.0M
Operating Margin
-161.9%
-254.5%
-184.5%
-141.9%
-83.2%
-172.9%
-95.7%
-204.0%
77.8%
-86.1%
-218.9%
-141.4%
Interest
$2.0M
$2.0M
$2.0M
$3.0M
$3.0M
$3.0M
$3.0M
$3.0M
$3.0M
$3.0M
$3.0M
$3.0M
Profit Before Tax
$-29.0M
$-44.0M
$-38.0M
$-35.0M
$-40.0M
$-32.0M
$-38.0M
$-92.0M
$-29.0M
$-26.0M
$-78.0M
$-45.0M
Tax
$0
$0
$0
$-10,000
$-60,000
$10.1M
$-220,000
$-40,000
$-40,000
$9.2M
$60,000
$40,000
Net Profit
$-30.0M
$-20.0M
$-32.0M
$-33.0M
$-41.0M
$-29.0M
$-38.0M
$-92.0M
$-30.0M
$-24.0M
$-78.0M
$-45.0M
EPS
$-0.07
$-0.04
$-0.07
$-0.06
$-2.21
$-1.42
$-1.79
$-3.78
$-0.85
$-0.49
$-1.45
$-0.64
Over the 10 years reported for FuelCell Energy, Inc., borrowings increased from $86.0M in 2016 to $144.0M in 2025, cash stood at $278.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 6.62 times.
Balance Sheet — 10 Years (USD millions)
Metric
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total Assets
$341.0M
$384.0M
$340.0M
$333.0M
$524.0M
$875.0M
$940.0M
$956.0M
$944.0M
$932.0M
Current Assets
$202.0M
$204.0M
$130.0M
$84.0M
$234.0M
$543.0M
$580.0M
$476.0M
$444.0M
$450.0M
Cash
$84.0M
$49.0M
$39.0M
$9.0M
$150.0M
$432.0M
$458.0M
$250.0M
$148.0M
$278.0M
Inventory
$74.0M
$74.0M
$54.0M
$55.0M
$51.0M
$67.0M
$91.0M
$84.0M
$114.0M
$86.0M
Receivables
$25.0M
$69.0M
$23.0M
$11.0M
$18.0M
$24.0M
$16.0M
$20.0M
$49.0M
$53.0M
Fixed Assets
$37.0M
$44.0M
$148.0M
$185.0M
$208.0M
$271.0M
$298.0M
$356.0M
$381.0M
$325.0M
Capital Work in Progress
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Investments
$0
$0
$0
$0
$0
$0
$0
$104.0M
$109.0M
$0
Other Assets
$4.0M
$4.0M
$4.0M
$4.0M
$4.0M
$4.0M
$4.0M
$4.0M
$4.0M
$0
Total Liabilities
$166.0M
$195.0M
$163.0M
$198.0M
$269.0M
$170.0M
$185.0M
$195.0M
$217.0M
$201.0M
Current Liabilities
$52.0M
$98.0M
$60.0M
$63.0M
$59.0M
$53.0M
$86.0M
$66.0M
$74.0M
$68.0M
Borrowings
$86.0M
$92.0M
$89.0M
$112.0M
$183.0M
$98.0M
$104.0M
$139.0M
$156.0M
$144.0M
Other Liabilities
$81.0M
$103.0M
$74.0M
$86.0M
$86.0M
$72.0M
$81.0M
$56.0M
$60.0M
$57.0M
Equity
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Reserves
$174.0M
$189.0M
$177.0M
$136.0M
$254.0M
$702.0M
$744.0M
$742.0M
$717.0M
$722.0M
For FuelCell Energy, Inc., operating cash flow was positive in 1 of 10 reported years; free cash flow in the latest year was negative at $148.0M; free cash flow was positive in 0 of 10 years.
Cash Flow Statement — 10 Years (USD millions)
Metric
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Operating Cash Flow
$-47.0M
$-72.0M
$16.0M
$-31.0M
$-37.0M
$-70.0M
$-112.0M
$-140.0M
$-153.0M
$-125.0M
Investing Cash Flow
$-49.0M
$-64.0M
$-103.0M
$-103.0M
$-64.0M
$-146.0M
$-93.0M
$-285.0M
$-120.0M
$66.0M
Financing Cash Flow
$-2.0M
$0
$0
$-3.0M
$-3.0M
$-2.0M
$10.0M
$4.0M
$21.0M
$1.0M
Net Cash Flow
$33.0M
$-31.0M
$-7.0M
$-40.0M
$152.0M
$268.0M
$21.0M
$-181.0M
$-91.0M
$133.0M
Free Cash Flow
$-54.0M
$-104.0M
$-35.0M
$-64.0M
$-69.0M
$-144.0M
$-159.0M
$-233.0M
$-212.0M
$-148.0M
Valuation & Return Ratios
Metric
Value
PEG Ratio
-0.05
EV / EBITDA
-7.71
FCF Yield
-7.25%
Quick Ratio
7.77
Interest Coverage
-9.65
Return 1Y
295.59%
Return 3Y
-65.48%
Return 5Y
-89.75%
FuelCell Energy, Inc. (FCEL) financials — frequently asked questions
What is FuelCell Energy, Inc.'s annual revenue?
FuelCell Energy, Inc. (FCEL) reported annual revenue of $158.0M in its most recent fiscal year.
What is FuelCell Energy, Inc.'s net profit?
FuelCell Energy, Inc. (FCEL) reported a net loss of $188.0M in its most recent fiscal year.
What is FCEL EV/EBITDA?
FuelCell Energy, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is -7.71. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.