FuelCell Energy, Inc. FCEL

SEC filings · Reporting currency USD · Quarterly reporting · Figures as of 2026-Q3 · updated 2026-09-06 · ISIN US35952H7008

Revenue decelerating Margin compressing Net cash build Guidance initiated strategy: New market

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Business Model#

What the company does and how it earns its money; written AI-editorially, exclusively from the company's original reports, without any assessment of our own.

FuelCell Energy designs, manufactures, installs, and operates carbonate fuel cell power plants that generate electricity and heat through an electrochemical process using natural gas, biogas, or other hydrogen-bearing fuels. The company's revenues flow from three channels: product sales covering delivery of fuel cell modules and systems to third-party customers including utilities and industrial buyers in the United States, South Korea, and other international markets; generation revenues from ownership and operation of power plants under long-term power purchase agreements; and long-term service agreements covering maintenance and operation of installed customer systems. FuelCell is also developing adjacent technologies, including an industrial-scale carbon capture system co-developed with ExxonMobil that uses carbonate fuel cell chemistry to capture CO2 from industrial exhaust streams, and a solid oxide electrolysis platform for hydrogen production. The company's growth strategy is anchored on converting a large contracted and awarded backlog into delivered product revenue while scaling its Torrington, Connecticut manufacturing facility toward a 500 MW annualized production rate by June 2028.

Current Status#

Summary of the most recent reporting period: core figures, drivers and management statements; written editorially from the current original report, every figure backed by a source number.

FuelCell Energy reported Q3 2026 revenue of $33.0 million, down 29% from $46.7 million in Q3 2025, as net loss narrowed to $44.5 million and diluted loss per share improved to $0.64 from $3.78 in the prior-year quarter ³⁰ ³¹. Operating loss was $46.7 million and unrestricted cash stood at $658.1 million as of July 31, 2026, following an underwritten equity offering that closed during the quarter ³⁰. On June 22, 2026, the company entered a Capital Equipment Purchase Agreement with Fit Energy USA LP for approximately $2.6 billion to manufacture and deliver carbonate fuel cell systems with up to 380 MW of generating capacity across four phases, lifting Committed Backlog to $1.30 billion ³⁰. The company also signed its first Capacity Reservation Agreement with a major data center operator and completed delivery of the first industrial-scale carbon capture modules to ExxonMobil in Rotterdam ³¹.

Management commentary on the 2026-Q3 results (8-K-EX99.1, 2026-09-02):

„The expansion of our Committed and Awarded Capacity Backlog to $3.6 billion reflects increasing customer demand for reliable, scalable infrastructure that reduces dependence on constrained transmission systems, simplifies permitting, and enables AI driven compute to be deployed faster.“ – Jason Few, President and Chief Executive Officer ³¹

„Demand for electricity is accelerating, driven by AI, data centers, and the broader electrification of the economy. With a growing commercial pipeline, expanding manufacturing capacity, and differentiated technology, we believe FuelCell Energy is well positioned to capitalize on these long-term market tailwinds.“ – Jason Few, President and Chief Executive Officer ³¹

Revenue · 2026-Q333$m−29.3 % vs. 2025-Q3

Net profit · 2026-Q3-44$m+51.5 % vs. 2025-Q3

EPS · 2026-Q3-0.64$+66.1 % vs. 2025-Q3

Revenue trend

Guidance

For FY2027, the company guides Groton Project upgrade cost to $20.0 to $30.0 million (initiated). ²⁸.

Profitability

Operating loss was $46.7 million in Q3 2026, an improvement from $95.4 million in Q3 2025 driven by the absence of impairment and restructuring charges recorded in the prior-year period ³⁰. Gross loss widened to $24.5 million from $5.1 million, reflecting approximately $4.0 million of inventory write-downs to net realizable value and $13.0 million in losses on firm purchase commitments related to Phase 0 of the Fit Energy CEPA ³⁰. Net loss was $44.5 million and free cash flow was negative $13.5 million for the quarter ³¹.

Leverage

Unrestricted cash and cash equivalents stood at $658.1 million as of July 31, 2026, up from $278.1 million as of October 31, 2025, with net debt at negative $504.5 million, representing a net cash position ³⁰. The cash increase was supported by the underwritten public offering completed July 9, 2026, which generated net proceeds of approximately $245.5 million from the sale of 12,321,429 shares at $21.00 per share, and by the 2026 EXIM Financing yielding net proceeds of approximately $22.9 million ³⁰. The EXIM Financing requires maintenance of a minimum unrestricted cash balance of $65.0 million, with potential reduction to $15.0 million upon satisfying specified debt service coverage and debt-to-EBITDA ratios ³⁰.

Recurring

Generation revenues, earned from FuelCell Energy's owned power plant portfolio operating under long-term power purchase agreements, were $8.8 million in Q3 2026 ³⁰. The 62.8 MW generation portfolio as of July 31, 2026 included 7.4 MW from the Groton Project, which was not operating during the quarter and contributed to the year-over-year revenue decline from $12.4 million in Q3 2025 ³⁰. The company also services long-term service agreements with installed-base customers; the 2026 EXIM Financing of approximately $49.0 million in aggregate principal was structured specifically to support these LTSA obligations ³⁰.

Management view

The Capital Equipment Purchase Agreement with Fit Energy USA LP covers up to 380 MW of carbonate fuel cell systems across four phases; Fit Energy holds an option for an additional 350 MW represented by $2.4 billion in Awarded Capacity Backlog, and the company's sales pipeline reached approximately 10 GW for fiscal year 2026 ³⁰ ³¹. FuelCell signed an MOU with Siemens for the design and supply of electrical balance of plant systems to support faster deployment of 100+ MW commercial projects, and executed its first Capacity Reservation Agreement with a major data center operator for a planned 75 MW project in Texas including an upfront reservation payment ³¹. The Torrington, Connecticut manufacturing facility is being expanded to a 500 MW annualized production rate by June 2028 at an estimated investment of $200 to $275 million, and the company targets positive Adjusted EBITDA in Q4 fiscal 2027 ³⁰ ³¹.

Change

Product revenues declined 29% to $33.0 million in Q3 2026 from $46.7 million in Q3 2025, driven by lower delivery and commissioning of fuel cell modules for the GGE Platform, while generation revenues fell to $8.8 million from $12.4 million as the non-operating Groton Project reduced portfolio output ³⁰. Cumulative impairment of $42.6 million related to the Groton Project equipment upgrade was recorded over the nine months ended July 31, 2026, with an estimated $20.0 to $30.0 million of remaining investment required before the project resumes operations ³⁰. The company acknowledged that product costs currently exceed CEPA contract pricing at its current 37.1 MW production volume, a condition expected to persist until manufacturing scale increases ³¹.

Risks (current)

Product costs exceed CEPA contract pricing at the current 37.1 MW production scale, creating gross margin pressure until manufacturing volumes increase sufficiently ³¹. The Groton Project's extended downtime has generated potential debt service coverage ratio defaults under its back leverage financing, for which lender waivers have been obtained, while the estimated remaining upgrade investment of $20.0 to $30.0 million represents continued capital commitment with uncertain timing ³⁰. The EXIM Financings impose a $65.0 million minimum cash covenant, the company has an estimated $2.1 million repayment obligation to the State of Connecticut for failure to meet an employment obligation, and operations across the EU, UK, South Korea, Singapore, Malaysia and Thailand expose the business to international market risks ³⁰.

New this reporting period

FuelCell Energy entered into the Capital Equipment Purchase Agreement with Fit Energy USA LP on June 22, 2026 for approximately $2.6 billion covering up to 380 MW of carbonate fuel cell systems across four phases, and closed the 2026 EXIM Financing with the Export-Import Bank of the United States for approximately $49.0 million in aggregate principal to support LTSA obligations ³⁰. During Q3 2026, the company delivered its first two industrial-scale carbon capture modules to ExxonMobil Technology and Engineering Company in Rotterdam, and completed repowering of the Gyeonggi Green Energy fuel cell park in South Korea with delivery of six fuel cell modules, bringing the cumulative total to 42 modules delivered since 2024 ³¹. The company signed an MOU with Siemens for electrical balance of plant systems for large commercial projects and executed its first Capacity Reservation Agreement with a major data center operator for a planned 75 MW project in Texas ³¹.

Price & Chart#

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Share-Price Drivers#

Factors the company itself names as material for its business development (IR-based); reproduced neutrally, no price forecast and no assessment of our own.

Commercial traction of the Product line and new platform orders amid sustained cash burn
Product revenues reached FY2025 69.1 (+169%, margin 19.9%) and remained the largest reported segment in 2026-Q1 at 12.0, making product delivery the central swing factor for the top line (²⁴, ²⁷)

Product/platform deliveries
Product revenues FY2025 69.1 up 169% at 19.9% margin; latest quarterly Product segment 12.0 in 2026-Q1 (²⁴, ²⁷)

New order pipeline (stationary power, carbon capture)
Fit Energy 30 MW Phase 0 delivery planned Q4 2026 with Capital Equipment Purchase Agreement, Siemens MOU for balance-of-plant systems, and ExxonMobil carbon capture module deployment (³¹)

Manufacturing capacity ramp
Achievement of 100 MW annualized production rate targeted October 2026 and Torrington facility expansion to 500 MW planned June 2028 (³¹)

Korean fuel-cell park (Gyeonggi Green Energy)
58.8 MW long-term service agreement and repowering completion recorded in Q3 2026 (²³, ³¹)

Advanced Technologies / SOEC electrolysis & R&D contracts
Advanced Technologies contract revenues FY2025 20.6 up 22% at 26.7% margin; SOEC platform deliveries to Idaho National Laboratory (²⁴, ⁷)

Service agreements traction
Service agreements revenues FY2025 20.4 up 105% at 11.0% margin (²⁴)

Sector trend: Demand indicators for stationary fuel-cell power and carbon-capture platforms are broadening across new counterparties (Fit Energy, Siemens, ExxonMobil), while capacity utilisation is scaling toward a 100 MW annualized rate; segment revenue growth is decelerating and reported margins remain modest (³¹, ²⁴).

Event Timeline#

This timeline collects the material events from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements. Events are grouped by quarter (most recent first); the grey tag before each event names the event type, the date is the publication date of the source. Management quotes open the quarter block as direct quotes. Per quarter we show the three most defining events; more can be expanded per quarter, older years are collapsed. Every event carries its source as a superscript, clickable number.

Overview: one dot per event · click jumps to the period

2026 · 12 events

2026-Q3 · May – Jul 2026

Margin compressing 2026-09-02
Gross loss widened to $(24.5)M from $(5.1)M in Q3 2025, reflecting approximately $4.0M in inventory write-downs to net realizable value and $13.0M in losses on firm purchase commitments related to Phase 0 of the Fit Energy CEPA (³⁰)

Guidance initiated 2026-09-02
Company targeted positive Adjusted EBITDA in Q4 fiscal 2027, subject to conversion of Awarded Capacity Backlog and continued execution of cost reduction initiatives (³¹)

New market 2026-09-02
Entered $2.6B Capital Equipment Purchase Agreement with Fit Energy USA LP for up to 380 MW of carbonate fuel cell systems across four phases; signed first Capacity Reservation Agreement with a major data center operator for a planned 75 MW project in Texas (³⁰, ³¹)

Revenue decelerating 2026-09-02
Revenue growth decelerated to -29.3% YoY (prior period -4.8%). ³⁰

Net cash build 2026-09-02
Net cash position expanded to 504.5 USDm from 239.0 USDm in 2026-Q2 (+111%, derived from reported financial debt minus cash). ³⁰

2026-Q2 · Feb – Apr 2026

„This past quarter also reflected progress toward expanding the capacity of our Torrington manufacturing facility to support an annualized production rate of up to 500 MW. We believe our balance sheet, including approximately $441 million in total cash and cash equivalents as of April 30, 2026, positions us well to execute on the pipeline opportunities, scale responsibly, and create long-term value for our shareholders and stakeholders.“ – Jason Few, President and Chief Executive Officer ²⁹

earnings 2026-06-08
Loss from operations widened to $(77.9)M from $(35.8)M in Q2 2025, driven by a $42.6M non-cash impairment charge on Groton Project equipment following SureSource 4000 performance issues requiring upgrade to standard 2.5 MW power blocks (²⁸, ²⁹)

Revenue decelerating 2026-06-08
Revenue declined 5% to $35.6M from $37.4M in Q2 2025; Generation revenues decreased 16% over the six-month period due to lower output from routine and non-routine maintenance and the non-operating Groton Project (²⁸, ²⁹)

Strategic pivot 2026-06-08
Initiated manufacturing capacity expansion at Torrington, CT facility targeting annualized production rate of 100 MW by October 2026 and 500 MW by June 2028, requiring an estimated $200 to $275 million investment over 24 months (²⁸, ²⁹)

Segment divergence 2026-06-08
Product revenue grew +39.2% to 18.1 USDm in 2026-Q2 (51% of group revenue) while group revenue changed -4.8%. ²⁹

2026-Q1 · Nov 2025 – Jan 2026

„During the first fiscal quarter, we delivered strong revenue growth, sharpened operating discipline, and strengthened our liquidity position – all while positioning FuelCell Energy to capture the defining opportunity of the AI era“ – Jason Few, President and Chief Executive Officer ²⁷ (translation – original on hover)

earnings 2026-03-09
Loss from operations improved to $(26.3)M from $(32.9)M, driven by restructuring-related reductions in administrative, selling, and R&D expenses following workforce actions in November 2024 and June 2025 (²⁶)

Revenue accelerating 2026-03-09
Revenue increased 61% to $30.5M from $19.0M; product revenues surged from $0.1M to $12.0M driven by GGE Platform and CGN Platform module delivery and commissioning (²⁶, ²⁷)

New market 2026-03-09
Announced collaboration with SDCL targeting up to 450 MW of identified projects and delivered over 1.5 GW of new commercial proposals in the data center segment during the quarter (²⁷)

2025 · 16 events

2025-Q4 · Aug – Oct 2025

„We believe that our fourth quarter performance and ongoing cost reductions have positioned us well to meet the accelerating demand for electricity and data center projects in the U.S. and internationally. Our strategy is deeply focused on the data center market where we see significant opportunities for our efficient, resilient power solutions. We've simplified our product line, advanced efficiency, and integrated absorption chilling to help manage thermal loads–critical for high-compute environments. Our sales and marketing focus is increasingly centered on data center opportunities, as we have taken deliberate steps to prepare for this market, and we are actively engaging with data center operators and infrastructure finance providers to deliver the message that we are ready to provide reliable, cost-competitive solutions for these energy-intensive applications. We will maintain our disciplined approach to growth and manufacturing capacity expansion, with the goal of leveraging our decades of utility-scale experience to deliver reliable, cost-competitive solutions for these energy-intensive applications in the future.“ – Jason Few, President and Chief Executive Officer ²⁵ (translation – original on hover)

revenue 2025-12-18
Q4 revenue +12% to $55.0M; full-year revenue +41% to $158.2M, with product revenues surging 169% to $69.1M from GGE LTSA module deliveries (²⁵)

Margin expanding 2025-12-18
Full-year gross margin improved to (16.7)% from (32.0)%; Q4 gross loss narrowed to $(6.6)M from $(10.9)M prior year (²⁵)

New market 2025-12-18
30% Investment Tax Credit reinstated for fuel cells through at least 2032 under One Big Beautiful Bill Act; Section 45Q incentives increased to $85 per metric ton for carbon capture and utilization (²⁴)

Revenue decelerating 2025-12-18
Revenue growth decelerated to +11.6% YoY (prior period +97.0%). ²⁴

Net cash build 2025-12-18
Net cash position expanded to 158.5 USDm from 51.6 USDm in 2025-Q3 (+207%, derived from reported financial debt minus cash). ²⁴

2025-Q3 · May – Jul 2025

„In our third fiscal quarter, we delivered meaningful revenue growth while advancing execution of our long-term strategy. We improved our core carbonate platform by increasing efficiency above 50% and focused on working to expand our opportunities in distributed generation and deepen our sales pipeline by leveraging our large-scale deployments to engage prospective data center customers. The decisive restructuring actions we implemented in June are already showing results -- lowering costs, sharpening our focus on distributed power generation, and positioning us for investment in technologies and partnerships that can unlock future growth.“ – Jason Few, President and Chief Executive Officer ²³

earnings 2025-09-09
$64.5M non-cash impairment of solid oxide technology assets (goodwill, IPR&D, PP&E, inventory) drove operating loss to $95.4M from $33.6M prior year; impairment and restructuring expenses are the primary drivers (²²)

Revenue accelerating 2025-09-09
Revenue +97% to $46.7M driven by $24.0M from GGE LTSA for eight fuel cell module deliveries in Korea (²³)

Net debt to net cash 2025-09-09
Unrestricted cash rose to $174.7M; net cash position of $51.6M achieved, reversing net debt of $10.4M at Q2 end, aided by $38.1M in ATM equity proceeds from 6.8M shares during the quarter (²²)

2025-Q2 · Feb – Apr 2025

„In our second fiscal quarter, we delivered sequential revenue growth and continued executing on the disciplined cost management strategy we initiated in late 2024, in recognition of the changing energy landscape.“ – Jason Few, President and Chief Executive Officer ²¹

Revenue accelerating 2025-06-06
Revenue +67% to $37.4M; product revenues of $13.0M recognized for first time, driven by $12.0M from GGE LTSA module replacements and $1.1M from Ameresco contract (²¹)

Strategic pivot 2025-06-06
Board approved 22% global workforce reduction (122 employees) and cessation of majority of solid oxide development efforts; refocus on carbonate-based distributed generation for data center and grid resilience applications (²⁰)

New market 2025-06-06
Dedicated Power Partners strategic partnership with Diversified Energy Co. and TESIAC Corp. formally launched to accelerate entry into data center power market (²¹)

2025-Q1 · Nov 2024 – Jan 2025

„We've made measurable strides since our global restructuring was announced early in the first fiscal quarter. Our cost-saving initiatives are already yielding positive outcomes, and our commitment to uncovering and capitalizing on growth opportunities is paying off. Compared to the first quarter of last fiscal year, our revenue has grown while our expenses have declined, significantly narrowing our operating losses and accelerating our journey towards profitability. Looking ahead, we expect this quarter will be the low-water mark for our quarterly revenue for fiscal year 2025 based on our expected production and module shipment schedule, especially as it relates to our module deliveries to our customers in Korea.“ – Jason Few, President and Chief Executive Officer ¹⁹

revenue 2025-03-11
Total revenue +14% to $19.0M from $16.7M; backlog grew 28% to $1.31B from $1.03B (¹⁸)

Margin expanding 2025-03-11
Gross loss improved to $(5.2)M from $(11.7)M; gross margin (27.4)% vs. (70.2)% prior year (¹⁸)

New market 2025-03-11
Strategic partnership formed with Diversified Energy Co. and TESIAC to develop integrated fuel cell energy assets for data centers; JDA with Malaysia Marine and Heavy Engineering for large-scale electrolysis systems in Asia, New Zealand, and Australia (¹⁸)

Net cash to net debt 2025-03-11
Net debt position flipped (-16.5 to +31.1 USDm vs 2024-Q4). ¹⁸

Revenue decelerating 2025-03-11
Revenue growth decelerated to +13.8% YoY (prior period +119.1%). ¹⁸

2024 · 12 events

2024-Q4 · Aug – Oct 2024

„In the fourth quarter, our revenue more than doubled, year over year, mainly driven by module sales to Gyeonggi Green Energy Co., Ltd. in South Korea. Looking ahead, we believe that global demand for energy remains strong in markets around the world, driven by data centers, AI, cryptocurrency growth, the need for more resilient and reliable grids, and carbon recovery and capture.“ – Jason Few, President and Chief Executive Officer ¹⁶

„We have always known that the energy transition would not be linear, and we have built a portfolio of products and applications that allow FuelCell Energy to pivot when necessary. The steps announced today enable us to navigate the current market while maintaining the flexibility to capture tailwinds. These tailwinds are strengthened by power shortages in grids, high voltage transmission needs, and delays in centralized power projects due to lengthy permitting processes, which our distributed energy platforms do not experience. Additional power demand opportunities are driven by data centers, AI, cryptocurrency growth, more resilient and reliable grids, and carbon recovery and capture.“ – Jason Few, President and Chief Executive Officer ¹⁵

Revenue accelerating 2024-12-19
Q4 revenue increased 120% to $49.3M, primarily driven by $18.0M from Gyeonggi Green Energy module sales agreement and $7.7M from Ameresco contract ¹⁶

Guidance cut 2024-12-19
Company disclosed it will not meet previously provided aspirational revenue targets for FY2025 and FY2030 due to slower-than-expected hydrogen adoption and delayed commercialization timelines for SOEC, SOFC, and carbon capture products ¹⁶

Strategic pivot 2024-11-15
Global restructuring announced with 17% total workforce reduction (4% in September 2024 plus 13% in November 2024), deferred Calgary capacity expansion, and reallocation of resources toward core molten carbonate distributed power solutions to address grid deficiencies and data center demand ¹⁵

2024-Q3 · May – Jul 2024

„While we execute on our current opportunity set, we are also focused on building our sales pipeline. We believe we are positioned to capitalize on market opportunities, ranging from built-in fuel diversity which supports biogas applications and hydrogen blending, similar to our work with Ameresco in Sacramento, CA, to the growing power and absorption or electrical cooling needs of edge data centers. Our goal is to generate steady, predictable results now while keeping our focus on future growth.“ – Jason Few, President and Chief Executive Officer ¹⁴

earnings 2024-09-05
Loss from operations improved to -$33.6M from -$41.4M in prior year quarter; adjusted EBITDA improved to -$20.1M from -$31.6M, driven by lower selling, administrative, and R&D expenses ¹⁴

Revenue decelerating 2024-09-05
Total Q3 revenue decreased 7% YoY to $23.7M; Service agreement revenue declined to $1.4M from $9.8M due to absence of module exchanges in the quarter, partially offset by Generation +22% to $13.4M and Advanced Technologies +84% to $8.6M ¹⁴

New market 2024-09-05
Signed long-term service agreement with Gyeonggi Green Energy for 58.8 MW facility in Korea valued at $159.6 million, adding $126.0M to product backlog; total backlog increased 12.6% to $1.20 billion ¹³

2024-Q2 · Feb – Apr 2024

„Subsequent to the end of the quarter, we announced an agreement to supply Gyeonggi Green Energy Co., Ltd. (GGE) with 42 upgraded fuel cell modules, representing approximately $160 million in new backlog. In addition to the sale of these modules, under the agreement, we will also provide long term operations and maintenance services for GGE's Hwaseong Balan Industrial Complex, which is the world's largest fuel cell power platform site. Importantly, we continue to expand our manufacturing capacity and sales pipeline, while keeping a disciplined focus on cash management and the strength of our balance sheet.“ – Jason Few, President and Chief Executive Officer ¹²

Revenue decelerating 2024-06-10
Revenue decreased 42% YoY to $22.4M, primarily due to no module exchanges during the service period compared to twelve module exchanges in the prior year; Generation revenue increased 67% to $14.1M driven by Toyota and Derby projects ¹²

Guidance cut 2024-06-10
Capex guidance for FY2024 reduced to $45-60M from $60-75M due to deferral of certain Calgary expansion elements; R&D spending guidance reduced to $60-65M from $60-70M ¹¹

Strategic pivot 2024-06-10
Nasdaq delisting notice received May 31, 2024 for non-compliance with minimum bid price requirement of $1.00 per share; company given until November 27, 2024 to regain compliance ¹¹

2024-Q1 · Nov 2023 – Jan 2024

„It's important to note that, during the comparable prior-year quarter, we reported a one-time revenue benefit from the expiration of a material right related to an extended warranty obligation and higher service revenues from required module replacements.“ – Jason Few, President and Chief Executive Officer ¹⁰

Revenue decelerating 2024-03-07
Total revenues decreased 55% to $16.7M from $37.1M, primarily due to no product revenues and lower service agreement revenues reflecting completion of a prior-year multi-year fleet upgrade cycle ⁹

Margin compressing 2024-03-07
Gross loss of $11.7M versus gross profit of $5.2M in Q1 2023; margin shifted to -70.2% from +14.1%, driven by unfavorable Generation margins including $3.5M in expensed Toyota Project construction and gas costs and $1.9M derivative loss on natural gas contract ¹⁰

New market 2024-03-07
Operating generation portfolio reached 62.8 MW from 43.7 MW as Toyota Project, Derby 14.0 MW Project, and Derby 2.8 MW SCEF Project achieved commercial operations ⁹

2023 · 11 events

2023-Q4 · Aug – Oct 2023

„We remain fully focused on our central purpose of enabling a world empowered by clean energy by decarbonizing power and generating hydrogen.“ – Jason Few, President and CEO ⁸

Revenue decelerating 2023-12-19
Q4 revenues decreased 43% to $22.5 million from $39.2 million, primarily due to lower product revenues ⁸

Margin expanding 2023-12-19
Q4 gross loss improved to $(1.5) million from $(15.2) million in Q4 2022 ⁸

New market 2023-12-19
ExxonMobil affiliate Esso Nederland BV announced plans to build a pilot plant in Rotterdam to test carbonate fuel cell technology for industrial carbon capture ⁸

2023-Q3 · May – Jul 2023

„We continue to execute on our strategy, proving our technologies in critical applications and supporting decarbonization across the globe. We believe that strong and growing demand for clean energy technologies combined with government policy support has generated significant potential in our markets.“ – Jason Few, President and Chief Executive Officer ⁶

Revenue decelerating 2023-09-11
Q3 revenues decreased 41% year-over-year to $25.5 million due to absence of module sales to Korea Fuel Cell Co., Ltd. compared to the prior year period ⁶

Margin compressing 2023-09-11
Q3 gross loss widened to $(8.2) million from $(4.2) million in the prior year quarter, primarily due to absence of higher-margin module sales ⁶

New market 2023-09-11
Entered 14-year long-term service agreement with Noeul Green Energy Co., Ltd. in Korea for 20 MW fuel cell park with contract value of approximately $73 million ⁶

2023-Q2 · Feb – Apr 2023

„Commercially, we've seen a number of trends that drive our confidence in our strategy.“ – Jason Few, President and Chief Executive Officer ⁴

Revenue accelerating 2023-06-08
Q2 revenues increased 134% year-over-year to $38.3 million, primarily driven by service agreements revenue from KOSPO module exchanges in Korea ⁴

New market 2023-06-08
Received order from ExxonMobil affiliate for fuel cell equipment and engineering support for carbon capture demonstration ⁴

2023-Q1 · Nov 2022 – Jan 2023

„We remain focused on executing our project backlog and growing our generation operating portfolio and expect the Toyota and Derby projects to achieve commercial operation during calendar year 2023. Regarding our continued work with ExxonMobil Technology and Engineering Company, or EMTEC, we announced in December that we have extended the term of our Joint Development Agreement through August 31, 2023, and increased the maximum amount of contract consideration to be reimbursed by EMTEC by 20%, from $50 million to $60 million. This important, long-term partnership supports our efforts to commercialize large scale fuel cell carbon capture and storage technology.“ – Jason Few, President and Chief Executive Officer ²

revenue 2023-03-09
Q1 revenues rose 17% to $37.1 million, with service agreements revenues up 541% to $13.9 million driven by new module exchanges in Woodbridge, CT and Korea ¹

Margin expanding 2023-03-09
Gross result turned to profit of $5.2 million from a gross loss of $2.9 million in Q1 2022, reflecting favorable product margins and lower manufacturing variances ²

Revenue decelerating 2023-03-09
Revenue growth decelerated to +16.7% YoY (prior period +182.0%). ¹

Key Figures ($m)#

The company's core financial figures in three views, one below the other: fiscal years (as reported; after restatements the table shows the most recent filing version, marked), half-years (6-month basis, H2 = second half on its own) and quarters (3-month basis, not cumulative). Each row is one period, most recent first. Values with a dotted underline are clickable and show the raw value, the exact source location, the scale evidence and the source; derived values additionally show their formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.

All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.

Basis Metric

Revenue ($m) · annual basis, as reported

Net income ($m) · annual basis, as reported

EPS ($) · annual basis, as reported

Operating cash flow ($m) · annual basis, as reported

Revenue ($m) · quarterly basis, as reported

Net income ($m) · quarterly basis, as reported

EPS ($) · quarterly basis, as reported

Operating cash flow ($m) · quarterly basis, as reported

Cash ($m) · annual basis, as reported

Debt ($m) · annual basis, as reported

Net Debt ($m) · annual basis, as reported

Capex ($m) · annual basis, as reported

FCF ($m) · annual basis, as reported

D&A ($m) · annual basis, as reported

Cash ($m) · quarterly basis, as reported

Debt ($m) · quarterly basis, as reported

Net Debt ($m) · quarterly basis, as reported

Capex ($m) · quarterly basis, as reported

FCF ($m) · quarterly basis, as reported

D&A ($m) · quarterly basis, as reported

Shown: the most recent fiscal years. Full history since FY2016 is on record.

Fiscal years

Amounts in $m · EPS in $ per share · as reported

Period	Calendar quarter	Revenue	Op. income	Net income	EPS ($)	EBITDA (adj.)	OCF	Source
FY2025	Q4/2024–Q4/2025	158.2	-192.3	-187.9	-3.71	-74.44	-125.3	²⁵
FY2024	Q4/2023–Q4/2024	112.1	-158.5	-126	-3.92	-101.11	-152.9	¹⁶
FY2023	Q4/2022–Q4/2023	123.4	-136.1	-107.6	-3.96	-102.88	-140.2	⁷

Quarters

Amounts in $m · EPS in $ per share · as reported

Period	Calendar quarter	Published	Revenue	Op. income	Net income	EPS ($)	EPS adj. ($)	EBITDA (adj.)	FCF	Cash	Net Debt	Source
2026-Q3*	Q2–Q3/2026	2026-09-02	33	-46.7	-44.5	-0.64	-0.64	-36.7	-13.5	658.1	-504.5	³⁰
2026-Q2*	Q1–Q2/2026	2026-06-08	35.6	-77.9	-77.9	-1.45	–	-17.1	-29	373.2	-239	²⁸
2026-Q1*	Q4/2025–Q1/2026	2026-03-09	30.5	-26.3	-22.9	-0.49	–	-17	-34.7	311.8	-173.6	²⁶
2025-Q4*	Q3–Q4/2025	2025-12-18	55	-28.3	-29.9	-0.59*	–	-17.7	-23.9	278.1	-158.5	²⁴
2025-Q3*	Q2–Q3/2025	2025-09-09	46.7	-95.4	-91.7	-1.89	–	-16.4	-32.1	174.7	-51.6	²²
2025-Q2*	Q1–Q2/2025	2025-06-06	37.4	-35.8	-38	-0.90	–	-19.3	-35.2	116.1	10.4	²⁰
2025-Q1*	Q4/2024–Q1/2025	2025-03-11	19	-32.9	-28.3	-0.71	–	-21.1	-52.8	98.1	31.1	¹⁸
2024-Q4*	Q3–Q4/2024	2024-12-19	49.3	-41	-41.4	-1.28*	–	-25.3	-4.7	148.1	-16.5	¹⁶
2024-Q3*	Q2–Q3/2024	2024-09-05	23.7	-33.6	-32.7	-1.01*	–	-20.1	-76.8	159.3	-34.4	¹³
2024-Q2*	Q1–Q2/2024	2024-06-10	22.4	-41.4	-32.1	-1.19*	–	-26.5	-50.3	158.8	-30.9	¹¹
2024-Q1*	Q4/2023–Q1/2024	2024-03-07	16.7	-42.5	-19.8	-0.73*	–	-29.1	-68.8	297.5	-180	⁹
2023-Q4*	Q3–Q4/2023	2023-12-19	22.5	-36.4	-30.4	-1.12*	–	-30.8	-27.1	250	-130.5	⁷
2023-Q3*	Q2–Q3/2023	2023-09-11	25.5	-41.4	-24.3	-0.06	–	-0.03	-47	303.7	-198.7	⁵
2023-Q2*	Q1–Q2/2023	2023-06-08	38.3	-35.9	-34.3	-0.09	–	-26	-44.4	246.8	-166.9	³
2023-Q1*	Q4/2022–Q1/2023	2023-03-09	37.1	-22.5	-18.6	-0.05	–	-14.4	-61.1	315.2	-234	¹

* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.

EPS/EPS adj. before 2026-03-09 split-adjusted (÷2; stock split detected via implied diluted share count).

Columns not reported in this reporting cadence are hidden: Op. income (adj.), Net Debt/EBITDA (not reported in any source for these periods).

Balance Sheet & Cash Flow ($m)#

Point-in-time balance sheet items (e.g. cash, financial debt) and cash flow items (operating cash flow, investments/capex) per fiscal year, half-year and quarter. Balance sheet values are as of the period end, flow items cover the period. Derived values are marked and are calculated, for example, as: net debt = financial debt − cash; free cash flow = operating cash flow − capex; the click popover shows formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.

Fiscal years

Amounts in $m · as reported

Period	Calendar quarter	Published	Cash	Debt	Net Debt	D&A	OCF	Capex	FCF	Source
FY2025	Q4/2024–Q4/2025	2025-12-18	278.1	119.6	-158.5	40.4	-125.3	18.6	-143.9	²⁴
FY2024	Q4/2023–Q4/2024	2024-12-19	148.1	131.7	-16.5	36.2	-152.9	47.7	-200.6	¹⁶
FY2023	Q4/2022–Q4/2023	2023-12-19	250	119.5	-130.5	25.4	-140.2	39.4	-179.6	⁷

Quarters

Amounts in $m · as reported

Period	Calendar quarter	Published	Cash	Debt	Net Debt	D&A	OCF	Capex	FCF	Source
2026-Q3	Q2–Q3/2026	2026-09-02	658.1	153.6	-504.5	9.4	-12.2	1.3	-13.5	³⁰
2026-Q2	Q1–Q2/2026	2026-06-08	373.2	134.2	-239	10.8	-27.3	1.7	-29	²⁸
2026-Q1	Q4/2025–Q1/2026	2026-03-09	311.8	138.2	-173.6	10.5	-33.9	0.8	-34.7	²⁶
2025-Q4	Q3–Q4/2025	2025-12-18	278.1	119.6	-158.5	9.8	-22.9	1	-23.9	²⁴
2025-Q3	Q2–Q3/2025	2025-09-09	174.7	123.1	-51.6	9.7	-26.8	5.2	-32.1	²²
2025-Q2	Q1–Q2/2025	2025-06-06	116.1	126.5	10.4	10.9	-29.9	5.3	-35.2	²⁰
2025-Q1	Q4/2024–Q1/2025	2025-03-11	98.1	129.2	31.1	9.9	-45.7	7.1	-52.8	¹⁸
2024-Q4	Q3–Q4/2024	2024-12-19	148.1	131.7	-16.5	8.8	5.8	10.5	-4.7	¹⁶
2024-Q3	Q2–Q3/2024	2024-09-05	159.3	125	-34.4	9.2	-63.4	13.4	-76.8	¹³
2024-Q2	Q1–Q2/2024	2024-06-10	158.8	127.9	-30.9	9.6	-37.1	13.2	-50.3	¹¹
2024-Q1	Q4/2023–Q1/2024	2024-03-07	297.5	117.4	-180	8.6	-58.3	10.6	-68.8	⁹
2023-Q4	Q3–Q4/2023	2023-12-19	250	119.5	-130.5	6.7	-15.8	11.3	-27.1	⁷
2023-Q3	Q2–Q3/2023	2023-09-11	303.7	105	-198.7	6.6	-35.8	11.2	-47	⁵
2023-Q2	Q1–Q2/2023	2023-06-08	246.8	79.9	-166.9	6.6	-35.3	9.1	-44.4	³
2023-Q1	Q4/2022–Q1/2023	2023-03-09	315.2	81.1	-234	5.4	-53.4	7.8	-61.1	¹

Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.

Revenue by Type (as of 2026-Q3 · USDm · 7/7)#

Revenue split by segment or product type, exactly as the company itself reports it. The basis is stated next to each value (3, 6 or 12 months); segment totals can deviate from group revenue (reconciliation/consolidation items). If the company changes its segment structure, older structures are kept in the expandable part. Rows in grey are no longer reported separately by the company; they show the last available figures and are never extrapolated.

Segment	Since	Period	Basis	Revenue	Growth	Margin	Source
Product	2022-Q4	2026-Q1	3M	12	–	–	²⁷
Generation	2022-Q4	2026-Q1	3M	11	–	–	²⁷
Advanced Technologies	2022-Q4	2026-Q1	3M	4.3	–	–	²⁷
Service	2022-Q4	2026-Q1	3M	3.2	–	–	²⁷
Product revenues	FY2023	FY2025	12M	69.1	169%	19.9%	²⁴
Advanced Technologies contract revenues	FY2023	FY2025	12M	20.6	22%	26.7%	²⁴
Service agreements revenues	FY2023	FY2025	12M	20.4	105%	11%	²⁴

Products & M&A (42/122 active+recent)#

Product announcements from the reports; market launches, approvals, partnerships; with first mention (date) and source. “Active/current” means: still mentioned in the most recent reports; what the company no longer mentions moves to the expandable part but is never deleted. Rows in grey are discontinued products.

Product/Line	Since	Status	Source
UConn Project commercial operations expected	2027-12	Planned	³⁰
UConn Project - 1.125 MW molten carbonate fuel cell system	2027-12	Launched	²⁸
UConn 1.125 MW Project	2027-12	Launched	²⁶
Hartford Project - 7.4 MW fuel cell system	2027-12	Launched	²⁸
Hart Project commercial operations expected	2027-12	Planned	³⁰
Groton Project Equipment Upgrade - SureSource 4000 to standard 2.5 MW power blocks	2027-12	Launched	²⁸
Hartford 7.4 MW Project	2027-09	Launched	²⁶
Groton Project equipment upgrade	2027	Launched	³⁰
Phase 0 of CEPA with Fit Energy - 30 MW generating capacity	2026-12	Launched	³⁰
Phase 0 delivery to Fit Energy (30 MW)	2026-12	Launched	³¹
Hartford Project 7.4 MW carbonate fuel cell system	2026-12	Planned	²⁰
Achievement of 100 MW annualized production rate	2026-10	Launched	³¹
Solid oxide electrolysis platform demonstration	2026-09	Launched	³⁰
Gyeonggi Green Energy fuel cell park repowering completion	2026-09	Launched	³¹
Torrington facility expansion to 500 MW (4x)	2026-06	Launched	³¹
Standardized 12.5 MW FuelCell Energy Block	2026-06	Launched	²⁹
Solid Oxide Electrolysis Platform Demonstration at INL	2026-03	Launched	²⁶
Gyeonggi Green Energy 58.8 MW fuel cell power plant platform commissioning	2026	Launched	²²
Generation 2 Technology fuel cell module commercialization	2026	Launched	¹⁷
Esso Rotterdam refinery pilot carbon capture project	2026	Launched	²⁴
UConn Project PPA amendment for 1.125 MW system	2025-12	Launched	³⁰
Remaining 16 1.4-MW replacement fuel cell modules for GGE Agreement expected to be commissioned in FY2026 (2x)	2025-06	Planned	²¹
7.4 MW fuel cell power plant in Hartford, CT	2025-06	Launched	²¹
Korea repowering project module replacements	2025-04	Launched	²¹
Solid oxide electrolysis cell demonstration unit delivered to U.S. Department of Energy Idaho National Laboratory	2025-03	Launched	¹⁹
7.4 MW Hartford, CT fuel cell power plant	2025-03	Launched	¹⁹
Hartford Project PPA execution with Eversource and United Illuminating	2025-01	Launched	³⁰
Hartford Project 7.4 MW PPA	2025-01	Launched	¹⁸
Eversource/United Illuminating Hartford 7.4 MW fuel cell power plant	2025-01	Planned	²²
University of Connecticut four 250 kW solid oxide systems	2025	Launched	¹³
University of Connecticut 1 MW Solid Oxide Fuel Cell	2025	Launched	¹¹
Trinity College solid oxide fuel cell project	2025	Launched	¹³
Toyota Motor North America Tri-gen system hydrogen generation project	2025	Launched	²⁴
Solid oxide electrolyzer demonstration at Idaho National Laboratory	2025	Launched	¹⁵
Solid oxide electrolysis system demonstration at Idaho National Laboratory	2025	Launched	²⁰
Solid oxide electrolysis pilot program - 150 kg/day system at Idaho National Laboratory	2025	Launched	¹⁷
Solid oxide electrolysis field demonstration at Idaho National Laboratory	2025	Launched	²⁴
Malaysia Marine and Heavy Engineering collaboration for low-carbon fuel production facility	2025	Launched	²⁴
Idaho National Laboratory Electrolysis Platform	2025	Launched	¹³
Calgary manufacturing capacity expansion	2025	Launched	¹³
Trinity College 250 kW Solid Oxide Fuel Cell	2024-07	Launched	¹¹
ExxonMobil Carbon Capture Demonstration (3x)	2023-06	Launched	³¹
Trinity College 250 kW Solid Oxide Fuel Cell Power Generation System	2024-12	Launched	⁹
Carbon capture technology demonstration at Port of Rotterdam	2024-12	Launched	¹⁵
Solid oxide fuel cell platform development	2024-09	Launched	¹⁴
Rotterdam project supplies via Esso Nederland B.V.	2024-09	Launched	¹⁴
Electrolysis platform development	2024-09	Launched	¹⁴
Calgary Solid Oxide Manufacturing Expansion	2024-06	Launched	³
University of Connecticut SOFC installation	2024-03	Launched	¹⁰
UConn 1 MW solid oxide fuel cell power generation projects modification	2024-03	Launched	²²
U.S. Department of State solid oxide electrolysis project in Ukraine	2024-03	Launched	¹⁰
Toyota and Derby generation projects	2024-03	Launched	¹⁶
Toyota Project commercial operation	2024-03	Launched	¹⁸
Toyota Project	2024-03	Launched	¹³
Toyota Long Beach Project	2024-03	Launched	¹⁷
Solid oxide electrolysis platform delivery to Idaho National Laboratory	2024-03	Launched	⁸
SCEF Derby 2.8 MW Project	2024-03	Launched	¹⁷
Groton Project reached design rated output of 7.4 MW	2024-03	Launched	¹⁷
Groton Project rated capacity achievement	2024-03	Launched	¹³
University of Connecticut (UConn) 1 MW SOFC Project (four 250 kW units)	2024	Launched	¹⁷
Trinity College solid oxide fuel cell system installation	2024	Launched	⁷
Trinity College 250 kW SOFC Project	2024	Launched	¹⁷
Solid oxide manufacturing capacity expansion to 40 MW in Calgary	2024	Launched	⁷
Idaho National Laboratory Solid Oxide Electrolysis Platform	2024	Launched	⁹
Derby, Connecticut projects	2024	Launched	¹⁰
Delivery of distributed power platform to Trinity College	2024	Stable	⁷
Delivery of SOEC electrolysis platform to Idaho National Laboratory	2024	Stable	⁷
Completion and delivery of other two SOEC production units	2024	Stable	⁷
Calgary facility solid oxide production capacity expansion	2024	Launched	⁷
Additional on-site fuel cell demonstration and test unit construction in Torrington	2024	Launched	⁷
Rotterdam Pilot Plant Project	2023-12	Launched	⁷
INL electrolysis platform delivery	2023-12	Launched	⁵
Groton Project Technical Improvement Plan	2023-12	Launched	¹¹
ExxonMobil pilot plant for carbon capture in Rotterdam	2023-12	Launched	⁸
Derby, Connecticut fuel cell park (14.0 MW)	2023-12	Launched	⁸
Derby, Connecticut 2.8 MW fuel cell project	2023-12	Launched	⁸
Derby Projects commercial operation	2023-12	Launched	¹⁸
Derby Fuel Cell Projects (14.0 MW and 2.8 MW)	2023-12	Launched	¹³
Derby Connecticut 2.8 MW Project	2023-12	Launched	⁶
Derby Connecticut 14.0 MW Project	2023-12	Launched	⁶
Derby Connecticut 14 MW Project	2023-12	Launched	⁴
Derby CT 2.8 MW Project	2023-12	Launched	³
Derby CT 14.0 MW Project	2023-12	Launched	¹⁷
Derby 2.8 MW SCEF project commissioning	2023-12	Launched	⁷
Derby 2.8 MW SCEF Fuel Cell Project	2023-12	Launched	⁹
Derby 14.0 MW project placement in service	2023-12	Launched	⁷
Derby 14.0 MW Fuel Cell Project	2023-12	Launched	¹⁹
Derby 14 MW project with United Illuminating	2023-12	Launched	²
2.8 MW carbonate power generation project (California municipality)	2023-12	Launched	⁸
2.8 MW SCEF Fuel Cell Project	2023-12	Launched	¹⁹
1 MW solid oxide power generation project (Northeast U.S. university)	2023-12	Launched	⁸
Toyota Project BioMAT program placement	2023-11	Launched	⁷
Long Beach Tri-gen platform for Toyota	2023-11	Launched	⁸
Toyota Project Port of Long Beach	2023-10	Launched	³
Technology Demonstration - Carbon Capture Test Completion	2023-10	Launched	⁷
U.S. solid oxide manufacturing facility expansion	2023-09	Launched	⁵
Toyota Tri-generation Platform at Port of Long Beach	2023-07	Launched	²
Toyota Project Commissioning	2023-07	Launched	¹
Toyota Long Beach Tri-gen Project	2023-07	Launched	⁶
Noeul Green Energy 14-year Service Agreement	2023-07	Stable	¹³
United States Solid Oxide Manufacturing Facility	2023-06	Launched	³
Third Amendment to Connecticut Assistance Agreement	2023-05	Launched	³
Third Amended and Restated 2018 Omnibus Incentive Plan	2023-05	Launched	³
Amended and Restated Employee Stock Purchase Plan	2023-05	Launched	³
U.S. Navy Submarine Base Groton Project	2023-03	Launched	²
Trinity College Distributed Power Platform Delivery	2023-03	Launched	⁵
Derby Project Commercial Operations	2023-03	Launched	¹
Trinity College Hartford Solid Oxide Power Platform	2023	Launched	⁴
Trinity College Hartford Distributed Power Platform Delivery	2023	Launched	³
Pilot program award for 150 kg/day solid oxide electrolysis system at Idaho National Laboratory	2023	Launched	⁷
Idaho National Laboratory Solid Oxide Electrolysis Unit	2023	Launched	⁴
Idaho National Laboratory Electrolysis Platform Delivery	2023	Launched	³
Groton Project	2023	Launched	³
Electrolysis platform delivery to Idaho National Laboratory	2023	Launched	²
Distributed power platform delivery to Trinity College Hartford	2023	Launched	²
Calgary capacity expansion - four units construction and delivery	2023	Launched	⁵
250 kW Power Generation Platform (2×)	2023	Stable	⁷
1 MW High-Efficiency Electrolysis Platform (4×)	2023	Stable	⁷
Groton Project Commercial Operations	2022-12	Launched	⁷

▸ More products & M&A (older) (+104)

M&A (45)#

All recorded acquisitions (purchases) and divestitures/exits with date, short description and source; deliberately including smaller transactions that summaries often miss. Purchase prices appear only where the company itself has disclosed them. Rows in grey are cancelled transactions; the cancellation date is shown in the row.

Acquisitions · 40Divestitures/exits · 4older: 1 (in the table)

Acquisitions

Transaction / stake	Date	Type	Source
Siemens MOU for electrical balance of plant systems	2026-09	Completed	³¹
Data Center Capacity Reservation Agreement with major operator	2026-09	Announced	³¹
Collaboration with Sustainable Development Capital LLP (SDCL)	2026-03	Completed	²⁷
2026 EXIM Financing (2×)	2025-11	Completed	³⁰
2025 EXIM Financing with Export-Import Bank (3×)	2025-11	Completed	²⁵
CGN-Yulchon Generation Co., Ltd. long-term service agreement (3×)	2025-07	Announced	²⁵
Joint Development Agreement with Malaysia Marine and Heavy Engineering Sdn Bhd (2×)	2025-03	Announced	¹⁸
Diversified Energy Co. PLC and TESIAC data center partnership (3×)	2025-03	Completed	¹⁸
Power Purchase Agreement with Eversource and United Illuminating for Hartford Project (7.4 MW, Hartford Connecticut)	2025-01	Announced	²⁴
Power purchase agreement with Eversource and United Illuminating for Hartford Project	2025	Announced	²³
Eversource and United Illuminating 20-year power purchase agreement for 7.4 MW Hartford, Connecticut fuel cell plant	2025	Announced	²⁵
At-the-market offering program: 25.6 million shares sold at $7.44 average price ($185.7 million net proceeds)	2025	Completed	²⁴
Gyeonggi Green Energy Co., Ltd. Hwaseong Balan Industrial Complex repowering project	2024-09	Completed	¹⁴
Ameresco Sacramento, CA fuel cell and biogas project	2024-06	Completed	¹⁴
Ameresco Sacramento Sewer District 2.8 MW project (4×)	2024-06	Completed	²²
GGE LTSA Module Deliveries and Commissioning (7×)	2024-05	Completed	²⁰
ExxonMobil Technology and Engineering Company carbon capture joint development (2×)	2024-04	Completed	¹⁹
Amended Open Market Sale Agreement with Jefferies and other agents	2024-04	Announced	¹¹
Agreement with Ameresco, Inc. for Sacramento Sewer district energy delivery platform	2024-04	Announced	¹²
Esso purchase order (2×)	2024-03	Completed	¹⁰
EMTEC Rotterdam project	2024	Completed	¹⁶
Open Market Share Sale Agreement (2×)	2023-12	Announced	²⁵
Franklin Park tax equity financing for Derby Projects (2×)	2023-10	Completed	⁸
Groton Back Leverage Senior and Subordinated Loans (3×)	2023-08	Completed	⁷
EMTEC Joint Development Agreement (8×)	2023-08	Announced	⁷
Derby Back Leverage Financing (2×)	2023-08	Completed	³⁰
Chart Industries Memorandum of Understanding for Carbon Capture and Hydrogen Solutions	2023-06	Completed	⁴
OpCo Financing Facility (3×)	2023-05	Completed	³⁰
Interest Rate Swap Agreements (2×)	2023-05	Announced	²⁶
$87 million Non-Recourse Project Financing Facility	2023-05	Completed	⁴
Planned 400 MW U.S. Solid Oxide Manufacturing Facility	2023-03	Completed	¹
Collaboration agreement with Malaysia Marine and Heavy Engineering on large-scale electrolyzer facilities	2023-03	Announced	²
Calgary Facility Phase 1 Completion - 40 MW Annual Solid Oxide Production Capacity	2023-03	Completed	¹
Versa Ltd. Calgary Facility Expansion	2023-02	Completed	¹
Calgary facility lease expansion and extension (3×)	2023-02	Completed	⁷
EMTEC License Agreement	2019-06	Announced	⁷

▸ More transactions (+21)

Divestitures / exits

Transaction / stake	Date	Type	Source
Trinity College 250 kW solid oxide fuel cell project termination	2025-05	Divested	²⁰
Trinity College 250 kW solid oxide fuel cell power generation project termination	2025-05	Divested	²²
Termination of PPA with Trinity College for 250 kW solid oxide fuel cell project	2025-05	Divested	²⁴
Solid oxide platform development discontinuation; focus shift to electrolysis technology demonstration	2024-11	Divested	²⁴

Terminated / withdrawn

Transaction / stake	Date	Type	Source
Fit Energy Capital Equipment Purchase Agreement (2x)	2026-06	Terminated	³¹
Gyeonggi Green Energy Co., Ltd. - Module Replacement Agreement	2024-09	Terminated	¹⁶
Agreement to supply Gyeonggi Green Energy Co., Ltd. with 42 upgraded fuel cell modules and long-term operations and maintenance services	2024-05	Terminated	¹²
Long-Term Service Agreement with Gyeonggi Green Energy for GGE Hwaseong Baran facility replacement (22 fuel cell modules)	2024	Terminated	²⁴
Gyeonggi Green Energy Long-Term Service Agreement (5x)	2023	Terminated	¹⁷

Reported KPIs (as disclosed) (717)#

Figures the company discloses itself in addition to the standard financials; order intake, recurring revenue, user or unit counts, adjusted measures. These “story KPIs” usually slip through standard databases; here they are collected as reported, with no calculation of our own. Important: the definition comes from the company itself and can differ from firm to firm; period and source are stated next to every value.

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.

Date	Period	KPI	Value / change	Source
2026-09-02	2026-Q3	Unrestricted cash and cash equivalents	658.1 million	³⁰
2026-09-02	2026-Q3	Total project assets	166.6 million	³⁰
2026-09-02	2026-Q3	Other income, net (Q3 2026)	0.7 million	³⁰
2026-09-02	2026-Q3	Other income, net (9M 2026)	1.8 million	³⁰
2026-09-02	2026-Q3	Net loss per common share (Q3 2026)	0.64	³⁰
2026-09-02	2026-Q3	Net loss per common share (Q3 2025)	3.78	³⁰
2026-09-02	2026-Q3	Net loss per common share (9M 2026)	2.56	³⁰
2026-09-02	2026-Q3	Net loss per common share (9M 2025)	7.22	³⁰
2026-09-02	2026-Q3	Net debt outstanding related to project assets	97.5 million	³⁰
2026-09-02	2026-Q3	Interest income (Q3 2026)	3.6 million	³⁰
2026-09-02	2026-Q3	Interest income (9M 2026)	8.6 million	³⁰
2026-09-02	2026-Q3	Interest expense (Q3 2026)	2.9 million	³⁰
2026-09-02	2026-Q3	Interest expense (9M 2026)	8.5 million	³⁰
2026-09-02	2026-Q3	generation portfolio MW	62.8 MW	³⁰
2026-09-02	2026-Q3	committed service agreements backlog	263.6 million	³⁰
2026-09-02	2026-Q3	committed product backlog	108.9 million	³⁰
2026-09-02	2026-Q3	committed generation backlog	915.7 million	³⁰
2026-09-02	2026-Q3	committed advanced technologies contract backlog	7.8 million	³⁰
2026-09-02	2026-Q3	awarded capacity service agreements backlog	1.3 billion	³⁰
2026-09-02	2026-Q3	annualized production rate three months ended July 31 2026	37.1 MW	³⁰
2026-09-02	2026-Q3	annualized production rate three months ended July 31 2025	33.2 MW	³⁰
2026-09-02	2026-Q3	annualized production rate nine months ended July 31 2026	35.4 MW	³⁰
2026-09-02	2026-Q3	annualized production rate nine months ended July 31 2025	30.5 MW	³⁰
2026-09-02	2026-Q3	unrestricted cash and cash equivalents	658.1 million	³⁰
2026-09-02	2026-Q3	unrestricted cash and cash equivalents	$658.1 million	³¹
2026-09-02	2026-Q3	Torrington facility expansion target	500 MW	³¹
2026-09-02	2026-Q3	sales pipeline	10 gigawatts	³¹
2026-09-02	2026-Q3	restricted cash and cash equivalents	79.2 million	³⁰
2026-09-02	2026-Q3	restricted cash and cash equivalents	$79.2 million	³¹
2026-09-02	2026-Q3	pledged cash and cash equivalents for performance security	79.2 million	³⁰
2026-09-02	2026-Q3	outstanding letters of credit	12.7 million	³⁰
2026-09-02	2026-Q3	generation portfolio	62.8 MW	³⁰
2026-09-02	2026-Q3	company-funded R&D expenses incurred (nine months ended July 31, 2026)	23.2 million	³⁰
2026-09-02	2026-Q3	committed backlog	$1.3 billion	³¹
2026-09-02	2026-Q3	committed advanced technologies contract backlog	7.8 million	³⁰
2026-09-02	2026-Q3	Cash, cash equivalents, restricted cash and restricted cash equivalents	$737.3 million	³¹
2026-09-02	2026-Q3	Cash and cash equivalents and restricted cash	737.3 million	³⁰
2026-09-02	2026-Q3	Awarded Capacity Backlog	$2.4 billion	³¹
2026-09-02	2026-Q3	Annualized production rate	100 MW	³¹
2026-06-08	2026-Q2	US government funded backlog	$4.9 million	²⁸
2026-06-08	2026-Q2	Restricted cash	$67.7 million	²⁸
2026-06-08	2026-Q2	Non-US government funded backlog	$10.5 million	²⁸
2026-06-08	2026-Q2	Letters of credit outstanding	$12.7 million	²⁸
2026-06-08	2026-Q2	Generation portfolio	62.8 MW	²⁸
2026-06-08	2026-Q2	Advanced technologies contract backlog	$15.4 million	²⁸
2026-06-08	2026-Q2	unrestricted cash and cash equivalents	373.2 million	²⁸
2026-06-08	2026-Q2	Total project assets	167.5 million	²⁸
2026-06-08	2026-Q2	Total backlog	1.14 billion	²⁸
2026-06-08	2026-Q2	Torrington facility current maximum capacity	100 MW per year	²⁸
2026-06-08	2026-Q2	Service agreements backlog	155.4 million	²⁸
2026-06-08	2026-Q2	sales pipeline	4 gigawatts	²⁹
2026-06-08	2026-Q2	restricted cash and cash equivalents	67.7 million	²⁸
2026-06-08	2026-Q2	Projects in development assets	1.1 million	²⁸
2026-06-08	2026-Q2	Projects in development	8.5 MW	²⁸
2026-06-08	2026-Q2	Product backlog	36.1 million	²⁸
2026-06-08	2026-Q2	Pledged cash collateral	67.7 million	²⁸
2026-06-08	2026-Q2	Non-current restricted cash	51.1 million	²⁸
2026-06-08	2026-Q2	Net debt outstanding related to project assets	99.8 million	²⁸
2026-06-08	2026-Q2	Hub and spoke model target capacity	1.5 to 2.0 GW	²⁸
2026-06-08	2026-Q2	Generation portfolio capacity	62.8 MW	²⁸
2026-06-08	2026-Q2	Generation backlog	928.5 million	²⁸
2026-06-08	2026-Q2	Current restricted cash	16.6 million	²⁸
2026-06-08	2026-Q2	Completed, operating installations	166.4 million	²⁸
2026-06-08	2026-Q2	Cash and cash equivalents	approximately $441 million	²⁹
2026-06-08	2026-Q2	Backlog	$1.14 billion	²⁹
2026-06-08	2026-Q2	Annualized production rate (three months ended April 30, 2026)	36.4 MW	²⁸
2026-06-08	2026-Q2	Annualized production rate (six months ended April 30, 2026)	34.5 MW	²⁸
2026-06-08	2026-Q2	Advanced Technologies contract backlog	15.4 million	²⁸
2026-03-09	2026-Q1	U.S. government funded backlog	$5.1 million	²⁶
2026-03-09	2026-Q1	Total project assets	211,000 (USD in thousands)	²⁶
2026-03-09	2026-Q1	Total backlog	1,171,200 (USD in thousands)	²⁶
2026-03-09	2026-Q1	Service agreements backlog	159,400 (USD in thousands)	²⁶
2026-03-09	2026-Q1	Restricted cash pledged	$67.8 million	²⁶
2026-03-09	2026-Q1	Restricted cash OpCo obligations	$25.3 million	²⁶
2026-03-09	2026-Q1	Restricted cash Groton senior obligations	$12.8 million	²⁶
2026-03-09	2026-Q1	Restricted cash Derby obligations	$3.0 million	²⁶
2026-03-09	2026-Q1	Restricted cash Crestmark obligations	$2.9 million	²⁶
2026-03-09	2026-Q1	Restricted cash and cash equivalents	67,800 (USD in thousands)	²⁶
2026-03-09	2026-Q1	Product backlog	54,100 (USD in thousands)	²⁶
2026-03-09	2026-Q1	Outstanding Letters of Credit	$12.7 million	²⁶
2026-03-09	2026-Q1	Operating Power Plants Capacity	62.8 MW	²⁶
2026-03-09	2026-Q1	Non-U.S. Government Funded Backlog	$13.1 million	²⁶
2026-03-09	2026-Q1	Net Debt Related to Project Assets	102,700 (USD in thousands)	²⁶
2026-03-09	2026-Q1	Gross Margin Service Agreements	11.5%	²⁶
2026-03-09	2026-Q1	Gross Margin Product	-36.1%	²⁶
2026-03-09	2026-Q1	Gross Margin Generation	-28.2%	²⁶
2026-03-09	2026-Q1	Gross Margin Advanced Technologies	28.6%	²⁶
2026-03-09	2026-Q1	Generation Operating Portfolio	62.8 MW	²⁶
2026-03-09	2026-Q1	Generation Backlog	939,500	²⁶
2026-03-09	2026-Q1	Finance Obligation Balance	$18.8 million	²⁶
2026-03-09	2026-Q1	Depreciation of Project Assets and Generation Intangible	8,700	²⁶
2026-03-09	2026-Q1	D&A	10,500	²⁶
2026-03-09	2026-Q1	Cash and Cash Equivalents Pledged as Collateral	67,800 (USD in thousands)	²⁶
2026-03-09	2026-Q1	Annualized Production Rate	32.6 MW	²⁶
2026-03-09	2026-Q1	Advanced technologies contract backlog	18,200 (USD in thousands)	²⁶
2026-03-09	2026-Q1	Restricted Cash and Cash Equivalents Short-Term	$17,675	²⁷
2026-03-09	2026-Q1	Restricted Cash and Cash Equivalents Long-Term	$50,147	²⁷
2026-03-09	2026-Q1	Cash and Cash Equivalents Unrestricted	$311,778	²⁷
2026-03-09	2026-Q1	Backlog Service	$159,393	²⁷
2026-03-09	2026-Q1	Backlog Product	$54,113	²⁷
2026-03-09	2026-Q1	Backlog Generation	$939,525	²⁷
2026-03-09	2026-Q1	Backlog Advanced Technologies	$18,210	²⁷
2026-03-09	2026-Q1	Backlog	$1,171,241	²⁷
2025-12-18	FY2025	Versa US Patents	19	²⁴
2025-12-18	FY2025	Versa Pending US Applications	13	²⁴
2025-12-18	FY2025	Versa Pending International Applications	24	²⁴
2025-12-18	FY2025	Versa International Patents	63	²⁴
2025-12-18	FY2025	US Patents	152	²⁴
2025-12-18	FY2025	Unrestricted Cash and Equivalents	278.1 (USD millions)	²⁴
2025-12-18	FY2025	Total backlog	1.19 (USD billions)	²⁴
2025-12-18	FY2025	Torrington Facility Maximum Capacity	100 MW	²⁴
2025-12-18	FY2025	Torrington Facility Estimated Capacity with Investments	350 MW	²⁴
2025-12-18	FY2025	Torrington Facility Annualized Production Rate	41 MW	²⁴
2025-12-18	FY2025	System Target Design Life	25-30 years	²⁴
2025-12-18	FY2025	South Korea Clean Hydrogen Portfolio Standard Hydrogen Share 2036	7.1%	²⁴
2025-12-18	FY2025	South Korea Clean Hydrogen Portfolio Standard Hydrogen Share 2030	2.1%	²⁴
2025-12-18	FY2025	Solid Oxide Electrolysis System Efficiency	40-45 kWh/kg	²⁴
2025-12-18	FY2025	Solid Oxide Electrolysis Stack Efficiency	34 kWh/kg	²⁴
2025-12-18	FY2025	Service agreements backlog	162.4 (USD millions)	²⁴
2025-12-18	FY2025	Section 45Q Carbon Capture Credit	$85	²⁴
2025-12-18	FY2025	Safety Experience Modification Rate 2025	0.84	²⁴
2025-12-18	FY2025	Safety Experience Modification Rate 2024	0.83	²⁴
2025-12-18	FY2025	Safety Experience Modification Rate 2023	0.89	²⁴
2025-12-18	FY2025	safety experience modification rate 2022	0.088	²⁴
2025-12-18	FY2025	safety experience modification rate 2021	0.68	²⁴
2025-12-18	FY2025	safety experience modification rate 2020	0.59	²⁴
2025-12-18	FY2025	safety experience modification rate 2019	0.65	²⁴
2025-12-18	FY2025	Product backlog	66.2 (USD millions)	²⁴
2025-12-18	FY2025	power plant recyclable percentage	93%	²⁴
2025-12-18	FY2025	power density	33 MW	²⁴
2025-12-18	FY2025	pending US patent applications	29	²⁴
2025-12-18	FY2025	pending international patent applications	79	²⁴
2025-12-18	FY2025	net debt from project assets	106.1 (USD millions)	²⁴
2025-12-18	FY2025	manufacturing facility size Torrington	167,000	²⁴
2025-12-18	FY2025	loss accruals service agreements	8.4 million	²⁴
2025-12-18	FY2025	joint development agreement expected annual budget	$10.0 million	²⁴
2025-12-18	FY2025	ITA throughput at least	$10.0 million	²⁴
2025-12-18	FY2025	investment tax credit rate	30%	²⁴
2025-12-18	FY2025	international patents	319	²⁴
2025-12-18	FY2025	hydrogen purity	99.85%	²⁴
2025-12-18	FY2025	government funding percentage FY2025	2%	²⁴
2025-12-18	FY2025	government funding percentage FY2024	4%	²⁴
2025-12-18	FY2025	government funding percentage FY2023	3%	²⁴
2025-12-18	FY2025	Generation Operating Portfolio	62.8	²⁴
2025-12-18	FY2025	Generation Backlog	945.2	²⁴
2025-12-18	FY2025	FuelCell Energy Solutions licensed US patents	2	²⁴
2025-12-18	FY2025	FuelCell Energy Solutions licensed international patents	7	²⁴
2025-12-18	FY2025	fuel cell modules target design life	5-7 years	²⁴
2025-12-18	FY2025	European facility capacity	20 MW	²⁴
2025-12-18	FY2025	Esso purchase order value	$11.6 million	²⁴
2025-12-18	FY2025	Emtec license agreement payment	$10 million	²⁴
2025-12-18	FY2025	data center electricity demand projection 2030	945 terawatt-hours	²⁴
2025-12-18	FY2025	CHP system efficiency	80%	²⁴
2025-12-18	FY2025	carbonate fuel cell electrical efficiency	50%	²⁴
2025-12-18	FY2025	carbonate fuel cell average efficiency	47%	²⁴
2025-12-18	FY2025	carbon capture NOx reduction	70%	²⁴
2025-12-18	FY2025	annualized production rate MW	31.5	²⁴
2025-12-18	FY2025	Advanced technologies contract backlog	19.5 (USD millions)	²⁴
2025-12-18	FY2025	unrestricted cash and cash equivalents	$278.1 million	²⁵
2025-12-18	FY2025	Total cash, restricted cash and short-term investments	$341.8 million	²⁵
2025-12-18	FY2025	Backlog	$1.19 billion	²⁵
2025-12-18	FY2025	3TG minerals percentage FY2024	0.001207%	²⁴
2025-09-09	2025-Q3	sale leaseback finance obligations outstanding balance	18.8 million	²²
2025-09-09	2025-Q3	sale leaseback finance obligations imputed interest	11.6 million	²²
2025-09-09	2025-Q3	Restricted cash pledged	62.2 million	²²
2025-09-09	2025-Q3	restricted cash OpCo Financing	20.9 million	²²
2025-09-09	2025-Q3	restricted cash Groton Senior Back Leverage	14.0 million	²²
2025-09-09	2025-Q3	restricted cash Derby Back Leverage	1.8 million	²²
2025-09-09	2025-Q3	restricted cash Crestmark sale leaseback	2.9 million	²²
2025-09-09	2025-Q3	natural gas gains three months ended July 31 2025	1.0 million	²²
2025-09-09	2025-Q3	natural gas gains nine months ended July 31 2025	2.0 million	²²
2025-09-09	2025-Q3	Letters of credit outstanding	14.2 million	²²
2025-09-09	2025-Q3	letters of credit expire through	October 2029	²²
2025-09-09	2025-Q3	interest rate swap fixed rate	3.716%	²²
2025-09-09	2025-Q3	Generation Operating Portfolio	62.8 MW	²²
2025-09-09	2025-Q3	fuel price sensitivity renewable natural gas	2.0 million	²²
2025-09-09	2025-Q3	fuel price sensitivity natural gas	26,000	²²
2025-09-09	2025-Q3	Total project assets	224.5 (USD million)	²²
2025-09-09	2025-Q3	Total backlog	1.24 (USD billion)	²²
2025-09-09	2025-Q3	Total Cash, Restricted Cash and Short-Term Investments	$236.9 million	²³
2025-09-09	2025-Q3	Service agreements backlog	169.4 (USD million)	²²
2025-09-09	2025-Q3	Service Agreements Backlog	$169.4 million	²³
2025-09-09	2025-Q3	restricted cash and cash equivalents	62.2 (USD million)	²²
2025-09-09	2025-Q3	Restricted Cash and Cash Equivalents - Short-term	16,092 (USD in thousands)	²³
2025-09-09	2025-Q3	Restricted Cash and Cash Equivalents - Long-term	46,100 (USD in thousands)	²³
2025-09-09	2025-Q3	Projects in development	7.4	²²
2025-09-09	2025-Q3	Product backlog	96.2 (USD million)	²²
2025-09-09	2025-Q3	Product Backlog	$96.2 million	²³
2025-09-09	2025-Q3	Pledged cash and cash equivalents (performance security)	62.2 (USD million)	²²
2025-09-09	2025-Q3	Outstanding finance obligations under sale-leaseback	18.8	²²
2025-09-09	2025-Q3	Operating portfolio capacity (MW)	62.8	²²
2025-09-09	2025-Q3	OpCo Financing swap fixed rate	3.716%	²²
2025-09-09	2025-Q3	OpCo Financing net interest rate thereafter	6.866%	²²
2025-09-09	2025-Q3	OpCo Financing net interest rate first four years	6.366%	²²
2025-09-09	2025-Q3	OpCo Financing letter of credit issued	6.5 million	²²
2025-09-09	2025-Q3	OpCo Financing hedge notional minimum	75%	²²
2025-09-09	2025-Q3	OpCo Financing hedge notional maximum	105%	²²
2025-09-09	2025-Q3	OpCo Financing fair value adjustment three months ended July 31 2025	0.6 million	²²
2025-09-09	2025-Q3	OpCo Financing fair value adjustment nine months ended July 31 2025	-0.2 million	²²
2025-09-09	2025-Q3	OpCo Financing debt service reserve minimum	six months	²²
2025-09-09	2025-Q3	OpCo Financing capital expenditures reserve total	29.0 million	²²
2025-09-09	2025-Q3	OpCo Financing capital expenditures reserve funded at closing	14.5 million	²²
2025-09-09	2025-Q3	OpCo Financing Term Loan maturity	May 19, 2030	²²
2025-09-09	2025-Q3	OpCo Financing Term Loan drawn	80.5 million	²²
2025-09-09	2025-Q3	OpCo Financing Term Loan Facility amount	80.5 million	²²
2025-09-09	2025-Q3	OpCo Financing LC Facility amount	6.5 million	²²
2025-09-09	2025-Q3	OpCo Financing DSCR requirement	1.20:1.00	²²
2025-09-09	2025-Q3	OpCo Financing Applicable Margin SOFR thereafter	3%	²²
2025-09-09	2025-Q3	OpCo Financing Applicable Margin SOFR first four years	2.5%	²²
2025-09-09	2025-Q3	OpCo Financing Applicable Margin Base Rate thereafter	2%	²²
2025-09-09	2025-Q3	OpCo Financing Applicable Margin Base Rate first four years	1.5%	²²
2025-09-09	2025-Q3	Net debt outstanding related to project assets	109.0 (USD million)	²²
2025-09-09	2025-Q3	Groton Total DSCR requirement	1.10:1.00	²²
2025-09-09	2025-Q3	Groton Subordinated Back Leverage maturity	September 30, 2038	²²
2025-09-09	2025-Q3	Groton Subordinated Back Leverage interest rate before Step Down Date	8%	²²
2025-09-09	2025-Q3	Groton Subordinated Back Leverage Loan Facility amount	8.0 million	²²
2025-09-09	2025-Q3	Groton Senior Back Leverage maturity	August 18, 2030	²²
2025-09-09	2025-Q3	Groton Senior Back Leverage Loan Facility amount	12.0 million	²²
2025-09-09	2025-Q3	Groton Senior Back Leverage Liberty Lender interest rate	6.75%	²²
2025-09-09	2025-Q3	Groton Senior Back Leverage DSCR requirement	1.20:1.00	²²
2025-09-09	2025-Q3	Groton Senior Back Leverage Amalgamated Lender interest rate with Carbon Offset Event	7.32%	²²
2025-09-09	2025-Q3	Groton Senior Back Leverage Amalgamated Lender interest rate no Carbon Offset Event	6.07%	²²
2025-09-09	2025-Q3	Groton Interest Only Period	84 months or until Groton Senior Back Leverage Loan fully repaid	²²
2025-09-09	2025-Q3	Groton Back Leverage total drawn	20.0 million	²²
2025-09-09	2025-Q3	Generation backlog	955.0	²²
2025-09-09	2025-Q3	Generation Backlog	$955.0 million	²³
2025-09-09	2025-Q3	Future required payments (principal and interest)	126.5	²²
2025-09-09	2025-Q3	EXIM Financing term	7 years	²²
2025-09-09	2025-Q3	EXIM Financing net proceeds	9.2 million	²²
2025-09-09	2025-Q3	EXIM Financing interest rate	5.81%	²²
2025-09-09	2025-Q3	EXIM Financing gross proceeds	10.1 million	²²
2025-09-09	2025-Q3	Derby Subordinated Back Leverage maturity	March 31, 2038	²²
2025-09-09	2025-Q3	Derby Subordinated Back Leverage interest rate	8%	²²
2025-09-09	2025-Q3	Derby Subordinated Back Leverage Loan Facility amount	3.5 million	²²
2025-09-09	2025-Q3	Derby Senior Back Leverage maturity	March 31, 2031	²²
2025-09-09	2025-Q3	Derby Senior Back Leverage interest rate	7.25%	²²
2025-09-09	2025-Q3	Derby Senior Back Leverage Loan Facility amount	9.5 million	²²
2025-09-09	2025-Q3	Derby Back Leverage total drawn	13.0 million	²²
2025-09-09	2025-Q3	Connecticut Loan term	15 years	²²
2025-09-09	2025-Q3	Connecticut Loan repayment penalty	2.1 million	²²
2025-09-09	2025-Q3	Connecticut Loan penalty per position below Employment Obligation	14,225.00 (USD thousands)	²²
2025-09-09	2025-Q3	Connecticut Loan interest rate	2.0%	²²
2025-09-09	2025-Q3	Connecticut Loan forgiveness amount if Employment Obligation met	2.0 million	²²
2025-09-09	2025-Q3	Connecticut Loan amount	10.0 million	²²
2025-09-09	2025-Q3	Cash and Cash Equivalents, Unrestricted	174,662 (USD in thousands)	²³
2025-09-09	2025-Q3	Backlog	$1.24 billion	²³
2025-09-09	2025-Q3	Annualized production rate (nine months 2025)	30.5	²²
2025-09-09	2025-Q3	Annualized production rate (nine months 2024)	31.1	²²
2025-09-09	2025-Q3	Annualized production rate (Q3 2025)	33.2	²²
2025-09-09	2025-Q3	Annualized production rate (Q3 2024)	29.3	²²
2025-09-09	2025-Q3	Advanced Technologies contract backlog non US Government	17.5 million	²²
2025-09-09	2025-Q3	Advanced Technologies contract backlog US Government	6.8 million	²²
2025-09-09	2025-Q3	Advanced Technologies contract backlog	24.3 (USD million)	²²
2025-09-09	2025-Q3	Advanced Technologies contract backlog	24.3 million	²²
2025-09-09	2025-Q3	Advanced Technologies Backlog	$24.3 million	²³
2025-06-06	2025-Q2	Restricted cash	63.1 million	²⁰
2025-06-06	2025-Q2	Outstanding Letters of Credit	14.2 million	²⁰
2025-06-06	2025-Q2	Non-U.S. Government funded backlog	22.0 million	²⁰
2025-06-06	2025-Q2	Generation Operating Portfolio	62.8 MW	²⁰
2025-06-06	2025-Q2	Finance obligation sale leaseback	18.8 million	²⁰
2025-06-06	2025-Q2	unrestricted cash and cash equivalents	116.1 million	²⁰
2025-06-06	2025-Q2	U.S. Treasury Securities carrying value	60.9 million	²⁰
2025-06-06	2025-Q2	U.S. Treasury Securities	60.9 million	²⁰
2025-06-06	2025-Q2	U.S. Government funded backlog	7.6 million	²⁰
2025-06-06	2025-Q2	Total project assets	228.2 million	²⁰
2025-06-06	2025-Q2	Total cash and restricted cash	179.1 million	²⁰
2025-06-06	2025-Q2	Total backlog	1.26 billion	²⁰
2025-06-06	2025-Q2	Service agreements backlog	164.4 million	²⁰
2025-06-06	2025-Q2	Product backlog	98.2 million	²⁰
2025-06-06	2025-Q2	Operating MW capacity	62.8 MW	²⁰
2025-06-06	2025-Q2	Net debt related to project assets	112.1 million	²⁰
2025-06-06	2025-Q2	Generation backlog	967.4 million	²⁰
2025-06-06	2025-Q2	Backlog	1,259,597 (USD in thousands)	²¹
2025-06-06	2025-Q2	Annualized production rate	30.6 MW	²⁰
2025-06-06	2025-Q2	Advanced Technologies contract backlog	29.6 million	²⁰
2025-06-06	2025-Q2	Advanced Technologies contract backlog	29.6 million	²⁰
2025-03-11	2025-Q1	US Treasury Securities Weighted Average Yield	4.30%	¹⁸
2025-03-11	2025-Q1	US Treasury Securities Carrying Value	110.3 million	¹⁸
2025-03-11	2025-Q1	Restricted Cash Total	62.4 million	¹⁸
2025-03-11	2025-Q1	Restricted Cash OpCo Financing	25.5 million	¹⁸
2025-03-11	2025-Q1	Restricted Cash Groton Senior Back Leverage	10.8 million	¹⁸
2025-03-11	2025-Q1	Restricted Cash Derby Back Leverage	2.3 million	¹⁸
2025-03-11	2025-Q1	Restricted Cash Crestmark Sale Leaseback	2.9 million	¹⁸
2025-03-11	2025-Q1	Outstanding Letters of Credit	14.2 million	¹⁸
2025-03-11	2025-Q1	OpCo Financing SOFR Margin Thereafter	3%	¹⁸
2025-03-11	2025-Q1	OpCo Financing SOFR Margin First Four Years	2.5%	¹⁸
2025-03-11	2025-Q1	OpCo Financing Quarterly Principal Amortization Period	quarter ending June 2025 through quarter ending March 2026	¹⁸
2025-03-11	2025-Q1	OpCo Financing Quarterly Principal Amortization	675,000 per quarter	¹⁸
2025-03-11	2025-Q1	OpCo Financing Net Interest Rate Thereafter	6.866%	¹⁸
2025-03-11	2025-Q1	OpCo Financing Net Interest Rate Four Years	6.366%	¹⁸
2025-03-11	2025-Q1	OpCo Financing Fixed Rate Swap	3.716%	¹⁸
2025-03-11	2025-Q1	OpCo Financing Facility Total Net Proceeds Company	46.1 million	¹⁸
2025-03-11	2025-Q1	OpCo Financing Facility Total Capital Expenditure Reserve Target	29.0 million	¹⁸
2025-03-11	2025-Q1	OpCo Financing Facility Term Loan	80.5 million	¹⁸
2025-03-11	2025-Q1	OpCo Financing Facility Net Proceeds	77.6 million	¹⁸
2025-03-11	2025-Q1	OpCo Financing Facility LC Facility	6.5 million	¹⁸
2025-03-11	2025-Q1	OpCo Financing Facility Fees and Transaction Costs	2.9 million	¹⁸
2025-03-11	2025-Q1	opco financing facility capital expenditure reserve	14.5 million	¹⁸
2025-03-11	2025-Q1	opco financing debt service coverage ratio	1.20:1.00	¹⁸
2025-03-11	2025-Q1	opco financing base rate margin thereafter	2%	¹⁸
2025-03-11	2025-Q1	opco financing base rate margin first four years	1.5%	¹⁸
2025-03-11	2025-Q1	interest rate swap fair value loss	$(3.5) million	¹⁸
2025-03-11	2025-Q1	interest rate swap fair value gain	0.9 million	¹⁸
2025-03-11	2025-Q1	Groton unrestricted cash	6.8 million	¹⁸
2025-03-11	2025-Q1	Groton total debt service coverage ratio	1.10:1.00	¹⁸
2025-03-11	2025-Q1	Groton subordinated principal payment excess cash flow	50%	¹⁸
2025-03-11	2025-Q1	Groton subordinated interest rate step down	8%	¹⁸
2025-03-11	2025-Q1	Groton subordinated interest rate post step down floor	5%	¹⁸
2025-03-11	2025-Q1	Groton subordinated DSCR reserve	0.3 million	¹⁸
2025-03-11	2025-Q1	Groton subordinated back leverage loan facility	8.0 million	¹⁸
2025-03-11	2025-Q1	Groton senior operations maintenance reserve	6.5 million	¹⁸
2025-03-11	2025-Q1	Groton senior interest rate Liberty	6.75%	¹⁸
2025-03-11	2025-Q1	Groton senior interest rate Amalgamated no carbon offset	6.07%	¹⁸
2025-03-11	2025-Q1	Groton senior interest rate Amalgamated carbon offset	7.32%	¹⁸
2025-03-11	2025-Q1	Groton senior DSCR reserve accounts	1.7 million	¹⁸
2025-03-11	2025-Q1	Groton senior debt service coverage ratio	1.20:1.00	¹⁸
2025-03-11	2025-Q1	Groton senior back leverage loan facility	12.0 million	¹⁸
2025-03-11	2025-Q1	Groton Released to Parent	11.1 million	¹⁸
2025-03-11	2025-Q1	Groton Output Shortfall Payments	1.3 million	¹⁸
2025-03-11	2025-Q1	Groton Back Leverage Total Drawn	20.0 million	¹⁸
2025-03-11	2025-Q1	Groton Back Leverage Net Proceeds	19.6 million	¹⁸
2025-03-11	2025-Q1	Groton Back Leverage Fees and Transaction Costs	0.4 million	¹⁸
2025-03-11	2025-Q1	Generation Operating Portfolio	62.8 MW	¹⁸
2025-03-11	2025-Q1	Finance Obligation Imputed Interest	10.9 million	¹⁸
2025-03-11	2025-Q1	Finance Obligation Balance	18.8 million	¹⁸
2025-03-11	2025-Q1	Connecticut State Loan Penalty per Position	14,225.00 (USD thousands)	¹⁸
2025-03-11	2025-Q1	Connecticut State Loan Interest Rate	2.0%	¹⁸
2025-03-11	2025-Q1	Connecticut State Loan Initial Disbursement	10.0 million	¹⁸
2025-03-11	2025-Q1	Connecticut State Loan Forgiveness Eligible	5.0 million	¹⁸
2025-03-11	2025-Q1	Connecticut State Loan Estimated Penalty	2.1 million	¹⁸
2025-03-11	2025-Q1	Connecticut State Loan Employment Obligation Third Amendment	538 retained	¹⁸
2025-03-11	2025-Q1	Connecticut State Loan Employment Obligation Second Amendment	538 continuously maintained	¹⁸
2025-03-11	2025-Q1	Connecticut State Loan Employment Obligation Original	165 created and 538 retained	¹⁸
2025-03-11	2025-Q1	Connecticut State Loan Credit Second Amendment	2.0 million	¹⁸
2025-03-11	2025-Q1	Advanced Technologies US Government Funded	8.2 million	¹⁸
2025-03-11	2025-Q1	Advanced Technologies Non-US Government Funded	23.4 million	¹⁸
2025-03-11	2025-Q1	Advanced technologies contract backlog	31.6 million	¹⁸
2025-03-11	2025-Q1	Unrestricted Cash and Cash Equivalents	$98.1 million	¹⁸
2025-03-11	2025-Q1	Unrestricted Cash and Cash Equivalents	$98,070	¹⁹
2025-03-11	2025-Q1	US Treasury Securities	$110.3 million	¹⁸
2025-03-11	2025-Q1	Total Project Assets	$236.7 million	¹⁸
2025-03-11	2025-Q1	Total Backlog	$1.31 billion	¹⁸
2025-03-11	2025-Q1	Short-term Investments	$110,298	¹⁹
2025-03-11	2025-Q1	Service Backlog	$172,326	¹⁹
2025-03-11	2025-Q1	Service Agreements Backlog	$172.3 million	¹⁸
2025-03-11	2025-Q1	Restricted Cash and Cash Equivalents	$62,352	¹⁹
2025-03-11	2025-Q1	Restricted Cash	$62.4 million	¹⁸
2025-03-11	2025-Q1	Product Backlog	$111.2 million	¹⁸
2025-03-11	2025-Q1	Product Backlog	$111,211	¹⁹
2025-03-11	2025-Q1	Net Debt Project Assets	$114.3 million	¹⁸
2025-03-11	2025-Q1	Generation MW Operating	62.8	¹⁸
2025-03-11	2025-Q1	Generation Backlog	$997.4 million	¹⁸
2025-03-11	2025-Q1	Generation Backlog	$997,397	¹⁹
2025-03-11	2025-Q1	Backlog	$1,312,500	¹⁹
2025-03-11	2025-Q1	Advanced Technologies Backlog	$31.6 million	¹⁸
2025-03-11	2025-Q1	Advanced Technologies Backlog	$31,566	¹⁹
2024-12-27	FY2024	Loss Accruals on Service Agreements	$9.0 million	¹⁷
2024-12-27	FY2024	Foreign Currency Portion of Cash and Cash Equivalents	approximately 1%	¹⁷
2024-12-27	FY2024	Versa Pending U.S. Patent Applications	13	¹⁷
2024-12-27	FY2024	Versa Patent Applications Pending in Other Jurisdictions	30	¹⁷
2024-12-27	FY2024	Versa International Patents	68	¹⁷
2024-12-27	FY2024	Versa U.S. Patents	19	¹⁷
2024-12-27	FY2024	U.S. Patents Held (Excluding Subsidiaries)	148	¹⁷
2024-12-27	FY2024	U.S. Grid Transmission Line Losses Average	about 5%	¹⁷
2024-12-27	FY2024	U.S. Treasury Securities Weighted Average Yield to Maturity	4.78%	¹⁷
2024-12-27	FY2024	U.S. Treasury Securities carrying value	$109.1 million	¹⁷
2024-12-27	FY2024	Torrington Facility Sized for Eventual Capacity	up to 200 MW per year	¹⁷
2024-12-27	FY2024	Torrington Facility Size	167,000 square feet	¹⁷
2024-12-27	FY2024	Torrington Facility Maximum Annualized Capacity	100 MW per year	¹⁷
2024-12-27	FY2024	Torrington Facility Annualized Production Rate	27.7 MW per year	¹⁷
2024-12-27	FY2024	Taufkirchen facility module assembly capability	up to 20 MW per year	¹⁷
2024-12-27	FY2024	Solid Oxide SOEC Manufacturing Capacity Potential	up to 80 MW per year	¹⁷
2024-12-27	FY2024	Service Agreements Weighted Average Term	approximately 16 years	¹⁷
2024-12-27	FY2024	Property Plant Equipment Expected FY2025	20.0 to 25.0 million	¹⁷
2024-12-27	FY2024	Projects In Development	1.3 MW	¹⁷
2024-12-27	FY2024	Product warranty term in U.S.	15 months after shipment or 12 months after acceptance	¹⁷
2024-12-27	FY2024	Patents in other jurisdictions (excluding subsidiaries)	307	¹⁷
2024-12-27	FY2024	Patent applications pending in other jurisdictions	86	¹⁷
2024-12-27	FY2024	Patent applications pending in U.S.	28	¹⁷
2024-12-27	FY2024	New carbon capture projects CO2 capture limit	no more than 250,000 tons of CO2 on a cumulative annual basis	¹⁷
2024-12-27	FY2024	Long Term Project Assets Expected FY2025	3.0 to 6.0 million	¹⁷
2024-12-27	FY2024	Legacy fuel cell modules target design life	5-year	¹⁷
2024-12-27	FY2024	LTSA and PPA expiration range	through 2042	¹⁷
2024-12-27	FY2024	Initial maximum Joint Development Agreement research cost reimbursement	45.0 million	¹⁷
2024-12-27	FY2024	Industry average experience modification rate	1.0	¹⁷
2024-12-27	FY2024	Hourly rates increase in Amendment No. 5	15%	¹⁷
2024-12-27	FY2024	Government funding percentage of revenue FY2024	4%	¹⁷
2024-12-27	FY2024	Government funding percentage of revenue FY2023	3%	¹⁷
2024-12-27	FY2024	Government funding percentage of revenue FY2022	6%	¹⁷
2024-12-27	FY2024	Generation Operating Portfolio	62.8 MW	¹⁷
2024-12-27	FY2024	FuelCell Energy Solutions GmbH licensed patents outside U.S.	7	¹⁷
2024-12-27	FY2024	FuelCell Energy Solutions GmbH licensed U.S. patents	2	¹⁷
2024-12-27	FY2024	Fuel cell stack module design life	25-to-30 years	¹⁷
2024-12-27	FY2024	Extended maximum Joint Development Agreement research cost reimbursement	67.0 million	¹⁷
2024-12-27	FY2024	Experience modification rate 2024	0.83	¹⁷
2024-12-27	FY2024	Experience modification rate 2023	0.89	¹⁷
2024-12-27	FY2024	Experience modification rate 2022	0.088	¹⁷
2024-12-27	FY2024	Experience modification rate 2021	0.68	¹⁷
2024-12-27	FY2024	Experience modification rate 2020	0.59	¹⁷
2024-12-27	FY2024	Experience modification rate 2019	0.65	¹⁷
2024-12-27	FY2024	Experience modification rate 2018	0.62	¹⁷
2024-12-27	FY2024	EMTEC license agreement payment	10 million	¹⁷
2024-12-27	FY2024	Diverse team member population increase	5%	¹⁷
2024-12-27	FY2024	Current production fuel cell modules target design life	7-year	¹⁷
2024-12-27	FY2024	Conflict minerals (3TG) in fiscal year 2023 shipments	14.0 pounds out of 4.6 million pounds (0.000299%)	¹⁷
2024-12-27	FY2024	Company funded R&D expected FY2025	40.0 to 45.0 million	¹⁷
2024-12-27	FY2024	Carbonate fuel cell electrical efficiency range	approximately 47% to 60%	¹⁷
2024-12-27	FY2024	Carbonate Platform maximum annualized capacity	100 MW	¹⁷
2024-12-27	FY2024	Carbonate Platform future capacity	200 MW	¹⁷
2024-12-27	FY2024	Carbon capture demonstration	up to 95%	¹⁷
2024-12-27	FY2024	Calgary facility total leased space	approximately 100,000 square feet	¹⁷
2024-12-27	FY2024	Calgary facility potential total annualized SOEC manufacturing capacity	up to 80 MW per year	¹⁷
2024-12-27	FY2024	Calgary facility current annualized SOEC production capacity	6 MW	¹⁷
2024-12-27	FY2024	Calgary facility additional leased space from fiscal 2024 and 2023	approximately 68,000 square feet	¹⁷
2024-12-27	FY2024	CHP system efficiency potential	up to 90%	¹⁷
2024-12-27	FY2024	Annual hourly rates increase beginning March 31, 2025	3%	¹⁷
2024-12-27	FY2024	Amendment No. 5 expected annual budget for JDA	at least 10.0 million per year	¹⁷
2024-12-19	FY2024	unrestricted cash and cash equivalents	$148.1 million	¹⁶
2024-12-19	FY2024	Cash and short-term investments	$318.0 million	¹⁶
2024-12-19	FY2024	Backlog	$1,162,833	¹⁶
2024-09-05	2024-Q3	unrestricted cash and cash equivalents	159.3 million	¹³
2024-09-05	2024-Q3	U.S. Treasury Securities	107.8 million	¹³
2024-09-05	2024-Q3	Total project assets	248.8 million	¹³
2024-09-05	2024-Q3	Total backlog	1.20 billion	¹³
2024-09-05	2024-Q3	Short-term investments	107,817 (USD in thousands)	¹⁴
2024-09-05	2024-Q3	Service agreements backlog	178.4 million	¹³
2024-09-05	2024-Q3	restricted cash and cash equivalents	58.8 million	¹³
2024-09-05	2024-Q3	restricted cash and cash equivalents	58,848 (USD in thousands)	¹⁴
2024-09-05	2024-Q3	Product backlog	136.7 million	¹³
2024-09-05	2024-Q3	Pledged cash for performance security	58.8 million	¹³
2024-09-05	2024-Q3	outstanding letters of credit	14.2 million	¹³
2024-09-05	2024-Q3	Net debt related to project assets	118.7 million	¹³
2024-09-05	2024-Q3	Generation operating portfolio capacity	62.8 MW	¹³
2024-09-05	2024-Q3	Generation operating portfolio	62.8 MW	¹³
2024-09-05	2024-Q3	Generation backlog	839.5 million	¹³
2024-09-05	2024-Q3	Cash and cash equivalents, unrestricted	159,347 (USD in thousands)	¹⁴
2024-09-05	2024-Q3	Cash and cash equivalents	218.2 million	¹³
2024-09-05	2024-Q3	Backlog	$1,197,107	¹⁴
2024-09-05	2024-Q3	Advanced Technologies contract backlog	42.5 million	¹³
2024-06-10	2024-Q2	Unrestricted cash and equivalents	158.8 million	¹¹
2024-06-10	2024-Q2	Unrestricted Cash	158.8 million	¹²
2024-06-10	2024-Q2	U.S. Government funded backlog	12.7 million	¹¹
2024-06-10	2024-Q2	Total backlog	1.06 billion	¹¹
2024-06-10	2024-Q2	Short-term Investments	101.3 million	¹²
2024-06-10	2024-Q2	Service agreements backlog	145.1 million	¹¹
2024-06-10	2024-Q2	Service Backlog	145,100 (USD in thousands)	¹²
2024-06-10	2024-Q2	Restricted cash pledged	53.1 million	¹¹
2024-06-10	2024-Q2	Product backlog	12.3 million	¹¹
2024-06-10	2024-Q2	Product Backlog	12,307 (USD in thousands)	¹²
2024-06-10	2024-Q2	outstanding letters of credit	14.2 million	¹¹
2024-06-10	2024-Q2	Operating MW	62.8 MW	¹¹
2024-06-10	2024-Q2	Non U.S. Government funded backlog	38.4 million	¹¹
2024-06-10	2024-Q2	Net debt from project assets	121.5 million	¹¹
2024-06-10	2024-Q2	Generation operating portfolio	62.8 MW	¹¹
2024-06-10	2024-Q2	Generation backlog	852.9 million	¹¹
2024-06-10	2024-Q2	Generation Backlog	852,933	¹²
2024-06-10	2024-Q2	GGE LTSA contract value	159.6 million USD	¹¹
2024-06-10	2024-Q2	Cash and Short-term Investments	313.2 million	¹²
2024-06-10	2024-Q2	Backlog	1,061,452 (USD in thousands)	¹²
2024-06-10	2024-Q2	Advanced Technologies contract backlog	51.1 million	¹¹
2024-06-10	2024-Q2	Advanced Technologies backlog	51.1 million	¹¹
2024-06-10	2024-Q2	Advanced Technologies Backlog	51,112 (USD in thousands)	¹²
2024-03-07	2024-Q1	Tulare biomat fuel contract duration	20 years	⁹
2024-03-07	2024-Q1	Toyota hydrogen PPA through date	May 2025	⁹
2024-03-07	2024-Q1	Toyota hydrogen PPA fuel contract duration	2 years	⁹
2024-03-07	2024-Q1	Total debt service coverage ratio minimum	1.10:1.00	⁹
2024-03-07	2024-Q1	Subordinated back leverage loan step-down rate	8%	⁹
2024-03-07	2024-Q1	Subordinated back leverage loan rate after step-down	lesser of 8% or 10 year U.S. Treasury Note plus 275 basis points (minimum 5% per annum)	⁹
2024-03-07	2024-Q1	Subordinated back leverage loan maturity date	September 30, 2038	⁹
2024-03-07	2024-Q1	Subordinated back leverage loan interest-only period max	84 months	⁹
2024-03-07	2024-Q1	Senior debt service coverage ratio minimum	1.20:1.00	⁹
2024-03-07	2024-Q1	Senior back leverage loans prepayment fee years 4-7	1%	⁹
2024-03-07	2024-Q1	Senior back leverage loans prepayment fee years 2-4	2%	⁹
2024-03-07	2024-Q1	Senior back leverage loans prepayment fee years 0-2	3%	⁹
2024-03-07	2024-Q1	Senior back leverage loans maturity date	August 18, 2030	⁹
2024-03-07	2024-Q1	Senior back leverage loans amortization period	10 years	⁹
2024-03-07	2024-Q1	RNG pricing sensitivity analysis annual impact	$2.0 million	⁹
2024-03-07	2024-Q1	Restricted cash performance security and letters of credit	$51.3 million	⁹
2024-03-07	2024-Q1	Restricted cash OpCo financing facility	$21.6 million	⁹
2024-03-07	2024-Q1	Restricted Cash Crestmark Sale Leaseback	$2.9 million	⁹
2024-03-07	2024-Q1	Restricted cash back leverage loan facility	$9.0 million	⁹
2024-03-07	2024-Q1	opco financing facility net rate thereafter	6.866%	⁹
2024-03-07	2024-Q1	opco financing facility net rate first four years	6.366%	⁹
2024-03-07	2024-Q1	opco financing facility fixed swap rate	3.716%	⁹
2024-03-07	2024-Q1	natural gas sensitivity analysis annual impact	$26,000	⁹
2024-03-07	2024-Q1	lipa yaphank ppa through date	September 2028	⁹
2024-03-07	2024-Q1	lipa yaphank fixed price fuel contract duration	7 years	⁹
2024-03-07	2024-Q1	Letters of credit outstanding	$14.2 million	⁹
2024-03-07	2024-Q1	interest rate swap fair value loss q1 2024	$3.5 million	⁹
2024-03-07	2024-Q1	Generation Operating Portfolio	62.8 MW	⁹
2024-03-07	2024-Q1	foreign currency cash percentage	0.5%	⁹
2024-03-07	2024-Q1	derivative loss natural gas q1 2024	$1.9 million	⁹
2024-03-07	2024-Q1	derby projects capacity	14.0 MW and 2.8 MW	⁹
2024-03-07	2024-Q1	derby ppa through date	October 2029	⁹
2024-03-07	2024-Q1	derby fixed price fuel contract duration	6 years	⁹
2024-03-07	2024-Q1	connecticut loan principal amount	$10.0 million	⁹
2024-03-07	2024-Q1	connecticut loan penalty per position	$14,225.00	⁹
2024-03-07	2024-Q1	connecticut loan interest rate	2.0%	⁹
2024-03-07	2024-Q1	connecticut loan forgiveness eligible amount	$5.0 million	⁹
2024-03-07	2024-Q1	connecticut loan employment obligation positions	538 (USD thousands)	⁹
2024-03-07	2024-Q1	connecticut loan credit eligible amount	$2.0 million	⁹
2024-03-07	2024-Q1	connecticut loan additional positions for credit	91 (USD thousands)	⁹
2024-03-07	2024-Q1	bridgeport project capacity	14.9 MW	⁹
2024-03-07	2024-Q1	Bishop Rule 10b5-1 Plan share sale	64,853 shares	⁹
2024-03-07	2024-Q1	Bishop Rule 10b5-1 Plan expiration date	January 7, 2025	⁹
2024-03-07	2024-Q1	Advanced Technologies US government-funded backlog	$3.7 million	⁹
2024-03-07	2024-Q1	Advanced Technologies non-US government-funded backlog	$19.7 million	⁹
2024-03-07	2024-Q1	Advanced technologies contract backlog	$23.4 million	⁹
2024-03-07	2024-Q1	Unrestricted cash and cash equivalents as of October 31, 2023	250.0 million	⁹
2024-03-07	2024-Q1	Total project assets	260.8 million	⁹
2024-03-07	2024-Q1	Service agreements backlog	140.4 million	⁹
2024-03-07	2024-Q1	restricted cash and cash equivalents	51.3 million	⁹
2024-03-07	2024-Q1	Projects in development	0.7 million	⁹
2024-03-07	2024-Q1	Pledged cash collateral for performance security	51.3 million	⁹
2024-03-07	2024-Q1	Overall backlog	1.03 billion	⁹
2024-03-07	2024-Q1	Operating power plants capacity	62.8 MW	⁹
2024-03-07	2024-Q1	Operating installations	260.1 million	⁹
2024-03-07	2024-Q1	Net debt outstanding related to project assets	110.7 million	⁹
2024-03-07	2024-Q1	Generation backlog	0.86 billion	⁹
2024-03-07	2024-Q1	Generation Operating Portfolio	62.8 MW	¹⁰
2024-03-07	2024-Q1	Future required payments (principal and interest)	134.8 million	⁹
2024-03-07	2024-Q1	Finance obligations under sale-leaseback transactions	18.8 million	⁹
2024-03-07	2024-Q1	Depreciation of project assets	6.8 million	⁹
2024-03-07	2024-Q1	Depreciation and amortization	8.6 million	⁹
2024-03-07	2024-Q1	Backlog	1,025,549 (USD in thousands)	¹⁰
2024-03-07	2024-Q1	Annualized production rate	33.2 MW	⁹
2024-03-07	2024-Q1	Advanced Technologies contract backlog	23.4 million	⁹
2023-12-19	FY2023	Unrestricted cash and cash equivalents	250.0 million	⁷
2023-12-19	FY2023	Total backlog	1.03 billion	⁷
2023-12-19	FY2023	Short-term investments US Treasury securities	103.8 million	⁷
2023-12-19	FY2023	Service and generation backlog weighted average term	approximately 17 years	⁷
2023-12-19	FY2023	Service agreements backlog	140.8 million	⁷
2023-12-19	FY2023	Projects under development	19.4 MW	⁷
2023-12-19	FY2023	Project assets	258.1 million	⁷
2023-12-19	FY2023	Product backlog	0 (USD thousands)	⁷
2023-12-19	FY2023	Operating portfolio of retained projects	43.7 MW	⁷
2023-12-19	FY2023	Operating generation portfolio	43.7 MW	⁷
2023-12-19	FY2023	Net debt outstanding related to project assets	112.6 million	⁷
2023-12-19	FY2023	Government funding percentage of revenue FY2023	3%	⁷
2023-12-19	FY2023	Government funding percentage of revenue FY2022	6%	⁷
2023-12-19	FY2023	government funding percentage of revenue FY2021	9%	⁷
2023-12-19	FY2023	Generation Backlog	872.1 million	⁷
2023-12-19	FY2023	carbonate platforms installed and operating	more than 220 MW	⁷
2023-12-19	FY2023	Annualized Production Rate	32.7 MW	⁷
2023-12-19	FY2023	Advanced technologies contract backlog	15.3 million	⁷
2023-12-19	FY2023	additional projects under development or construction	19.4 MW	⁷
2023-12-19	FY2023	unrestricted cash and cash equivalents	250.0 million	⁷
2023-12-19	FY2023	U.S. Treasury Securities carrying value	103.8 million	⁷
2023-12-19	FY2023	U.S. Government unfunded Advanced Technologies backlog	0.3 million	⁷
2023-12-19	FY2023	U.S. Government funded Advanced Technologies backlog	4.3 million	⁷
2023-12-19	FY2023	Torrington maximum annualized capacity	100 MW per year	⁷
2023-12-19	FY2023	Torrington Facility Annualized Production Rate	32.7 MW per year	⁷
2023-12-19	FY2023	Torrington eventual annualized production capacity	up to 200 MW per year	⁷
2023-12-19	FY2023	Taufkirchen Germany capability	up to 20 MW per year	⁷
2023-12-19	FY2023	South Korea installed base additional MW	more than 100 MW	⁷
2023-12-19	FY2023	South Korea Noeul Green Energy long term service agreement term	14 years	⁷
2023-12-19	FY2023	South Korea KOSPO power plant project MW	20 MW	⁷
2023-12-19	FY2023	restricted cash and cash equivalents	49.6 million	⁷
2023-12-19	FY2023	pledged cash for performance security and letters of credit	49.6 million	⁷
2023-12-19	FY2023	outstanding letters of credit	14.2 million	⁷
2023-12-19	FY2023	Non U.S. Government funded Advanced Technologies backlog	10.7 million	⁷
2023-12-19	FY2023	loss accruals on service agreements October 31 2023	9.5 million	⁷
2023-12-19	FY2023	loss accruals on service agreements October 31 2022	7.3 million	⁷
2023-12-19	FY2023	Groton Project design rated output	7.4 MW	⁷
2023-12-19	FY2023	Groton Project current output	6.0 MW	⁷
2023-12-19	FY2023	Generation operating portfolio	43.7 MW	⁷
2023-12-19	FY2023	derivative gain from natural gas settling fiscal year 2023	4.1 million	⁷
2023-12-19	FY2023	derivative fair value adjustment fiscal year 2023	3.3 million gain	⁷
2023-12-19	FY2023	derivative fair value adjustment fiscal year 2022	0.9 million gain	⁷
2023-12-19	FY2023	Depreciation of project assets FY2023	20.3 million	⁷
2023-12-19	FY2023	Depreciation of project assets FY2022	15.5 million	⁷
2023-12-19	FY2023	D&A FY2023	25.4 million	⁷
2023-12-19	FY2023	D&A FY2022	21.3 million	⁷
2023-12-19	FY2023	Company-funded R&D expenses FY2024	60.0 million to 70.0 million	⁷
2023-12-19	FY2023	Company-funded R&D expenses FY2023	61.0 million	⁷
2023-12-19	FY2023	Cash and cash equivalents and restricted cash	299.6 million	⁷
2023-12-19	FY2023	Calgary solid oxide production capacity expected FY2024	10 MW SOFC or 40 MW SOEC per year	⁷
2023-12-19	FY2023	Calgary solid oxide production capacity current	1 MW SOFC or 4 MW SOEC per year	⁷
2023-12-19	FY2023	Calgary manufacturing facility expected capacity	40 MW per year	⁷
2023-12-19	FY2023	Calgary manufacturing facility current capacity	4 MW per year	⁷
2023-12-19	FY2023	Advanced Technologies contract backlog	15.3 million	⁷
2023-12-19	2023-Q4	unrestricted cash and cash equivalents	$250.0 million	⁸
2023-12-19	2023-Q4	Short-term investments (U.S. Treasury Securities)	$103.8 million	⁸
2023-12-19	2023-Q4	restricted cash and cash equivalents	$49.6 million	⁸
2023-12-19	2023-Q4	Portfolio of generation assets	over 60 MW	⁸
2023-12-19	2023-Q4	Backlog	$1.028 billion	⁸
2023-12-19	2023-Q4	Annualized production rate (Carbonate Platform)	32.7 MW	⁸
2023-09-11	2023-Q3	Unrestricted cash and equivalents	$303.7 million	⁵
2023-09-11	2023-Q3	unrestricted cash and cash equivalents	$303.7 million	⁵
2023-09-11	2023-Q3	Unrestricted Cash and Cash Equivalents	303.7 (USD in thousands)	⁶
2023-09-11	2023-Q3	U.S. Treasury Securities Weighted Average Yield to Maturity	5.09%	⁵
2023-09-11	2023-Q3	U.S. Treasury Securities carrying value	$77.4 million	⁵
2023-09-11	2023-Q3	Total space leased in Calgary	approximately 80,000 square feet	⁵
2023-09-11	2023-Q3	Total net proceeds to Company	$46.1 million	⁵
2023-09-11	2023-Q3	Total backlog	$1.06 billion	⁵
2023-09-11	2023-Q3	Torrington Facility Maximum Annualized Capacity	100 MW per year	⁵
2023-09-11	2023-Q3	Torrington facility eventual production capacity	up to 200 MW per year	⁵
2023-09-11	2023-Q3	Term Loan principal amount	$80.5 million	⁵
2023-09-11	2023-Q3	Short-term investments (U.S. Treasury Securities)	$77.4 million	⁵
2023-09-11	2023-Q3	Shares reserved for issuance	54,655,306 shares	⁵
2023-09-11	2023-Q3	Shares available for issuance	55,295,919 shares	⁵
2023-09-11	2023-Q3	Service agreements backlog	$136.6 million	⁵
2023-09-11	2023-Q3	Service Backlog	136.6 (USD in thousands)	⁶
2023-09-11	2023-Q3	restricted cash and cash equivalents	$32.7 million	⁵
2023-09-11	2023-Q3	RNG pricing sensitivity impact	$2.0 million per $10/MMBtu increase	⁵
2023-09-11	2023-Q3	Purchase of U.S. Treasury Securities (nine months ended July 31, 2023)	$195.8 million	⁵
2023-09-11	2023-Q3	Projects in Development	19.4 MW	⁵
2023-09-11	2023-Q3	Project asset expenditures (nine months ended July 31, 2023)	$35.4 million	⁵
2023-09-11	2023-Q3	Project asset expenditures (nine months ended July 31, 2022)	$23.7 million	⁵
2023-09-11	2023-Q3	Proceeds from debt (nine months ended July 31, 2023)	$80.5 million	⁵
2023-09-11	2023-Q3	Potential total annualized SOEC manufacturing capacity	up to 80 MW per year	⁵
2023-09-11	2023-Q3	Potential additional SOEC manufacturing capacity at Calgary	up to an additional 40 MW per year	⁵
2023-09-11	2023-Q3	Payments of debt issuance costs (nine months ended July 31, 2023)	$2.9 million	⁵
2023-09-11	2023-Q3	Payments for preferred dividends and distribution to noncontrolling interest (nine months ended July 31, 2023)	$2.8 million	⁵
2023-09-11	2023-Q3	Payments for preferred dividends and distribution to noncontrolling interest (nine months ended July 31, 2022)	$2.6 million	⁵
2023-09-11	2023-Q3	outstanding letters of credit	$7.3 million	⁵
2023-09-11	2023-Q3	Net proceeds from sales of common stock (nine months ended July 31, 2023)	$85.9 million	⁵
2023-09-11	2023-Q3	Net proceeds from sales of common stock (nine months ended July 31, 2022)	$145.4 million	⁵
2023-09-11	2023-Q3	Net proceeds distributed to Parent	$34.9 million	⁵
2023-09-11	2023-Q3	Net interest rate (thereafter, new facility)	6.866%	⁵
2023-09-11	2023-Q3	Net interest rate (first four years, new facility)	6.366%	⁵
2023-09-11	2023-Q3	Net debt project assets	$94.9 million	⁵
2023-09-11	2023-Q3	Net contributions received from sale of noncontrolling interest in LIPA Yaphank Project (nine months ended July 31, 2022)	$11.9 million	⁵
2023-09-11	2023-Q3	Natural gas price sensitivity impact	$200,000 per $1/MMBtu increase	⁵
2023-09-11	2023-Q3	Letter of credit facility amount	$6.5 million	⁵
2023-09-11	2023-Q3	Interest rate swap fixed rate (new facility)	3.716%	⁵
2023-09-11	2023-Q3	Green Bank Loan balance as of July 31, 2023	$3.0 million	⁵
2023-09-11	2023-Q3	Generation operating portfolio capacity	43.7 MW	⁵
2023-09-11	2023-Q3	Generation backlog	$915.1 million	⁵
2023-09-11	2023-Q3	Generation Operating Portfolio	43.7 MW	⁵
2023-09-11	2023-Q3	Generation Backlog	915.1	⁶
2023-09-11	2023-Q3	Funds received from maturity of U.S. Treasury Securities (nine months ended July 31, 2023)	$120.9 million	⁵
2023-09-11	2023-Q3	Depreciation and amortization of project assets (three months ended July 31, 2023)	$5.4 million	⁵
2023-09-11	2023-Q3	Depreciation and amortization of project assets (three months ended July 31, 2022)	$4.1 million	⁵
2023-09-11	2023-Q3	Depreciation and amortization of project assets (nine months ended July 31, 2023)	$14.9 million	⁵
2023-09-11	2023-Q3	Depreciation and amortization of project assets (nine months ended July 31, 2022)	$11.8 million	⁵
2023-09-11	2023-Q3	Depreciation and amortization (three months ended July 31, 2023)	$6.6 million	⁵
2023-09-11	2023-Q3	Depreciation and amortization (three months ended July 31, 2022)	$5.3 million	⁵
2023-09-11	2023-Q3	Depreciation and amortization (nine months ended July 31, 2023)	$18.7 million	⁵
2023-09-11	2023-Q3	Depreciation and amortization (nine months ended July 31, 2022)	$16.4 million	⁵
2023-09-11	2023-Q3	Debt repayments (nine months ended July 31, 2023)	$42.2 million	⁵
2023-09-11	2023-Q3	Debt repayments (nine months ended July 31, 2022)	$7.2 million	⁵
2023-09-11	2023-Q3	Connecticut State Loan term	15 years	⁵
2023-09-11	2023-Q3	Connecticut State Loan principal	$10.0 million	⁵
2023-09-11	2023-Q3	Connecticut State Loan interest rate	2.0%	⁵
2023-09-11	2023-Q3	Company-funded research and development expenses (nine months ended July 31, 2023)	$43.0 million	⁵
2023-09-11	2023-Q3	Cash and cash equivalents and restricted cash	$336.4 million	⁵
2023-09-11	2023-Q3	Cash and Short-term Investments	413.9 (USD in thousands)	⁶
2023-09-11	2023-Q3	Capital expenditures reserve required	$29.0 million	⁵
2023-09-11	2023-Q3	Capital expenditures reserve funded from closing	$14.5 million	⁵
2023-09-11	2023-Q3	Capital expenditures (nine months ended July 31, 2023)	$28.0 million	⁵
2023-09-11	2023-Q3	Capital expenditures (nine months ended July 31, 2022)	$15.8 million	⁵
2023-09-11	2023-Q3	Calgary facility capacity expansion (current to planned)	4 MW to 10 MW per year (SOFC) or 4 MW to 40 MW per year (SOEC)	⁵
2023-09-11	2023-Q3	Backlog	1,063.3 (USD in thousands)	⁶
2023-09-11	2023-Q3	Authorized shares of common stock	500,000,000 shares	⁵
2023-09-11	2023-Q3	Advanced Technologies contract backlog	$11.6 million	⁵
2023-09-11	2023-Q3	Advanced Technologies contract backlog	$11.6 million	⁵
2023-09-11	2023-Q3	Advanced Technologies Backlog	11.6 (USD in thousands)	⁶
2023-09-11	2023-Q3	Additional space leased in Calgary	approximately 48,000 square feet	⁵
2023-06-08	2023-Q2	Unrestricted cash	246.8 million	³
2023-06-08	2023-Q2	Total backlog	1.02 billion	³
2023-06-08	2023-Q2	Short-term investments treasury	76.4 million	³
2023-06-08	2023-Q2	Service agreements backlog	73.7 million	³
2023-06-08	2023-Q2	Product backlog	26 thousand	³
2023-06-08	2023-Q2	Operating MW capacity	43.7 MW	³
2023-06-08	2023-Q2	MW in process	19.4 MW	³
2023-06-08	2023-Q2	Generation Backlog	926.0 million	³
2023-06-08	2023-Q2	Advanced technologies backlog	22.6 million	³
2023-06-08	2023-Q2	unrestricted cash and cash equivalents	$246.8 million	³
2023-06-08	2023-Q2	Unrestricted cash	246.8 million	⁴
2023-06-08	2023-Q2	U.S. Treasury Securities carrying value	$76.4 million	³
2023-06-08	2023-Q2	Toyota project expensed costs	$11.6 million	³
2023-06-08	2023-Q2	Total project assets	$237.2 million	³
2023-06-08	2023-Q2	restricted cash and cash equivalents	$30.2 million	³
2023-06-08	2023-Q2	Projects under development and construction	19.4 MW	³
2023-06-08	2023-Q2	pledged cash and cash equivalents for performance security	$30.2 million	³
2023-06-08	2023-Q2	outstanding letters of credit	$9.1 million	³
2023-06-08	2023-Q2	Operating project assets revenue	$18.0 million	³
2023-06-08	2023-Q2	Operating project assets	43.7 MW	³
2023-06-08	2023-Q2	D&A (three months ended April 30, 2023)	$6.6 million	³
2023-06-08	2023-Q2	D&A (three months ended April 30, 2022)	$5.3 million	³
2023-06-08	2023-Q2	D&A (six months ended April 30, 2023)	$12.0 million	³
2023-06-08	2023-Q2	D&A (six months ended April 30, 2022)	$11.1 million	³
2023-06-08	2023-Q2	Company-funded R&D expenses	$27.4 million	³
2023-06-08	2023-Q2	Cash and short-term investments	353.5 million	⁴
2023-06-08	2023-Q2	Cash and cash equivalents and restricted cash	$277.1 million	³
2023-06-08	2023-Q2	Capitalized project asset expenditures	$19.8 million	³
2023-06-08	2023-Q2	Backlog	1,022,296 (USD in thousands)	⁴
2023-06-08	2023-Q2	Advanced Technologies contract backlog	$22.6 million	³
2023-03-09	2023-Q1	unrestricted cash and cash equivalents	315.2 million	¹
2023-03-09	2023-Q1	unrestricted cash and cash equivalents	315.2 million	²
2023-03-09	2023-Q1	Total project assets	229.9 million	¹
2023-03-09	2023-Q1	Total backlog	1.06 billion	¹
2023-03-09	2023-Q1	Total Backlog	1,061,107 (USD in thousands)	²
2023-03-09	2023-Q1	Solid Oxide Platform planned additional U.S. capacity	400 MW	²
2023-03-09	2023-Q1	Solid Oxide Platform expected annualized electrolysis production capacity after Calgary expansion	40 MWs	²
2023-03-09	2023-Q1	Solid Oxide Platform Calgary facility expansion space	approximately 80,000 square feet	²
2023-03-09	2023-Q1	Short-term investments in U.S. Treasury Securities	75.7 million	¹
2023-03-09	2023-Q1	Short-term investments in U.S. Treasury Securities	75.7 million	²
2023-03-09	2023-Q1	Service agreements backlog	99.9 million	¹
2023-03-09	2023-Q1	restricted cash and cash equivalents	24.6 million	¹
2023-03-09	2023-Q1	restricted cash and cash equivalents	24.6 million	²
2023-03-09	2023-Q1	Projects in development capacity	19.4 MW	¹
2023-03-09	2023-Q1	outstanding letters of credit	5.0 million	¹
2023-03-09	2023-Q1	Operating power plants capacity	43.7 MW	¹
2023-03-09	2023-Q1	Net debt outstanding related to project assets	68.7 million	¹
2023-03-09	2023-Q1	Generation backlog	0.9 billion	¹
2023-03-09	2023-Q1	Cash, Restricted Cash and Short-Term Investments	415.4 million	²
2023-03-09	2023-Q1	Carbonate Platform planned annualized production rate for fiscal year 2023	45 MW	²
2023-03-09	2023-Q1	Carbonate Platform maximum annualized capacity	100 MW	²
2023-03-09	2023-Q1	Carbonate Platform eventual capacity with additional investment	200 MW	²
2023-03-09	2023-Q1	Carbonate Platform annualized production rate	38.2 MW	²
2023-03-09	2023-Q1	Backlog - Service	99,852 (USD in thousands)	²
2023-03-09	2023-Q1	Backlog - Product	0 (USD in thousands)	²
2023-03-09	2023-Q1	Backlog - Generation	934,484	²
2023-03-09	2023-Q1	Backlog - Advanced Technologies	26,771 (USD in thousands)	²
2023-03-09	2023-Q1	Advanced Technologies contract backlog	26.8 million	¹

▸ Earlier KPIs (+702)

Guidance Tracking (latest per metric/period · 8/14)#

All management forecasts (guidance) and their later outcome. Types: fiscal-year targets as well as quarterly/half-year targets; per metric and period the most recent statement applies, older versions can be expanded. The status is checked automatically against the actuals reported later: open (period still running), met, beaten, missed. For ranges (“X to Y”) reaching the range counts. Logged neutrally, no estimate of our own, no assessment.

Actuals: revenue in $m

For period	Guided on	Metric	Guided	Actual	Verdict	Direction	Source
FY2027	2026-06-08	Groton Project upgrade cost	20–30	–	pending	initiated	²⁸
FY2026	2026-06-08	Company-funded R&D expenses	30–35	–	pending	initiated	³⁰
FY2026	2026-06-08	Property, plant and equipment expenditures	20–30	–	pending	initiated	²⁸
2026-Q4	2026-09-02	EBITDA (adjusted)	positive	–	pending	initiated	³¹
FY2025	2025-09-09	Capex	15–20	–	–	confirmed	²²
FY2025	2025-09-09	Company-funded R&D expenses	35–40	–	–	confirmed	²²
FY2025	2024-12-19	Revenue	material improvement	158.2	–	raised	¹⁶
FY2025	2024-12-19	Operating costs	~15%	–	–	confirmed	¹⁶
FY2024	2024-09-05	Project asset expenditures	12–15	–	–	cut	¹³
FY2024	2024-09-05	Property, plant and equipment expenditures	45–60	–	–	cut	¹³
FY2024	2024-09-05	Company-funded R&D expenses	56–61	–	–	cut	¹³
FY2023	2023-06-08	Capex	60–90	–	–	confirmed	³
FY2023	2023-06-08	Research and development expenses	50–70	–	–	confirmed	³
FY2023	2023-06-08	Remaining investment in project assets	45–65	–	–	confirmed	³

Development#

A condensed summary per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. Most recent period first, grouped by year; each text is written from the original report of that period, superscript numbers lead to the source.

FY2026

FuelCell Energy recorded total revenue of $99.1 million across the first three quarters of fiscal year 2026 (November 2025 through July 2026), compared with approximately $103.1 million in the equivalent prior-year period, as strong Q1 growth driven by GGE and CGN Platform module deliveries was followed by a 29% year-over-year revenue decline in Q3 as GGE module shipments moderated (²⁶, ³⁰). Operating losses across the nine-month period were materially influenced by a $42.6 million non-cash impairment charge in Q2, recorded after performance issues with SureSource 4000 fuel cells at the Groton Project led the company to elect an upgrade to standard 2.5 MW power blocks at an estimated cost of $20 to $30 million, with completion expected in fiscal year 2027 (²⁸). Unrestricted cash and cash equivalents rose to $658.1 million by July 31, 2026, from $278.1 million at the start of the fiscal year, supported by $453.6 million in net equity proceeds over nine months including a $245.5 million underwritten public offering completed in July 2026 (³⁰). In Q3, the company entered a Capital Equipment Purchase Agreement with Fit Energy USA LP for approximately $2.6 billion to supply up to 380 MW of carbonate fuel cell systems, increasing Committed Backlog 4.1% to $1.30 billion and generating a $2.4 billion Awarded Capacity Backlog for an optional additional 350 MW (³⁰, ³¹). The company also initiated guidance targeting positive Adjusted EBITDA in Q4 fiscal year 2027, contingent on conversion of the Awarded Capacity Backlog and continued execution of cost reduction initiatives (³¹).

FY2025

FuelCell Energy reported total revenues of $158.2 million in fiscal year 2025, a 41% increase from $112.1 million in fiscal 2024, driven primarily by a 169% surge in product revenues to $69.1 million, with $66.0 million recognized under the long-term service agreement with Gyeonggi Green Energy Co., Ltd. for delivery of 22 replacement fuel cell modules at its 58.8 MW facility in South Korea (²⁴). Gross margin improved to (16.7)% from (32.0)%, reflecting better cost absorption as production volumes increased at the Torrington manufacturing facility (²⁴). The company recorded a $65.8 million non-cash impairment charge related to prior investments in solid oxide technology, including goodwill, in-process research and development, property, plant and equipment, and inventory, and conducted two global restructuring actions in November 2024 and June 2025, reducing the global workforce by approximately 35% in aggregate (²⁴). Net loss attributable to common stockholders widened to $191.1 million ($7.42 per share) from $129.2 million, largely due to the impairment charges (²⁴). Unrestricted cash increased to $278.1 million from $148.1 million at fiscal year-start, supported by at-the-market equity issuances of approximately 25.6 million shares at an average price of $7.44 per share and a new $25.0 million EXIM financing closed in November 2025 (²⁴).

FY2024

FuelCell Energy's total revenues for fiscal year 2024 declined 9% to $112.1 million from $123.4 million in FY2023, as an 80% drop in Service agreements revenues to $10.0 million – driven by only 2 module exchanges versus 15 in the prior year – more than offset a 33% increase in Generation revenues to $50.0 million and a 54% rise in Advanced Technologies contract revenues to $26.5 million ¹⁷. The operating generation portfolio expanded from 43.7 MW to 62.8 MW as the Toyota Project, Derby 14.0 MW Project, and Derby 2.8 MW SCEF Project achieved commercial operations in Q1 2024 ⁹. Gross loss widened to $35.9 million with a negative 32.0% gross margin, and the operating loss increased to $158.5 million from $136.1 million in FY2023 ¹⁷. The Gyeonggi Green Energy long-term service agreement for 58.8 MW, valued at $159.6 million, drove total backlog 13.1% higher to $1.16 billion as of October 31, 2024 ¹⁶. In November 2024, the company announced a global restructuring with a 17% total workforce reduction, deferred the Calgary capacity expansion, and disclosed it would not meet previously provided aspirational revenue targets for FY2025 and FY2030 due to slower-than-expected hydrogen adoption and delayed commercialization timelines for SOEC, SOFC, and carbon capture products ¹⁶.

FY2023

FuelCell Energy reported total revenues of $123.4 million in fiscal year 2023, a 5% decline from $130.5 million in fiscal year 2022, as a 284% increase in service agreements revenues to $49.1 million from 15 new module exchanges -- primarily at Korea Southern Power Company facilities -- was more than offset by lower product revenues and a 20% decline in Advanced Technologies contract revenues ⁷. Gross margin improved to (8.5)% from (22.7)% in the prior fiscal year, driven by higher-margin service agreement activity, while the loss from operations narrowed to $136.1 million from $143.7 million ⁷. The net loss attributable to common stockholders decreased to $110.8 million from $145.9 million in fiscal year 2022, though adjusted EBITDA deteriorated to $(102.9) million from $(91.7) million in the prior year ⁸. Company-funded research and development expenses increased to $61.0 million from $34.5 million, reflecting accelerated investment in solid oxide platform commercialization and carbon capture technology development ⁷. Unrestricted cash ended the fiscal year at $250.0 million, with total cash and restricted cash declining from $481.0 million to $299.6 million, partly reflecting the purchase of U.S. Treasury Securities classified outside unrestricted cash ⁷.

Sources: official investor relations documents#

All original documents used, with type (e.g. quarterly, half-year, annual report), publication date and a direct link to the filing (EDINET/SEC/IR). Every superscript number in the report points to an entry in this list; so every figure can be traced back to its place in the original.

47 documents · 2016 – 2026 · SEC EDGAR (USA)

#	Document type	Published	Link
#1	10-Q	2023-03-09	Open
#2	8-K-EX99.1	2023-03-09	Open
#3	10-Q	2023-06-08	Open
#4	8-K-EX99.1	2023-06-08	Open
#5	10-Q	2023-09-11	Open
#6	8-K-EX99.1	2023-09-11	Open
#7	10-K	2023-12-19	Open
#8	8-K-EX99.1	2023-12-19	Open
#9	10-Q	2024-03-07	Open
#10	8-K-EX99.1	2024-03-07	Open
#11	10-Q	2024-06-10	Open
#12	8-K-EX99.1	2024-06-10	Open
#13	10-Q	2024-09-05	Open
#14	8-K-EX99.1	2024-09-05	Open
#15	8-K-EX99.1	2024-11-15	Open
#16	8-K-EX99.1	2024-12-19	Open
#17	10-K	2024-12-27	Open
#18	10-Q	2025-03-11	Open
#19	8-K-EX99.1	2025-03-11	Open
#20	10-Q	2025-06-06	Open
#21	8-K-EX99.1	2025-06-06	Open
#22	10-Q	2025-09-09	Open
#23	8-K-EX99.1	2025-09-09	Open
#24	10-K	2025-12-18	Open
#25	8-K-EX99.1	2025-12-18	Open
#26	10-Q	2026-03-09	Open
#27	8-K-EX99.1	2026-03-09	Open
#28	10-Q	2026-06-08	Open
#29	8-K-EX99.1	2026-06-08	Open
#30	10-Q	2026-09-02	Open
#31	8-K-EX99.1	2026-09-02	Open

▸ More rows (+16)

Older sources (+16)

#	Document type	Published	Link
#209	10-K	2016-03-10	Open
#208	10-Q	2016-06-09	Open
#211	10-K	2017-01-12	Open
#210	10-Q	2017-06-08	Open
#213	10-K	2018-01-11	Open
#212	10-Q	2018-06-07	Open
#215	10-K	2019-01-10	Open
#214	10-Q	2019-06-17	Open
#203	10-K	2020-01-22	Open
#216	10-Q	2020-03-16	Open
#201	10-Q	2020-06-12	Open
#202	10-Q	2020-09-10	Open
#207	10-K	2021-01-21	Open
#204	10-Q	2021-03-16	Open
#205	10-Q	2021-06-10	Open
#206	10-Q	2021-09-14	Open

▸ More rows (+1)

FAQ#

Is there a management forecast (guidance) for FY2027?

Yes. Management has issued targets for FY2027, including Groton Project upgrade cost. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.

Does FuelCell Energy, Inc. pay a dividend?

The filings report on the dividend; most recent entry: dividends paid $2.8 million (2023-Q3) (as reported, no assessment of our own). Details with source links are in the report chapters.

Where can I find the official investor relations documents of FuelCell Energy, Inc.?

The sources chapter links all 47 original filings used (SEC filings) with type, publication date and a direct link; every figure in the report carries a source number.

More reports#

Same sector and country

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FuelCell Energy, Inc. FCEL

Business Model#

Current Status#

Price & Chart#

Share-Price Drivers#

Event Timeline#

2026-Q3 · May – Jul 2026

2026-Q2 · Feb – Apr 2026

2026-Q1 · Nov 2025 – Jan 2026

2025-Q4 · Aug – Oct 2025

2025-Q3 · May – Jul 2025

2025-Q2 · Feb – Apr 2025

2025-Q1 · Nov 2024 – Jan 2025

2024-Q4 · Aug – Oct 2024

2024-Q3 · May – Jul 2024

2024-Q2 · Feb – Apr 2024

2024-Q1 · Nov 2023 – Jan 2024

2023-Q4 · Aug – Oct 2023

2023-Q3 · May – Jul 2023

2023-Q2 · Feb – Apr 2023

2023-Q1 · Nov 2022 – Jan 2023

Key Figures ($m)#

Fiscal years

Quarters

Balance Sheet & Cash Flow ($m)#

Fiscal years

Quarters

Revenue by Type (as of 2026-Q3 · USDm · 7/7)#

Products & M&A (42/122 active+recent)#

M&A (45)#

Acquisitions

Divestitures / exits

Terminated / withdrawn

Reported KPIs (as disclosed) (717)#

Guidance Tracking (latest per metric/period · 8/14)#

Development#

Sources: official investor relations documents#

FAQ#

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