FuelCell Energy Stock FCEL
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. FuelCell Energy stock (FCEL): Quarterly and annual results since 2023 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 09/2026, quarterly reporting. Stock analysis by NadirAlpha. FuelCell Energy stock (FCEL): listed on Nasdaq. NadirAlpha has evaluated 47 original documents, cross-checked every figure automatically and linked each to its source; sources as of 09/2026. Revenue Q3 FY2026 (May to Jul 2026): USD 33 million (-29% year on year). Latest reported (Q3 FY2026 (May to Jul 2026)): Annualized production rate, sales pipeline, Torrington facility expansion target. Latest reading: Revenue decelerating, Net cash build, Guidance initiated, Partnership, New market.
Revenue decelerating Net cash build Guidance initiated strategy: Partnership strategy: New market
The new quarter, monitored by AI. · NadirAlpha follows every stock through its original filings: the latest figures against their history, guidance against actuals; neutral, continuously updated, every figure clickable with its source.
AI-generated report · not investment advice · figures extracted automatically; please verify against the linked original more
AI-generatedCreated with AI assistance from the company's linked original filings (transparency per Art. 50 EU AI Act). More about the tool: Claude Code.
Not investment adviceNeutral financial information, no recommendation, no investment research within the meaning of MiFID II.
Verify yourselfFigures are extracted automatically, errors are possible. Every figure is clickable with its source; the issuer's original documents are always authoritative.
EditorialThe texts (business model, current status, development and others) are written AI-editorially from the original reports alone, cross-checked automatically and backed with sources; the company's own account, no assessment of our own. Methodology
AI research · This page works as a source-backed data basis for further research with AI assistants such as Claude; every figure remains verifiable via the source links.
FuelCell Energy Current Status
Where FuelCell Energy stands after the report for Q3 FY2026: what changed in revenue, earnings and outlook, written editorially from the original report. NadirAlpha methodology
Assessment by NadirAlpha, as of Q3 FY2026 (May to Jul 2026).
FuelCell Energy reported revenue of 33 million for the third fiscal quarter of 2026, down 29% from the prior-year period, driven by lower delivery and commissioning of fuel cell modules for the GGE Platform 30. Diluted EPS was -0.64 for the quarter, and unrestricted cash and cash equivalents reached 658.1 million as of July 31, 2026, supported by an underwritten public offering in July that generated net proceeds of approximately $245.5 million 30 31. Committed Backlog stood at $1.30 billion as of July 31, 2026, and the company reported an Awarded Capacity Backlog of $2.4 billion related to Fit Energy's options for up to an additional 350 MW of capacity 31. The quarter included execution of a $2.6 billion Capital Equipment Purchase Agreement with Fit Energy USA LP for up to 380 MW of carbonate fuel cell systems and signing of a first Capacity Reservation Agreement with a major data center operator for a planned 75 MW project in Texas 30 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 $3.6 billion reflects increasing customer demand for reliable, scalable infrastructure that reduces dependence on constrained transmission systems, simplifies permitting, and enables AI driven compute to be deployed faster.”
“Demand for electricity is accelerating, driven by AI, data centers, and the broader electrification of the economy. With a growing commercial pipeline, expanding manufacturing capacity, and differentiated technology, we believe FuelCell Energy is well positioned to capitalize on these long-term market tailwinds.”
Revenue · 2026-Q333$ million−29.3 % vs. 2025-Q3
Net profit · 2026-Q3-44$ million+51.5 % vs. 2025-Q3
EPS · 2026-Q3-0.64$+66.1 % vs. 2025-Q3
Revenue trend
Guidance
For FY2026, FuelCell Energy guides Company-funded R&D expenses 30 to 35 $ million (confirmed); Property, plant and equipment expenditures 20 to 30 $ million (initiated). 30 For 2026-Q4, FuelCell Energy guides EBITDA (adjusted) positive (initiated). 31
ProfitabilityGross loss widened to $(24.5) million in Q3 2026 from $(5.1) million in Q3 2025, including approximately $4.0 million in inventory write-downs to net realizable value and $13.0 million in losses on firm purchase commitments related to Phase 0 of the CEPA with Fit Energy 30. Operating loss was 46.7 million, an improvement from 95.4 million in the prior-year quarter, which had included significant impairment and restructuring charges not repeated in Q3 2026 30. Net loss was 44.5 million for the quarter, with free cash flow of -13.5 million 31.
LeverageAs of July 31, 2026, FuelCell held a net cash position of 504.5 million (cash exceeding total debt obligations); cash, cash equivalents, restricted cash and restricted cash equivalents combined totaled $737.3 million 31. Operating cash outflow for Q3 2026 was 12.2 million 30. The 2026 EXIM Financing, closed during the quarter, requires the company to maintain a minimum unrestricted cash balance of $65.0 million, with potential reduction to $15.0 million upon satisfying specified debt service coverage and leverage conditions 30.
Management viewFuelCell Energy targets positive Adjusted EBITDA results in Q4 fiscal 2027, subject to conversion of Awarded Capacity Backlog and continued execution of cost reduction initiatives 31. Manufacturing capacity expansion at the Torrington, Connecticut facility is underway, targeting an annualized production rate of 500 MW by June 2028, with estimated investment of $200.0 to $275.0 million 30. FuelCell Energy's sales pipeline for fiscal year 2026 grew to approximately 10 GW, reflecting broad commercial interest in carbonate fuel cell technology 31.
ChangeGeneration revenues declined to $8.8 million in Q3 2026 from $12.4 million in Q3 2025, with the Groton Project (7.4 MW) contributing no operating revenue while undergoing an equipment upgrade 30. Impairment expense of $42.6 million was recorded during the nine months ended July 31, 2026 related to the Groton Project equipment upgrade, with estimated remaining investment of $20.0 to $30.0 million expected to be completed in fiscal 2027 30. FuelCell Energy had previously reduced its workforce by approximately 39% in aggregate through successive measures between September 2024 and June 2025 as part of cost-saving efforts 30.
Risks (current)Product costs currently exceed CEPA pricing at the company's present production volume of 37.1 MW, creating a cost-recovery gap expected to narrow as manufacturing scale increases 31. The Groton Project's extended downtime has eliminated operating revenues from that asset and resulted in potential debt service coverage ratio covenant defaults under its back-leverage financing, for which waivers have been obtained from lenders 30. FuelCell Energy faces an estimated $2.1 million repayment obligation related to a Connecticut state loan for failure to meet employment requirements, and the solid oxide electrolysis platform's commercialization timeline remains uncertain and dependent on partners for deployment 30.
New this reporting periodDuring Q3 2026, FuelCell delivered its first two industrial-scale carbon capture modules to ExxonMobil Technology and Engineering Company in Rotterdam, Netherlands, marking the first demonstration of the jointly developed carbon capture technology at commercial scale 31. FuelCell Energy completed repowering of the Gyeonggi Green Energy fuel cell park in South Korea with delivery of six additional fuel cell modules, bringing total deliveries to 42 modules since 2024 31. FuelCell also signed an MOU with Siemens for design and supply of electrical balance of plant systems to support faster and lower-cost deployment of commercial fuel cell projects exceeding 100 MW 31.
FuelCell Energy Stock: Key Figures ($ million)
Revenue, margin, earnings and EPS of FuelCell Energy per fiscal year, half-year and quarter in $ million, as of Q3 FY2026, as reported in the filing; restatements show the most recent filing version. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Revenue ($ million) · annual basis, as reported
Net income ($ million) · annual basis, as reported
EPS ($) · annual basis, as reported
Operating cash flow ($ million) · annual basis, as reported
Revenue ($ million) · quarterly basis, as reported
Net income ($ million) · quarterly basis, as reported
EPS ($) · quarterly basis, as reported
Operating cash flow ($ million) · quarterly basis, as reported
Cash ($ million) · annual basis, as reported
Debt ($ million) · annual basis, as reported
Net Debt ($ million) · annual basis, as reported
Capex ($ million) · annual basis, as reported
FCF ($ million) · annual basis, as reported
D&A ($ million) · annual basis, as reported
Cash ($ million) · quarterly basis, as reported
Debt ($ million) · quarterly basis, as reported
Net Debt ($ million) · quarterly basis, as reported
Capex ($ million) · quarterly basis, as reported
FCF ($ million) · quarterly basis, as reported
D&A ($ million) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2016 is on record.
Fiscal years
Amounts in $ million · 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 $ million · 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 | 2024-11-15 | 49.3 | -41 | -41.4 | -1.28*≈ | – | -25.3 | -4.7 | 148.1 | -16.5 | 15 |
| 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 | -1.00*≈ | – | -26.5 | -50.3 | 158.8 | -30.9 | 11 |
| 2024-Q1* | Q4/2023–Q1/2024 | 2024-03-07 | 16.7 | -42.5 | -19.8 | -0.61*≈ | – | -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.) (not reported in any source for these periods).
FuelCell Energy Balance Sheet & Cash Flow ($ million)
NadirAlpha places cash, debt, operating cash flow and investments of FuelCell Energy side by side per period, balance sheet values as of the period end, flow items for the period. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
Fiscal years
Amounts in $ million · 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 $ million · 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.
FuelCell Energy Guidance Tracking (latest per metric/period · 8/14)
What FuelCell Energy guided for Q3 FY2026 and beyond and whether the targets were met; ranges count as met when the actual lies within. NadirAlpha methodology
Actuals: revenue in $m
Direction: confirmedcutinitiatedraised Verdict: pending
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| FY2027 | 2026-06-08 | Groton Project upgrade cost | 20–30 | – | 28 | ||
| FY2026 | 2026-06-08 | Company-funded R&D expenses | 30–35 | – | 30 | ||
| FY2026 | 2026-06-08 | Property, plant and equipment expenditures | 20–30 | – | 28 | ||
| 2026-Q4 | 2026-09-02 | EBITDA (adjusted) | positive | – | 31 | ||
| FY2025 | 2025-09-09 | Capex | 15–20 | – | – | 22 | |
| FY2025 | 2025-09-09 | Company-funded R&D expenses | 35–40 | – | – | 22 | |
| FY2025 | 2024-12-19 | Revenue | material improvement | 158.2 | – | 16 | |
| FY2025 | 2024-12-19 | Operating costs | ~15% | – | – | 16 | |
| FY2024 | 2024-09-05 | Project asset expenditures | 12–15 | – | – | 13 | |
| FY2024 | 2024-09-05 | Property, plant and equipment expenditures | 45–60 | – | – | 13 | |
| FY2024 | 2024-09-05 | Company-funded R&D expenses | 56–61 | – | – | 13 | |
| FY2023 | 2023-06-08 | Capex | 60–90 | – | – | 3 | |
| FY2023 | 2023-06-08 | Research and development expenses | 50–70 | – | – | 3 | |
| FY2023 | 2023-06-08 | Remaining investment in project assets | 45–65 | – | – | 3 |
FuelCell Energy Stock: Price & Chart
Interactive price chart of FuelCell Energy stock (TradingView) and the trend of key figures from the core tables; the chart loads only after a click and then connects to TradingView. NadirAlpha methodology
Daily candles with news and earnings markers. Loads only on click.
Advertisement · affiliate links; we may earn a commissionAffiliate partnerships help us keep these reports free and regularly updated.
FuelCell Energy Event Timeline
This timeline collects the material events of FuelCell Energy from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements, grouped by quarter. NadirAlpha methodology
Overview: one dot per event · click jumps to the period
2026 · 13 events
Guidance initiated 2026-09-02
Targeting positive Adjusted EBITDA in Q4 fiscal year 2027, subject to conversion of awarded capacity backlog and continued execution of cost reduction initiatives 31
Targeting positive Adjusted EBITDA in Q4 fiscal year 2027, subject to conversion of awarded capacity backlog and continued execution of cost reduction initiatives 31
Partnership 2026-09-02
Signed Capital Equipment Purchase Agreement with Fit Energy USA LP for approximately $2.6 billion covering up to 380 MW across four phases; Fit Energy's options on additional 350 MW added $2.4 billion to awarded capacity backlog 30, 31
Signed Capital Equipment Purchase Agreement with Fit Energy USA LP for approximately $2.6 billion covering up to 380 MW across four phases; Fit Energy's options on additional 350 MW added $2.4 billion to awarded capacity backlog 30, 31
New market 2026-09-02
Signed first Capacity Reservation Agreement with a major data center operator for a planned 75 MW project in Texas, including an upfront reservation payment 31
Signed first Capacity Reservation Agreement with a major data center operator for a planned 75 MW project in Texas, including an upfront reservation payment 31
Net cash build 2026-09-02
Net cash position expanded to USD 504.5 million from USD 239.0 million in 2026-Q2 (+111%, derived from reported financial debt minus cash). 30
Net cash position expanded to USD 504.5 million from USD 239.0 million in 2026-Q2 (+111%, derived from reported financial debt minus cash). 30
“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.”
Operational disruption 2026-06-08
Recorded $42.6 million non-cash impairment charge for Groton Project due to performance issues with SureSource 4000 fuel cells; project not operating as of April 30, 2026 pending equipment upgrade estimated to cost $20.0 to $30.0 million, expected completion in fiscal year 2027 28
Recorded $42.6 million non-cash impairment charge for Groton Project due to performance issues with SureSource 4000 fuel cells; project not operating as of April 30, 2026 pending equipment upgrade estimated to cost $20.0 to $30.0 million, expected completion in fiscal year 2027 28
Strategic pivot 2026-06-08
Initiated manufacturing capacity expansion at Torrington, CT facility targeting 500 MW annualized production rate, requiring an estimated $200 to $275 million investment over 24 months 28
Initiated manufacturing capacity expansion at Torrington, CT facility targeting 500 MW annualized production rate, requiring an estimated $200 to $275 million investment over 24 months 28
New market 2026-06-08
Announced standardized 12.5 MW FuelCell Energy Block for data center power; sales pipeline reached 4 gigawatts, described as a 267% increase from Q1 2026 29
Announced standardized 12.5 MW FuelCell Energy Block for data center power; sales pipeline reached 4 gigawatts, described as a 267% increase from Q1 2026 29
Segment divergence 2026-06-08
Product revenue grew +39.2% to USD 18.1 million in 2026-Q2 (51% of group revenue) while group revenue changed -4.8%. 29
Product revenue grew +39.2% to USD 18.1 million in 2026-Q2 (51% of group revenue) while group revenue changed -4.8%. 29
“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”
earnings 2026-03-09
Loss from operations improved to 26.3 million from $32.9 million in Q1 2025, primarily due to lower administrative, selling, and research and development expenses following restructuring actions 26
Loss from operations improved to 26.3 million from $32.9 million in Q1 2025, primarily due to lower administrative, selling, and research and development expenses following restructuring actions 26
Revenue accelerating 2026-03-09
Revenue increased 61% to 30.5 million from $19.0 million in Q1 2025, driven by product revenues from GGE and CGN platform module deliveries in South Korea rising to $12.0 million from $0.1 million 27
Revenue increased 61% to 30.5 million from $19.0 million in Q1 2025, driven by product revenues from GGE and CGN platform module deliveries in South Korea rising to $12.0 million from $0.1 million 27
Partnership 2026-03-09
Announced collaboration with Sustainable Development Capital LLP (SDCL) targeting up to 450 megawatts of identified projects 27
Announced collaboration with Sustainable Development Capital LLP (SDCL) targeting up to 450 megawatts of identified projects 27
2025 · 16 events
“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.”
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)
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)
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)
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)
Net cash build 2025-12-18
Net cash position expanded to USD 158.5 million from USD 51.6 million in 2025-Q3 (+207%, derived from reported financial debt minus cash). 24
Net cash position expanded to USD 158.5 million from USD 51.6 million in 2025-Q3 (+207%, derived from reported financial debt minus cash). 24
“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.”
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)
$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)
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)
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)
“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.”
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)
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)
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)
Dedicated Power Partners strategic partnership with Diversified Energy Co. and TESIAC Corp. formally launched to accelerate entry into data center power market (21)
“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.”
revenue 2025-03-11
Total revenue +14% to $19.0M from $16.7M; backlog grew 28% to $1.31B from $1.03B (18)
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)
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)
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 +USD 31.1 million vs 2024-Q4). 18
Net debt position flipped (-16.5 to +USD 31.1 million vs 2024-Q4). 18
2024 · 12 events
“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.”
“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.”
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
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
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
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
“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.”
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
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
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
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
“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.”
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
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 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
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
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
“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.”
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
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
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
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
“We remain fully focused on our central purpose of enabling a world empowered by clean energy by decarbonizing power and generating hydrogen.”
Revenue decelerating 2023-12-19
Q4 revenues decreased 43% to $22.5 million from $39.2 million, primarily due to lower product revenues 8
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
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
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
“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.”
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
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
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
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
“Commercially, we've seen a number of trends that drive our confidence in our strategy.”
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
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
Received order from ExxonMobil affiliate for fuel cell equipment and engineering support for carbon capture demonstration 4
“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.”
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
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
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
FuelCell Energy Business Model
The FuelCell Energy business model in brief: products, customers and revenue sources as the company itself describes them in its reports. NadirAlpha methodology
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. FuelCell Energy'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. FuelCell Energy's growth strategy is anchored on a $2.6 billion Capital Equipment Purchase Agreement with Fit Energy USA LP for up to 380 MW of generating capacity and the broader conversion of 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.
FuelCell Energy Stock: Share-Price Drivers
What determines the business trajectory of FuelCell Energy according to management, summarised from the reports up to Q3 FY2026. NadirAlpha methodology
Commercialisation of new fuel-cell projects and product deliveries while operating losses and cash burn persist
Product revenues reached USD 69.1 million in FY2025 (up 169%, margin 19.9%), 24, yet the operating result was still a loss of 46.7 million in 2026-Q3, 31, so the pace of project wins against a deep loss position drives the equity story.
Product revenues reached USD 69.1 million in FY2025 (up 169%, margin 19.9%), 24, yet the operating result was still a loss of 46.7 million in 2026-Q3, 31, so the pace of project wins against a deep loss position drives the equity story.
Product revenue and delivery ramp
Product revenues rose to USD 69.1 million in FY2025 (up 169%, margin 19.9%), 24; quarterly revenue was 33 million in 2026-Q3, 31.
Product revenues rose to USD 69.1 million in FY2025 (up 169%, margin 19.9%), 24; quarterly revenue was 33 million in 2026-Q3, 31.
Service agreements base
Service agreements revenues were USD 20.4 million in FY2025 (up 105%, margin 11.0%), 24; supported by long-term service agreements such as the Gyeonggi Green Energy 58.8 MW LTSA, 23.
Service agreements revenues were USD 20.4 million in FY2025 (up 105%, margin 11.0%), 24; supported by long-term service agreements such as the Gyeonggi Green Energy 58.8 MW LTSA, 23.
Advanced Technologies and carbon capture traction
Advanced Technologies contract revenues were USD 20.6 million in FY2025 (up 22%, margin 26.7%), 24; ExxonMobil carbon capture module deployment launched in Q3 2026, 31.
Advanced Technologies contract revenues were USD 20.6 million in FY2025 (up 22%, margin 26.7%), 24; ExxonMobil carbon capture module deployment launched in Q3 2026, 31.
Large-scale project pipeline and partnerships
Phase 0 delivery to Fit Energy (30 MW) planned for Q4 2026, Siemens MOU for electrical balance-of-plant systems and Torrington facility expansion to 500 MW, 31; Gyeonggi Green Energy fuel cell park repowering completed in Q3 2026, 31.
Phase 0 delivery to Fit Energy (30 MW) planned for Q4 2026, Siemens MOU for electrical balance-of-plant systems and Torrington facility expansion to 500 MW, 31; Gyeonggi Green Energy fuel cell park repowering completed in Q3 2026, 31.
Manufacturing scale-up
Achievement of a 100 MW annualized production rate reported for October 2026, 31.
Achievement of a 100 MW annualized production rate reported for October 2026, 31.
Operating losses and cash burn
Operating loss of 46.7 million and free cash outflow of 13.5 million in 2026-Q3, 31; profitability flagged as negative.
Operating loss of 46.7 million and free cash outflow of 13.5 million in 2026-Q3, 31; profitability flagged as negative.
Liquidity position
Cash of 658.1 million at 2026-Q3, higher than 373.2 million at 2026-Q2, 31.
Cash of 658.1 million at 2026-Q3, higher than 373.2 million at 2026-Q2, 31.
Forward guidance
Guidance was initiated, with several projects such as the Hartford 7.4 MW system expected December 2026, 20, and Torrington 500 MW expansion targeted for June 2028, 31.
Guidance was initiated, with several projects such as the Hartford 7.4 MW system expected December 2026, 20, and Torrington 500 MW expansion targeted for June 2028, 31.
Sector trend: Fuel-cell demand is broadening across power generation, distributed power, carbon capture and electrolysis, with segment revenues and margins moving higher in FY2025 (Product margin 19.9%, Advanced Technologies margin 26.7%), 24. Sector-wide profitability remains negative as companies scale manufacturing, with FuelCell still reporting operating losses in 2026-Q3, 31.
FuelCell Energy Revenue by Type (as of 2026-Q3 · USD million · 7/7)
The segments of FuelCell Energy in the company's own definition, each row with its basis (3, 6 or 12 months), rows in grey are no longer reported separately. NadirAlpha methodology
| Segment | Since | Revenue | Growth | Margin | Source |
|---|---|---|---|---|---|
| Period 2026-Q1 (3M) | |||||
| Product | 2022-Q4 | 12 | – | – | 27 |
| Generation | 2022-Q4 | 11 | – | – | 27 |
| Advanced Technologies | 2022-Q4 | 4.3 | – | – | 27 |
| Service | 2022-Q4 | 3.2 | – | – | 27 |
| Period FY2025 (12M) | |||||
| Product revenues | FY2023 | 69.1 | 169% | 19.9% | 24 |
| Advanced Technologies contract revenues | FY2023 | 20.6 | 22% | 26.7% | 24 |
| Service agreements revenues | FY2023 | 20.4 | 105% | 11% | 24 |
FuelCell Energy Products & announcements (39/119 active+recent)
Product announcements of FuelCell Energy from the reports: market launches, approvals, partnerships, with first mention and source; discontinued products are shown in grey. NadirAlpha methodology
Status: PlannedLaunchedStable
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 2027 | |||
| UConn Project commercial operations expected | 2027-12 | 30 | |
| UConn Project - 1.125 MW molten carbonate fuel cell system | 2027-12 | 28 | |
| UConn 1.125 MW Project | 2027-12 | 26 | |
| Hartford Project - 7.4 MW fuel cell system | 2027-12 | 28 | |
| Hart Project commercial operations expected | 2027-12 | 30 | |
| Groton Project Equipment Upgrade - SureSource 4000 to standard 2.5 MW power blocks | 2027-12 | 28 | |
| Hartford 7.4 MW Project | 2027-09 | 26 | |
| Groton Project equipment upgrade | 2027 | 30 | |
| 2026 | |||
| Phase 0 of CEPA with Fit Energy - 30 MW generating capacity | 2026-12 | 30 | |
| Phase 0 delivery to Fit Energy (30 MW) | 2026-12 | 31 | |
| Hartford Project 7.4 MW carbonate fuel cell system | 2026-12 | 20 | |
| Achievement of 100 MW annualized production rate | 2026-10 | 31 | |
| Solid oxide electrolysis platform demonstration | 2026-09 | 30 | |
| Gyeonggi Green Energy fuel cell park repowering completion | 2026-09 | 31 | |
| Torrington facility expansion to 500 MW (4x) | 2026-06 | 31 | |
| Standardized 12.5 MW FuelCell Energy Block | 2026-06 | 29 | |
| Solid Oxide Electrolysis Platform Demonstration at INL | 2026-03 | 26 | |
| Gyeonggi Green Energy 58.8 MW fuel cell power plant platform commissioning | 2026 | 22 | |
| Generation 2 Technology fuel cell module commercialization | 2026 | 17 | |
| Esso Rotterdam refinery pilot carbon capture project | 2026 | 24 | |
| 2025 | |||
| Remaining 16 1.4-MW replacement fuel cell modules for GGE Agreement expected to be commissioned in FY2026 (2x) | 2025-06 | 21 | |
| 7.4 MW fuel cell power plant in Hartford, CT | 2025-06 | 21 | |
| Korea repowering project module replacements | 2025-04 | 21 | |
| Solid oxide electrolysis cell demonstration unit delivered to U.S. Department of Energy Idaho National Laboratory | 2025-03 | 19 | |
| 7.4 MW Hartford, CT fuel cell power plant | 2025-03 | 19 | |
| Eversource/United Illuminating Hartford 7.4 MW fuel cell power plant | 2025-01 | 22 | |
| University of Connecticut four 250 kW solid oxide systems | 2025 | 13 | |
| University of Connecticut 1 MW Solid Oxide Fuel Cell | 2025 | 11 | |
| Trinity College solid oxide fuel cell project | 2025 | 13 | |
| Toyota Motor North America Tri-gen system hydrogen generation project | 2025 | 24 | |
| Solid oxide electrolyzer demonstration at Idaho National Laboratory | 2025 | 15 | |
| Solid oxide electrolysis system demonstration at Idaho National Laboratory | 2025 | 20 | |
| Solid oxide electrolysis pilot program - 150 kg/day system at Idaho National Laboratory | 2025 | 17 | |
| Solid oxide electrolysis field demonstration at Idaho National Laboratory | 2025 | 24 | |
| Malaysia Marine and Heavy Engineering collaboration for low-carbon fuel production facility | 2025 | 24 | |
| Idaho National Laboratory Electrolysis Platform | 2025 | 13 | |
| Calgary manufacturing capacity expansion | 2025 | 13 | |
| 2024 | |||
| Trinity College 250 kW Solid Oxide Fuel Cell | 2024-07 | 11 | |
| 2023 | |||
| ExxonMobil Carbon Capture Demonstration (3x) | 2023-06 | 31 | |
| 2024 | |||
| Trinity College 250 kW Solid Oxide Fuel Cell Power Generation System | 2024-12 | 9 | |
| Carbon capture technology demonstration at Port of Rotterdam | 2024-12 | 15 | |
| Solid oxide fuel cell platform development | 2024-09 | 14 | |
| Rotterdam project supplies via Esso Nederland B.V. | 2024-09 | 14 | |
| Electrolysis platform development | 2024-09 | 14 | |
| Calgary Solid Oxide Manufacturing Expansion | 2024-06 | 3 | |
| University of Connecticut SOFC installation | 2024-03 | 10 | |
| UConn 1 MW solid oxide fuel cell power generation projects modification | 2024-03 | 22 | |
| U.S. Department of State solid oxide electrolysis project in Ukraine | 2024-03 | 10 | |
| Toyota and Derby generation projects | 2024-03 | 16 | |
| Toyota Project commercial operation | 2024-03 | 18 | |
| Toyota Project | 2024-03 | 13 | |
| Toyota Long Beach Project | 2024-03 | 17 | |
| Solid oxide electrolysis platform delivery to Idaho National Laboratory | 2024-03 | 8 | |
| SCEF Derby 2.8 MW Project | 2024-03 | 17 | |
| Groton Project reached design rated output of 7.4 MW | 2024-03 | 17 | |
| Groton Project rated capacity achievement | 2024-03 | 13 | |
| University of Connecticut (UConn) 1 MW SOFC Project (four 250 kW units) | 2024 | 17 | |
| Trinity College solid oxide fuel cell system installation | 2024 | 7 | |
| Trinity College 250 kW SOFC Project | 2024 | 17 | |
| Solid oxide manufacturing capacity expansion to 40 MW in Calgary | 2024 | 7 | |
| Idaho National Laboratory Solid Oxide Electrolysis Platform | 2024 | 9 | |
| Derby, Connecticut projects | 2024 | 10 | |
| Delivery of distributed power platform to Trinity College | 2024 | 7 | |
| Delivery of SOEC electrolysis platform to Idaho National Laboratory | 2024 | 7 | |
| Completion and delivery of other two SOEC production units | 2024 | 7 | |
| Calgary facility solid oxide production capacity expansion | 2024 | 7 | |
| Additional on-site fuel cell demonstration and test unit construction in Torrington | 2024 | 7 | |
| 2023 | |||
| Rotterdam Pilot Plant Project | 2023-12 | 7 | |
| INL electrolysis platform delivery | 2023-12 | 5 | |
| Groton Project Technical Improvement Plan | 2023-12 | 11 | |
| ExxonMobil pilot plant for carbon capture in Rotterdam | 2023-12 | 8 | |
| Derby, Connecticut fuel cell park (14.0 MW) | 2023-12 | 8 | |
| Derby, Connecticut 2.8 MW fuel cell project | 2023-12 | 8 | |
| Derby Projects commercial operation | 2023-12 | 18 | |
| Derby Fuel Cell Projects (14.0 MW and 2.8 MW) | 2023-12 | 13 | |
| Derby Connecticut 2.8 MW Project | 2023-12 | 6 | |
| Derby Connecticut 14.0 MW Project | 2023-12 | 6 | |
| Derby Connecticut 14 MW Project | 2023-12 | 4 | |
| Derby CT 2.8 MW Project | 2023-12 | 3 | |
| Derby CT 14.0 MW Project | 2023-12 | 17 | |
| Derby 2.8 MW SCEF project commissioning | 2023-12 | 7 | |
| Derby 2.8 MW SCEF Fuel Cell Project | 2023-12 | 9 | |
| Derby 14.0 MW project placement in service | 2023-12 | 7 | |
| Derby 14.0 MW Fuel Cell Project | 2023-12 | 19 | |
| Derby 14 MW project with United Illuminating | 2023-12 | 2 | |
| 2.8 MW carbonate power generation project (California municipality) | 2023-12 | 8 | |
| 2.8 MW SCEF Fuel Cell Project | 2023-12 | 19 | |
| 1 MW solid oxide power generation project (Northeast U.S. university) | 2023-12 | 8 | |
| Toyota Project BioMAT program placement | 2023-11 | 7 | |
| Long Beach Tri-gen platform for Toyota | 2023-11 | 8 | |
| Toyota Project Port of Long Beach | 2023-10 | 3 | |
| Technology Demonstration - Carbon Capture Test Completion | 2023-10 | 7 | |
| U.S. solid oxide manufacturing facility expansion | 2023-09 | 5 | |
| Toyota Tri-generation Platform at Port of Long Beach | 2023-07 | 2 | |
| Toyota Project Commissioning | 2023-07 | 1 | |
| Toyota Long Beach Tri-gen Project | 2023-07 | 6 | |
| Noeul Green Energy 14-year Service Agreement | 2023-07 | 13 | |
| United States Solid Oxide Manufacturing Facility | 2023-06 | 3 | |
| Third Amendment to Connecticut Assistance Agreement | 2023-05 | 3 | |
| Third Amended and Restated 2018 Omnibus Incentive Plan | 2023-05 | 3 | |
| Amended and Restated Employee Stock Purchase Plan | 2023-05 | 3 | |
| U.S. Navy Submarine Base Groton Project | 2023-03 | 2 | |
| Trinity College Distributed Power Platform Delivery | 2023-03 | 5 | |
| Derby Project Commercial Operations | 2023-03 | 1 | |
| Trinity College Hartford Solid Oxide Power Platform | 2023 | 4 | |
| Trinity College Hartford Distributed Power Platform Delivery | 2023 | 3 | |
| Pilot program award for 150 kg/day solid oxide electrolysis system at Idaho National Laboratory | 2023 | 7 | |
| Idaho National Laboratory Solid Oxide Electrolysis Unit | 2023 | 4 | |
| Idaho National Laboratory Electrolysis Platform Delivery | 2023 | 3 | |
| Groton Project | 2023 | 3 | |
| Electrolysis platform delivery to Idaho National Laboratory | 2023 | 2 | |
| Distributed power platform delivery to Trinity College Hartford | 2023 | 2 | |
| Calgary capacity expansion - four units construction and delivery | 2023 | 5 | |
| 250 kW Power Generation Platform (2×) | 2023 | 7 | |
| 1 MW High-Efficiency Electrolysis Platform (4×) | 2023 | 7 | |
| 2022 | |||
| Groton Project Commercial Operations | 2022-12 | 7 | |
FuelCell Energy Transactions & Events (45)
45 transactions and events of FuelCell Energy from the original reports, financing measures and management changes are not listed here, cancelled items in grey. NadirAlpha methodology
Acquisitions · 19Partnerships/contracts · 22Divestitures/exits · 3older: 1 (in the table)
Acquisitions by FuelCell Energy
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| 2026 EXIM Financing (2×) | 2025-11 | Completed | 30 |
| 2025 EXIM Financing with Export-Import Bank (3×) | 2025-11 | Completed | 25 |
| 2024 | |||
| 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 |
| Esso purchase order (2×) | 2024-03 | Completed | 10 |
| EMTEC Rotterdam project | 2024 | Completed | 16 |
| 2023 | |||
| 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 |
| Derby Back Leverage Financing (2×) | 2023-08 | Completed | 30 |
| OpCo Financing Facility (3×) | 2023-05 | Completed | 30 |
| $87 million Non-Recourse Project Financing Facility | 2023-05 | Completed | 4 |
| Planned 400 MW U.S. Solid Oxide Manufacturing Facility | 2023-03 | Completed | 1 |
| 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 |
Divestitures and exits by FuelCell Energy
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| 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 |
| 2024 | |||
| Solid oxide platform development discontinuation; focus shift to electrolysis technology demonstration | 2024-11 | Divested | 24 |
Partnerships and contracts of FuelCell Energy
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| Siemens MOU for electrical balance of plant systems | 2026-09 | Agreement | 31 |
| Data Center Capacity Reservation Agreement with major operator | 2026-09 | Agreement | 31 |
| Fit Energy Capital Equipment Purchase Agreement (2x) | 2026-06 | Agreement | 31 |
| Collaboration with Sustainable Development Capital LLP (SDCL) | 2026-03 | Agreement | 27 |
| 2025 | |||
| UConn Project PPA amendment for 1.125 MW system | 2025-12 | Agreement | 30 |
| CGN-Yulchon Generation Co., Ltd. long-term service agreement (3×) | 2025-07 | Agreement | 25 |
| Termination of PPA with Trinity College for 250 kW solid oxide fuel cell project | 2025-05 | Agreement | 24 |
| Joint Development Agreement with Malaysia Marine and Heavy Engineering Sdn Bhd (2×) | 2025-03 | Agreement | 18 |
| Diversified Energy Co. PLC and TESIAC data center partnership (3×) | 2025-03 | Agreement | 18 |
| Power Purchase Agreement with Eversource and United Illuminating for Hartford Project (7.4 MW, Hartford Connecticut) | 2025-01 | Agreement | 24 |
| Hartford Project PPA execution with Eversource and United Illuminating | 2025-01 | Agreement | 30 |
| Hartford Project 7.4 MW PPA | 2025-01 | Agreement | 18 |
| Power purchase agreement with Eversource and United Illuminating for Hartford Project | 2025 | Agreement | 23 |
| Eversource and United Illuminating 20-year power purchase agreement for 7.4 MW Hartford, Connecticut fuel cell plant | 2025 | Agreement | 25 |
| 2024 | |||
| Gyeonggi Green Energy Co., Ltd. - Module Replacement Agreement | 2024-09 | Agreement | 16 |
| Agreement to supply Gyeonggi Green Energy Co., Ltd. with 42 upgraded fuel cell modules and long-term operations and maintenance services | 2024-05 | Agreement | 12 |
| Agreement with Ameresco, Inc. for Sacramento Sewer district energy delivery platform | 2024-04 | Agreement | 12 |
| Long-Term Service Agreement with Gyeonggi Green Energy for GGE Hwaseong Baran facility replacement (22 fuel cell modules) | 2024 | Agreement | 24 |
| 2023 | |||
| EMTEC Joint Development Agreement (8×) | 2023-08 | Agreement | 7 |
| Chart Industries Memorandum of Understanding for Carbon Capture and Hydrogen Solutions | 2023-06 | Agreement | 4 |
| Collaboration agreement with Malaysia Marine and Heavy Engineering on large-scale electrolyzer facilities | 2023-03 | Agreement | 2 |
| Gyeonggi Green Energy Long-Term Service Agreement (5x) | 2023 | Agreement | 17 |
| 2019 | |||
| EMTEC License Agreement | 2019-06 | Agreement | 7 |
FuelCell Energy Risks (154 since the annual report of 2025-12-18, 377 tracked in total)
Which risks FuelCell Energy has named since the annual report, company-specific first, generic standard risks in the expandable part; first mention refers to the document base from 2023. NadirAlpha methodology
Category: FinancialCustomersTechnologyGeopoliticsRegulatoryStrategyPeopleSupply chainMacroLegalMarketCompetitionESG
| Risk | Category | Last reported |
|---|---|---|
| FuelCell Energy: first mention in 8-K-EX99.1 earnings release of 2026-09-02 (2026-Q3), source 31 | ||
| Product costs exceed CEPA pricing at current production volumes of 37.1 MW. | = | |
| Awarded Capacity Backlog of $2.4 billion may not convert to Committed Backlog or revenue. | = | |
| Ability to reduce levelized cost of energy to competitive levels uncertain. | = | |
| FuelCell Energy: first mention in 10-Q quarterly report of 2026-09-02 (2026-Q3), source 30 | ||
| Multiple EXIM Financings require minimum cash balance of $65.0 million with potential reduction to $15.0 million upon satisfying debt service coverage and debt-to-EBITDA ratios | = | |
| Company failed to meet employment obligation under Connecticut loan, subject to $14,225 penalty per position shortfall | = | |
| Company must service long-term debt obligations; ability to generate positive cash flow impacts debt servicing. | = | |
| Groton Project extended down-time resulted in lack of operating revenue and potential covenant defaults under back leverage financing | = | |
| Company markets products internationally in EU, UK, South Korea, Singapore, Malaysia and Thailand; exposure to international risks. | = | |
| Company has not paid federal or state income taxes for several years due to net operating losses; uncertain tax matters. | = | |
| Solid oxide electrolysis platform commercialization timeline uncertain; dependent on partners for deployment | = | |
| FuelCell Energy: first mention in 8-K-EX99.1 earnings release of 2026-06-08 (2026-Q2), source 29 | ||
| Company must successfully expand Torrington facility to 500 MW by June 2028 to meet customer demands. | 2026-Q3 2026-09-02 31 | |
| FuelCell Energy: first mention in 10-K annual report of 2025-12-18 (FY2025), source 24 | ||
| Restructuring actions in November 2024 and June 2025 resulted in workforce reductions affecting operations. | 2026-Q3 2026-09-02 30 | |
| Risk that commercialization of carbon capture and solid oxide platforms will not occur when anticipated. | 2026-Q3 2026-09-02 30 | |
| Government and third parties may terminate development contracts at any time. | 2026-Q3 2026-09-02 31 | |
| FuelCell Energy: first mention in 8-K-EX99.1 earnings release of 2024-09-05 (2024-Q3), source 14 | ||
| Rapid technological change and competition in fuel cell and clean energy markets. | 2026-Q3 2026-09-02 31 | |
| FuelCell Energy: first mention in 10-Q quarterly report of 2024-06-10 (2024-Q2), source 11 | ||
| Unable to secure fuel on favorable terms may result in impairment charges to project assets | 2026-Q3 2026-09-02 30 | |
| FuelCell Energy: first mention in 8-K-EX99.1 earnings release of 2024-03-07 (2024-Q1), source 10 | ||
| Company must comply with utility regulatory environment and changing laws; risk of non-compliance with Nasdaq listing rules. | 2026-Q3 2026-09-02 30 | |
| FuelCell Energy: first mention in 10-K annual report of 2023-12-19 (FY2023), source 7 | ||
| Company requires substantial outside financing for projects; risk financing not available on acceptable terms if and when needed. | 2026-Q3 2026-09-02 30 | |
| Four projects expose company to fluctuating fuel price risks and inability to procure required fuel amounts. | 2026-Q3 2026-09-02 30 | |
| International deployments subject to foreign regulatory and geopolitical risks. | 2026-Q3 2026-09-02 31 | |
| Government can terminate development contracts at any time and exercise march-in rights on certain patents. | 2026-Q3 2026-09-02 30 | |
| FuelCell Energy: first mention in 8-K-EX99.1 earnings release of 2023-09-11 (2023-Q3), source 6 | ||
| Company has history of net losses; ability to generate positive cash flow remains unproven. | 2026-Q3 2026-09-02 31 | |
| FuelCell Energy: first mention in 8-K-EX99.1 earnings release of 2023-06-08 (2023-Q2), source 4 | ||
| General economic conditions and changes in interest rates may impact project financing and market demand. | 2026-Q3 2026-09-02 30 | |
| Supply chain disruptions could impact fuel cell production and delivery schedules. | 2026-Q3 2026-09-02 31 | |
| FuelCell Energy: first mention in 10-Q quarterly report of 2023-06-08 (2023-Q2), source 3 | ||
| Fit Energy represents significant portion of backlog through 380 MW CEPA with four potential phases and options. | 2026-Q3 2026-09-02 31 | |
| FuelCell Energy: first mention in 8-K-EX99.1 earnings release of 2023-03-09 (2023-Q1), source 2 | ||
| Potential volatility of commodity prices may adversely affect fuel cell projects, particularly for projects with fuel sourcing risk. | 2026-Q3 2026-09-02 30 | |
| Company subject to various lawsuits and legal proceedings; forward-looking statements involve risks related to litigation. | 2026-Q3 2026-09-02 30 | |
| Risk that new products will not be commercialized as anticipated or with adequate capacity to satisfy demand. | 2026-Q3 2026-09-02 30 | |
| Availability of government subsidies and economic incentives for alternative energy technologies may change. | 2026-Q3 2026-09-02 31 | |
| FuelCell Energy: first mention in 10-Q quarterly report of 2023-03-09 (2023-Q1), source 1 | ||
| Company has not achieved profitable operations or sustained positive cash flow from operations. | 2026-Q3 2026-09-02 30 | |
| Risk that new carbon capture technology will not perform as expected in industrial applications. | 2026-Q3 2026-09-02 31 | |
| FuelCell Energy: first mention in 8-K-EX99.1 earnings release of 2026-06-08 (2026-Q2), source 29 | ||
| Company may not complete construction of projects covered by PPAs, forgoing revenue and incurring penalties | = | |
| FuelCell Energy: first mention in 10-Q quarterly report of 2026-06-08 (2026-Q2), source 28 | ||
| Company failed to meet State of Connecticut employment obligation, resulting in $2.1 million penalty assessed against loan balance. | = | |
| $1/MMBtu increase in natural gas pricing would result in approximately $26,000 annual cost impact; $10/MMBtu increase in renewable natural gas would impact approximately $2.0 million annually. | = | |
| Risk that commercialization of new products will not occur as anticipated or capacity will be insufficient | = | |
| $67.7 million restricted cash primarily reserved for lease obligations, debt service, and operational reserves. | = | |
| Government contracts can be terminated at any time by government agencies | = | |
| Litigation and other proceedings could adversely affect business operations | = | |
| Risk that government may exercise march-in rights with respect to certain patents | = | |
| Advanced Technologies contracts dependent on year-by-year congressional authorization of incremental funding. | = | |
| Risk that newly developed products will not be commercially successful | = | |
| FuelCell Energy: first mention in 10-Q quarterly report of 2026-03-09 (2026-Q1), source 26 | ||
| Covenants require 1.20:1.00 minimum debt service coverage ratio. | = | |
| Company may be unable to obtain financing for project construction and deployment on acceptable terms; lack of financing could materially impact operations | = | |
| $67.8M restricted cash pledged limits liquidity availability. | = | |
| Prior workforce reductions of approximately 39% in aggregate and potential for additional reductions; restructuring actions may result in unanticipated costs and workforce impacts | = | |
| PPA customer default risk including CMEEC for Groton Project. | = | |
| Company has four projects with fuel sourcing risk lacking pass-through mechanisms; inability to secure fuel on favorable terms may result in impairment charges | = | |
| Fuel supply contracts expire requiring renegotiation Toyota 2026, Derby 2029, Yaphank 2028. | = | |
| Commercialization of solid oxide platforms dependent on partnership development and market acceptance; solid oxide electrolysis demonstration ongoing at Idaho National Laboratory | = | |
| Exposure to interest rate movements on Term Loan and Back Leverage Loans. | = | |
| FuelCell Energy: first mention in 8-K-EX99.1 earnings release of 2025-12-18 (FY2025), source 25 | ||
| Economic downturns may reduce demand for power generation and capital projects | = | |
| FuelCell Energy: first mention in 10-K annual report of 2025-12-18 (FY2025), source 24 | ||
| Will need to raise additional capital; may dilute existing stockholders if equity issued | = | |
| Equity capital raises may dilute existing stockholders | = | |
| Impairment of goodwill and in-process research and development assets identified July 2025. | = | |
| Company has not been profitable since October 31, 1997; expects continued net losses | = | |
| Series B Preferred Stock ranks senior to common stock; liquidation preference of $1,000 per share plus accumulated dividends | = | |
| Series B Preferred Stock holders entitled to $50 per share cumulative annual dividends | = | |
| Expected project costs for Trinity College and UConn PPAs exceeded expected cash flows; Trinity PPA terminated May 2025 | = | |
| Project awards may not convert to contracts; cancelable or revocable prior to contract execution | = | |
| Long-term service contracts up to 20 years subject to warranty and performance risks | = | |
| Maximum annualized capacity 100 MW under current Torrington facility configuration | = | |
| Company unable to secure fuel on favorable terms could result in impairment charges to Derby and Yaphank project assets | = | |
| Weakness in customer economy could negatively impact sales | = | |
| U.S. government has march-in rights relating to certain patents | = | |
| Licensed carbonate technology to POSCO Energy non-exclusively for module replacement only | = | |
| As of October 31, 2025: 152 U.S. patents and 319 international patents for fuel cell technology | = | |
| Extended product warranties for complex products could result in claims | = | |
| Delaware Court forum provision could limit stockholders' dispute options | = | |
| Environmental and governmental regulation may impact operations | = | |
| Product exports subject to various export control regulations and licensing | = | |
| Federal ITC ineligibility after December 31, 2024 for natural gas fuel cells except safe harbored projects | = | |
| OBBBA enacted July 4, 2025 restored 30% federal ITC for fuel cell projects beginning construction after December 31, 2025 | = | |
| Unanticipated increases or decreases in business growth may harm financial condition | = | |
| Slower-than-expected market investments in clean energy resulted in restructuring, deferral and cancellation of capital expenditures | = | |
| Success depends on implementing capacity expansion for carbonate products and solid oxide commercialization partnerships | = | |
| Timeline for solid oxide electrolysis market entry subject to external conditions | = | |
| Implemented 22% workforce reduction (122 employees) on June 5, 2025 | = | |
| Solid oxide electrolysis commercialization paced by market adoption and third-party partnerships | = | |
| Signed contracts subject to contractual, technology, operating and commodity risks | = | |
| Currency translation and transaction risk from operations in local currencies of foreign countries | = | |
| U.S.-China tariff measures, Russia-Ukraine war, and sanctions impact global economy | = | |
| Financial market volatility affects debt, equity, and project finance markets availability | = | |
| New products and technologies may not be commercially successful | = | |
| Interest rate swap derivative remeasured quarterly with resulting losses to other income/expense. | = | |
| Uncertain regulatory environment in emerging markets, particularly currency policy affecting exchange rate exposure | = | |
| Ability to meet sales plans and production rate increases not assured | = | |
| Information technology security threats increasing in frequency and sophistication | = | |
| FuelCell Energy: first mention in 10-Q quarterly report of 2025-09-09 (2025-Q3), source 22 | ||
| Connecticut loan penalty $2.1M if 538 FT position minimum not maintained. | 2026-Q1 2026-03-09 26 | |
| Government and third parties retain ability to terminate development contracts at any time | = | |
| FuelCell Energy: first mention in 8-K-EX99.1 earnings release of 2025-06-06 (2025-Q2), source 21 | ||
| Global restructuring in November 2024 and June 2025; ceased solid oxide power generation development | FY2025 2025-12-18 24 | |
| FuelCell Energy: first mention in 10-Q quarterly report of 2025-06-06 (2025-Q2), source 20 | ||
| Workforce reduction may increase employment litigation risk and employee attrition to competitors. | 2025-Q3 2025-09-09 22 | |
| Eliminated employees may seek employment with competitors; confidentiality agreements may not ensure proprietary information protection. | = | |
| Approximately 1% of cash and cash equivalents in non-USD currencies; no significant foreign exchange losses to date. | 2026-Q2 2026-06-08 28 | |
| 1% change in interest rates would not have material impact on results based on overall exposure as of April 30, 2026. | 2026-Q2 2026-06-08 28 | |
| FuelCell Energy: first mention in 8-K-EX99.1 earnings release of 2025-03-11 (2025-Q1), source 19 | ||
| Need for and availability of additional financing for operations and expansion | 2026-Q2 2026-06-08 29 | |
| FuelCell Energy: first mention in 10-Q quarterly report of 2025-03-11 (2025-Q1), source 18 | ||
| Multiple credit agreements contain debt service coverage ratio covenants and default triggers including change of control events. | 2026-Q2 2026-06-08 28 | |
| Change of Control trigger on Derby and Groton financing could cause immediate acceleration of debt. | 2025-Q3 2025-09-09 22 | |
| Trinity College and UConn projects deferred; no assurance schedule changes can be mutually agreed, may result in termination | = | |
| Changes in utility regulatory environment may adversely affect operations | 2026-Q2 2026-06-08 29 | |
| Risk that new product commercialization will not occur when anticipated or with adequate capacity | FY2025 2025-12-18 25 | |
| FuelCell Energy: first mention in 10-K annual report of 2024-12-27 (FY2024), source 17 | ||
| Intangible assets and long-lived assets may become impaired requiring charges | FY2025 2025-12-18 24 | |
| U.S. government has march-in rights for patents developed under government-funded research | FY2025 2025-12-18 24 | |
| Received written notice during FY2024 of non-compliance with Nasdaq continued listing standards | FY2025 2025-12-18 24 | |
| Products lack maturity; warranty claims and module replacement costs may exceed estimates | FY2025 2025-12-18 24 | |
| Approximately 1% of cash in non-USD currencies with no repatriation plans. | FY2025 2025-12-18 24 | |
| Change in interest rates of 1% would not materially impact results of operations. | FY2025 2025-12-18 24 | |
| Russia-Ukraine crisis, tariffs, and geopolitical events could negatively affect U.S./international commerce and supply chains | FY2025 2025-12-18 24 | |
| FuelCell Energy: first mention in 8-K-EX99.1 earnings release of 2024-11-15 (2024-Q4), source 15 | ||
| Cost reduction strategy for manufacturing may not succeed or be delayed | FY2025 2025-12-18 24 | |
| FuelCell Energy: first mention in 8-K-EX99.1 earnings release of 2024-06-10 (2024-Q2), source 12 | ||
| Risk of inability to protect intellectual property | 2026-Q2 2026-06-08 29 | |
| Ability to remain in compliance with U.S. federal, state and foreign laws and regulations | FY2025 2025-12-18 25 | |
| FuelCell Energy: first mention in 10-Q quarterly report of 2024-06-10 (2024-Q2), source 11 | ||
| Risk that bid awards will not convert to contracts, contracts will not convert to revenue, or commercialization will not occur when anticipated | 2026-Q1 2026-03-09 26 | |
| Future liquidity dependent on completing projects on budget, generation portfolio cash flows, project financing, revenue growth | FY2025 2025-12-18 24 | |
| Litigation and other legal proceedings | 2025-Q1 2025-03-11 19 | |
| FuelCell Energy: first mention in 8-K-EX99.1 earnings release of 2024-03-07 (2024-Q1), source 10 | ||
| Company dependent on additional financing; ability to generate positive cash flow uncertain | FY2025 2025-12-18 25 | |
| Risk of inability to service long-term debt obligations | 2026-Q2 2026-06-08 29 | |
| FuelCell Energy: first mention in 10-K annual report of 2023-12-19 (FY2023), source 7 | ||
| Company has not achieved profitable operations or sustained positive cash flow from operations | 2026-Q2 2026-06-08 28 | |
| Failure to meet ESG expectations could adversely affect stock price and operations | FY2025 2025-12-18 24 | |
| Manufacturing cost reduction strategy dependent on economies of scale and process improvements | FY2025 2025-12-18 24 | |
| Total consolidated debt and finance obligations of $122.9 million as of October 31, 2025 | FY2025 2025-12-18 24 | |
| Recorded $65.8 million, $1.3 million, $2.4 million impairment charges FY2025, 2024, 2023 | FY2025 2025-12-18 24 | |
| Prior fiscal year material weakness in internal control over financial reporting (remediated) | FY2025 2025-12-18 24 | |
| Utility companies may resist distributed generation adoption and impose fees | FY2025 2025-12-18 24 | |
| Depends on third party suppliers for key raw materials and components | FY2025 2025-12-18 24 | |
| Increase in energy costs may materially adversely affect business | FY2025 2025-12-18 24 | |
| Granted EMTEC non-exclusive, perpetual license for carbon capture and hydrogen applications | FY2025 2025-12-18 24 | |
| Delaware law and certificate provisions may make takeover more difficult | FY2025 2025-12-18 24 | |
| Subject to federal, state, local laws on emissions, hazardous substances, and carbon dioxide | FY2025 2025-12-18 24 | |
| Exports subject to various export control regulations; requires license from U.S. State or Energy departments | FY2025 2025-12-18 24 | |
| Subject to Defense Contract Audit Agency audits; improper cost allocation results in non-reimbursement | FY2025 2025-12-18 24 | |
| Products use flammable fuels, operate at high temperatures, use corrosive carbonate material | FY2025 2025-12-18 24 | |
| Government ability to exercise march-in rights with respect to certain patents | 2026-Q2 2026-06-08 29 | |
| Potential volatility of commodity prices may adversely affect projects and operational profitability | 2026-Q1 2026-03-09 26 | |
| Government and third parties have ability to terminate development contracts at any time; government may exercise march-in rights on certain patents | 2026-Q1 2026-03-09 26 | |
| Ability to protect intellectual property and litigation risks | 2026-Q1 2026-03-09 27 | |
| Ability to successfully market and sell products internationally subject to risks | FY2025 2025-12-18 25 | |
| Stock price subject to extreme price and volume fluctuations from various market factors | FY2025 2025-12-18 24 | |
| Future success depends on attracting and retaining qualified management, technical and operating personnel | FY2025 2025-12-18 24 | |
| FuelCell Energy: first mention in 10-Q quarterly report of 2023-09-11 (2023-Q3), source 5 | ||
| Need for additional capital may not be available on acceptable terms | FY2025 2025-12-18 24 | |
| Company has not achieved profitable operations or sustained positive cash flow from operations to date | FY2025 2025-12-18 24 | |
| Ability of government and third parties to terminate development contracts at any time | 2025-Q1 2025-03-11 19 | |
| Risk that commercialization of new products will not occur as anticipated | 2026-Q2 2026-06-08 29 | |
| Risk of market acceptance of products and services | 2026-Q2 2026-06-08 28 | |
| Rapid technological change and increased competition in fuel cell sector | 2026-Q2 2026-06-08 29 | |
| Government retains ability to exercise march-in rights with respect to certain company patents | 2025-Q3 2025-09-09 22 | |
| FuelCell Energy: first mention in 8-K-EX99.1 earnings release of 2023-06-08 (2023-Q2), source 4 | ||
| Rapid technological change and increased competition in fuel cell and clean energy markets | 2026-Q2 2026-06-08 28 | |
| FuelCell Energy: first mention in 10-Q quarterly report of 2023-06-08 (2023-Q2), source 3 | ||
| Company requires substantial outside financing and has not achieved profitable operations or sustained positive cash flow; future liquidity depends on multiple factors including project completion and market access | 2026-Q1 2026-03-09 26 | |
| Unable to secure fuel on favorable economic terms may result in impairment charges. | FY2025 2025-12-18 24 | |
| Not currently engaged in material intellectual property litigation | FY2025 2025-12-18 24 | |
| FuelCell Energy: first mention in 8-K-EX99.1 earnings release of 2023-03-09 (2023-Q1), source 2 | ||
| General risks associated with product development and manufacturing; supply chain disruptions could impact operations | 2026-Q1 2026-03-09 26 | |
| Changes in utility regulatory environment and industry structure could impact market demand for distributed generation | 2026-Q1 2026-03-09 26 | |
| Rapid technological change and competition present risks to market position and product competitiveness | 2026-Q1 2026-03-09 26 | |
| Changes in interest rates may impact project financing and financial results | FY2025 2025-12-18 24 | |
| FuelCell Energy: first mention in 10-Q quarterly report of 2023-03-09 (2023-Q1), source 1 | ||
| Substantial outside financing arrangements required; failure to obtain acceptable financing terms could materially affect operations | FY2025 2025-12-18 24 | |
| Four projects exposed to natural gas sourcing risk without pass-through mechanisms. | FY2025 2025-12-18 24 | |
= last mention identical with the first mention (same source)
FuelCell Energy Reported KPIs (as disclosed) (717)
Figures FuelCell Energy discloses itself in addition to the standard financials, such as order intake, recurring revenue or unit counts, as reported and with no calculation of our own. NadirAlpha methodology
Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
| KPI | Value / change | Source |
|---|---|---|
| FuelCell Energy, published 2026-09-02, period 2026-Q3 | ||
| Unrestricted cash and cash equivalents | 658.1 million | 30 |
| Total project assets | 166.6 million | 30 |
| Other income, net | 0.7 million | 30 |
| Other income, net | 1.8 million | 30 |
| Net loss per common share | 0.64 | 30 |
| Net loss per common share | 3.78 | 30 |
| Net loss per common share | 2.56 | 30 |
| Net loss per common share | 7.22 | 30 |
| Net debt outstanding related to project assets | 97.5 million | 30 |
| Interest income | 3.6 million | 30 |
| Interest income | 8.6 million | 30 |
| Interest expense | 2.9 million | 30 |
| Interest expense | 8.5 million | 30 |
| generation portfolio MW | 62.8 MW | 30 |
| committed service agreements backlog | 263.6 million | 30 |
| committed product backlog | 108.9 million | 30 |
| committed generation backlog | 915.7 million | 30 |
| committed advanced technologies contract backlog | 7.8 million | 30 |
| awarded capacity service agreements backlog | 1.3 billion | 30 |
| annualized production rate | 37.1 MW | 30 |
| annualized production rate | 33.2 MW | 30 |
| annualized production rate | 35.4 MW | 30 |
| annualized production rate | 30.5 MW | 30 |
| unrestricted cash and cash equivalents | 658.1 million | 30 |
| unrestricted cash and cash equivalents | $658.1 million | 31 |
| Torrington facility expansion target | 500 MW | 31 |
| sales pipeline | 10 gigawatts | 31 |
| restricted cash and cash equivalents | 79.2 million | 30 |
| restricted cash and cash equivalents | $79.2 million | 31 |
| pledged cash and cash equivalents for performance security | 79.2 million | 30 |
| outstanding letters of credit | 12.7 million | 30 |
| generation portfolio | 62.8 MW | 30 |
| company-funded R&D expenses incurred | 23.2 million | 30 |
| committed backlog | $1.3 billion | 31 |
| committed advanced technologies contract backlog | 7.8 million | 30 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents | $737.3 million | 31 |
| Cash and cash equivalents and restricted cash | 737.3 million | 30 |
| Awarded Capacity Backlog | $2.4 billion | 31 |
| Annualized production rate | 100 MW | 31 |
| FuelCell Energy, published 2026-06-08, period 2026-Q2 | ||
| US government funded backlog | $4.9 million | 28 |
| Restricted cash | $67.7 million | 28 |
| Non-US government funded backlog | $10.5 million | 28 |
| Letters of credit outstanding | $12.7 million | 28 |
| Generation portfolio | 62.8 MW | 28 |
| Advanced technologies contract backlog | $15.4 million | 28 |
| unrestricted cash and cash equivalents | 373.2 million | 28 |
| Total project assets | 167.5 million | 28 |
| Total backlog | 1.14 billion | 28 |
| Torrington facility current maximum capacity | 100 MW per year | 28 |
| Service agreements backlog | 155.4 million | 28 |
| sales pipeline | 4 gigawatts | 29 |
| restricted cash and cash equivalents | 67.7 million | 28 |
| Projects in development assets | 1.1 million | 28 |
| Projects in development | 8.5 MW | 28 |
| Product backlog | 36.1 million | 28 |
| Pledged cash collateral | 67.7 million | 28 |
| Non-current restricted cash | 51.1 million | 28 |
| Net debt outstanding related to project assets | 99.8 million | 28 |
| Hub and spoke model target capacity | 1.5 to 2.0 GW | 28 |
| Generation portfolio capacity | 62.8 MW | 28 |
| Generation backlog | 928.5 million | 28 |
| Current restricted cash | 16.6 million | 28 |
| Completed, operating installations | 166.4 million | 28 |
| Cash and cash equivalents | approximately $441 million | 29 |
| Backlog | $1.14 billion | 29 |
| Annualized production rate | 36.4 MW | 28 |
| Annualized production rate | 34.5 MW | 28 |
| Advanced Technologies contract backlog | 15.4 million | 28 |
| FuelCell Energy, published 2026-03-09, period 2026-Q1 | ||
| U.S. government funded backlog | $5.1 million | 26 |
| Total project assets | 211,000 | 26 |
| Total backlog | 1,171,200 | 26 |
| Service agreements backlog | 159,400 | 26 |
| Restricted cash pledged | $67.8 million | 26 |
| Restricted cash OpCo obligations | $25.3 million | 26 |
| Restricted cash Groton senior obligations | $12.8 million | 26 |
| Restricted cash Derby obligations | $3.0 million | 26 |
| Restricted cash Crestmark obligations | $2.9 million | 26 |
| Restricted cash and cash equivalents | 67,800 | 26 |
| Product backlog | 54,100 | 26 |
| Outstanding Letters of Credit | $12.7 million | 26 |
| Operating Power Plants Capacity | 62.8 MW | 26 |
| Non-U.S. Government Funded Backlog | $13.1 million | 26 |
| Net Debt Related to Project Assets | 102,700 | 26 |
| Gross Margin Service Agreements | 11.5% | 26 |
| Gross Margin Product | -36.1% | 26 |
| Gross Margin Generation | -28.2% | 26 |
| Gross Margin Advanced Technologies | 28.6% | 26 |
| Generation Operating Portfolio | 62.8 MW | 26 |
| Generation Backlog | 939,500 | 26 |
| Finance Obligation Balance | $18.8 million | 26 |
| Depreciation of Project Assets and Generation Intangible | 8,700 | 26 |
| D&A | 10,500 | 26 |
| Cash and Cash Equivalents Pledged as Collateral | 67,800 | 26 |
| Annualized Production Rate | 32.6 MW | 26 |
| Advanced technologies contract backlog | 18,200 | 26 |
| Restricted Cash and Cash Equivalents Short-Term | $17,675 | 27 |
| Restricted Cash and Cash Equivalents Long-Term | $50,147 | 27 |
| Cash and Cash Equivalents Unrestricted | $311,778 | 27 |
| Backlog Service | $159,393 | 27 |
| Backlog Product | $54,113 | 27 |
| Backlog Generation | $939,525 | 27 |
| Backlog Advanced Technologies | $18,210 | 27 |
| Backlog | $1,171,241 | 27 |
| FuelCell Energy, published 2025-12-18, period FY2025 | ||
| Versa US Patents | 19 | 24 |
| Versa Pending US Applications | 13 | 24 |
| Versa Pending International Applications | 24 | 24 |
| Versa International Patents | 63 | 24 |
| US Patents | 152 | 24 |
| Unrestricted Cash and Equivalents | 278.1 | 24 |
| Total backlog | 1.19 | 24 |
| Torrington Facility Maximum Capacity | 100 MW | 24 |
| Torrington Facility Estimated Capacity with Investments | 350 MW | 24 |
| Torrington Facility Annualized Production Rate | 41 MW | 24 |
| System Target Design Life | 25-30 years | 24 |
| South Korea Clean Hydrogen Portfolio Standard Hydrogen Share | 7.1% | 24 |
| South Korea Clean Hydrogen Portfolio Standard Hydrogen Share | 2.1% | 24 |
| Solid Oxide Electrolysis System Efficiency | 40-45 kWh/kg | 24 |
| Solid Oxide Electrolysis Stack Efficiency | 34 kWh/kg | 24 |
| Service agreements backlog | 162.4 | 24 |
| Section 45Q Carbon Capture Credit | $85 | 24 |
| Safety Experience Modification Rate | 0.84 | 24 |
| Safety Experience Modification Rate | 0.83 | 24 |
| Safety Experience Modification Rate | 0.89 | 24 |
| safety experience modification rate | 0.088 | 24 |
| safety experience modification rate | 0.68 | 24 |
| safety experience modification rate | 0.59 | 24 |
| safety experience modification rate | 0.65 | 24 |
| Product backlog | 66.2 | 24 |
| power plant recyclable percentage | 93% | 24 |
| power density | 33 MW | 24 |
| pending US patent applications | 29 | 24 |
| pending international patent applications | 79 | 24 |
| net debt from project assets | 106.1 | 24 |
| manufacturing facility size Torrington | 167,000 | 24 |
| loss accruals service agreements | 8.4 million | 24 |
| joint development agreement expected annual budget | $10.0 million | 24 |
| ITA throughput at least | $10.0 million | 24 |
| investment tax credit rate | 30% | 24 |
| international patents | 319 | 24 |
| hydrogen purity | 99.85% | 24 |
| government funding percentage | 2% | 24 |
| government funding percentage | 4% | 24 |
| government funding percentage | 3% | 24 |
| Generation Operating Portfolio | 62.8 | 24 |
| Generation Backlog | 945.2 | 24 |
| FuelCell Energy Solutions licensed US patents | 2 | 24 |
| FuelCell Energy Solutions licensed international patents | 7 | 24 |
| fuel cell modules target design life | 5-7 years | 24 |
| European facility capacity | 20 MW | 24 |
| Esso purchase order value | $11.6 million | 24 |
| Emtec license agreement payment | $10 million | 24 |
| data center electricity demand projection | 945 terawatt-hours | 24 |
| CHP system efficiency | 80% | 24 |
| carbonate fuel cell electrical efficiency | 50% | 24 |
| carbonate fuel cell average efficiency | 47% | 24 |
| carbon capture NOx reduction | 70% | 24 |
| annualized production rate MW | 31.5 | 24 |
| Advanced technologies contract backlog | 19.5 | 24 |
| unrestricted cash and cash equivalents | $278.1 million | 25 |
| Total cash, restricted cash and short-term investments | $341.8 million | 25 |
| Backlog | $1.19 billion | 25 |
| 3TG minerals percentage | 0.001207% | 24 |
| FuelCell Energy, published 2025-09-09, period 2025-Q3 | ||
| sale leaseback finance obligations outstanding balance | 18.8 million | 22 |
| sale leaseback finance obligations imputed interest | 11.6 million | 22 |
| Restricted cash pledged | 62.2 million | 22 |
| restricted cash OpCo Financing | 20.9 million | 22 |
| restricted cash Groton Senior Back Leverage | 14.0 million | 22 |
| restricted cash Derby Back Leverage | 1.8 million | 22 |
| restricted cash Crestmark sale leaseback | 2.9 million | 22 |
| natural gas gains | 1.0 million | 22 |
| natural gas gains | 2.0 million | 22 |
| Letters of credit outstanding | 14.2 million | 22 |
| letters of credit expire through | October 2029 | 22 |
| interest rate swap fixed rate | 3.716% | 22 |
| Generation Operating Portfolio | 62.8 MW | 22 |
| fuel price sensitivity renewable natural gas | 2.0 million | 22 |
| fuel price sensitivity natural gas | 26,000 | 22 |
| Total project assets | 224.5 | 22 |
| Total backlog | 1.24 | 22 |
| Total Cash, Restricted Cash and Short-Term Investments | $236.9 million | 23 |
| Service agreements backlog | 169.4 | 22 |
| Service Agreements Backlog | $169.4 million | 23 |
| restricted cash and cash equivalents | 62.2 | 22 |
| Restricted Cash and Cash Equivalents - Short-term | 16,092 | 23 |
| Restricted Cash and Cash Equivalents - Long-term | 46,100 | 23 |
| Projects in development | 7.4 | 22 |
| Product backlog | 96.2 | 22 |
| Product Backlog | $96.2 million | 23 |
| Pledged cash and cash equivalents (performance security) | 62.2 | 22 |
| Outstanding finance obligations under sale-leaseback | 18.8 | 22 |
| Operating portfolio capacity (MW) | 62.8 | 22 |
| OpCo Financing swap fixed rate | 3.716% | 22 |
| OpCo Financing net interest rate thereafter | 6.866% | 22 |
| OpCo Financing net interest rate first four years | 6.366% | 22 |
| OpCo Financing letter of credit issued | 6.5 million | 22 |
| OpCo Financing hedge notional minimum | 75% | 22 |
| OpCo Financing hedge notional maximum | 105% | 22 |
| OpCo Financing fair value adjustment | 0.6 million | 22 |
| OpCo Financing fair value adjustment | -0.2 million | 22 |
| OpCo Financing debt service reserve minimum | six months | 22 |
| OpCo Financing capital expenditures reserve total | 29.0 million | 22 |
| OpCo Financing capital expenditures reserve funded at closing | 14.5 million | 22 |
| OpCo Financing Term Loan maturity | May 19, 2030 | 22 |
| OpCo Financing Term Loan drawn | 80.5 million | 22 |
| OpCo Financing Term Loan Facility amount | 80.5 million | 22 |
| OpCo Financing LC Facility amount | 6.5 million | 22 |
| OpCo Financing DSCR requirement | 1.20:1.00 | 22 |
| OpCo Financing Applicable Margin SOFR thereafter | 3% | 22 |
| OpCo Financing Applicable Margin SOFR first four years | 2.5% | 22 |
| OpCo Financing Applicable Margin Base Rate thereafter | 2% | 22 |
| OpCo Financing Applicable Margin Base Rate first four years | 1.5% | 22 |
| Net debt outstanding related to project assets | 109.0 | 22 |
| Groton Total DSCR requirement | 1.10:1.00 | 22 |
| Groton Subordinated Back Leverage maturity | September 30, 2038 | 22 |
| Groton Subordinated Back Leverage interest rate before Step Down Date | 8% | 22 |
| Groton Subordinated Back Leverage Loan Facility amount | 8.0 million | 22 |
| Groton Senior Back Leverage maturity | August 18, 2030 | 22 |
| Groton Senior Back Leverage Loan Facility amount | 12.0 million | 22 |
| Groton Senior Back Leverage Liberty Lender interest rate | 6.75% | 22 |
| Groton Senior Back Leverage DSCR requirement | 1.20:1.00 | 22 |
| Groton Senior Back Leverage Amalgamated Lender interest rate with Carbon Offset Event | 7.32% | 22 |
| Groton Senior Back Leverage Amalgamated Lender interest rate no Carbon Offset Event | 6.07% | 22 |
| Groton Interest Only Period | 84 months or until Groton Senior Back Leverage Loan fully repaid | 22 |
| Groton Back Leverage total drawn | 20.0 million | 22 |
| Generation backlog | 955.0 | 22 |
| Generation Backlog | $955.0 million | 23 |
| Future required payments (principal and interest) | 126.5 | 22 |
| EXIM Financing term | 7 years | 22 |
| EXIM Financing net proceeds | 9.2 million | 22 |
| EXIM Financing interest rate | 5.81% | 22 |
| EXIM Financing gross proceeds | 10.1 million | 22 |
| Derby Subordinated Back Leverage maturity | March 31, 2038 | 22 |
| Derby Subordinated Back Leverage interest rate | 8% | 22 |
| Derby Subordinated Back Leverage Loan Facility amount | 3.5 million | 22 |
| Derby Senior Back Leverage maturity | March 31, 2031 | 22 |
| Derby Senior Back Leverage interest rate | 7.25% | 22 |
| Derby Senior Back Leverage Loan Facility amount | 9.5 million | 22 |
| Derby Back Leverage total drawn | 13.0 million | 22 |
| Connecticut Loan term | 15 years | 22 |
| Connecticut Loan repayment penalty | 2.1 million | 22 |
| Connecticut Loan penalty per position below Employment Obligation | 14,225.00 | 22 |
| Connecticut Loan interest rate | 2.0% | 22 |
| Connecticut Loan forgiveness amount if Employment Obligation met | 2.0 million | 22 |
| Connecticut Loan amount | 10.0 million | 22 |
| Cash and Cash Equivalents, Unrestricted | 174,662 | 23 |
| Backlog | $1.24 billion | 23 |
| Annualized production rate | 30.5 | 22 |
| Annualized production rate | 31.1 | 22 |
| Annualized production rate | 33.2 | 22 |
| Annualized production rate | 29.3 | 22 |
| Advanced Technologies contract backlog non US Government | 17.5 million | 22 |
| Advanced Technologies contract backlog US Government | 6.8 million | 22 |
| Advanced Technologies contract backlog | 24.3 | 22 |
| Advanced Technologies contract backlog | 24.3 million | 22 |
| Advanced Technologies Backlog | $24.3 million | 23 |
| FuelCell Energy, published 2025-06-06, period 2025-Q2 | ||
| Restricted cash | 63.1 million | 20 |
| Outstanding Letters of Credit | 14.2 million | 20 |
| Non-U.S. Government funded backlog | 22.0 million | 20 |
| Generation Operating Portfolio | 62.8 MW | 20 |
| Finance obligation sale leaseback | 18.8 million | 20 |
| unrestricted cash and cash equivalents | 116.1 million | 20 |
| U.S. Treasury Securities carrying value | 60.9 million | 20 |
| U.S. Treasury Securities | 60.9 million | 20 |
| U.S. Government funded backlog | 7.6 million | 20 |
| Total project assets | 228.2 million | 20 |
| Total cash and restricted cash | 179.1 million | 20 |
| Total backlog | 1.26 billion | 20 |
| Service agreements backlog | 164.4 million | 20 |
| Product backlog | 98.2 million | 20 |
| Operating MW capacity | 62.8 MW | 20 |
| Net debt related to project assets | 112.1 million | 20 |
| Generation backlog | 967.4 million | 20 |
| Backlog | 1,259,597 | 21 |
| Annualized production rate | 30.6 MW | 20 |
| Advanced Technologies contract backlog | 29.6 million | 20 |
| Advanced Technologies contract backlog | 29.6 million | 20 |
| FuelCell Energy, published 2025-03-11, period 2025-Q1 | ||
| US Treasury Securities Weighted Average Yield | 4.30% | 18 |
| US Treasury Securities Carrying Value | 110.3 million | 18 |
| Restricted Cash Total | 62.4 million | 18 |
| Restricted Cash OpCo Financing | 25.5 million | 18 |
| Restricted Cash Groton Senior Back Leverage | 10.8 million | 18 |
| Restricted Cash Derby Back Leverage | 2.3 million | 18 |
| Restricted Cash Crestmark Sale Leaseback | 2.9 million | 18 |
| Outstanding Letters of Credit | 14.2 million | 18 |
| OpCo Financing SOFR Margin Thereafter | 3% | 18 |
| OpCo Financing SOFR Margin First Four Years | 2.5% | 18 |
| OpCo Financing Quarterly Principal Amortization Period | quarter ending June 2025 through quarter ending March 2026 | 18 |
| OpCo Financing Quarterly Principal Amortization | 675,000 per quarter | 18 |
| OpCo Financing Net Interest Rate Thereafter | 6.866% | 18 |
| OpCo Financing Net Interest Rate Four Years | 6.366% | 18 |
| OpCo Financing Fixed Rate Swap | 3.716% | 18 |
| OpCo Financing Facility Total Net Proceeds Company | 46.1 million | 18 |
| OpCo Financing Facility Total Capital Expenditure Reserve Target | 29.0 million | 18 |
| OpCo Financing Facility Term Loan | 80.5 million | 18 |
| OpCo Financing Facility Net Proceeds | 77.6 million | 18 |
| OpCo Financing Facility LC Facility | 6.5 million | 18 |
| OpCo Financing Facility Fees and Transaction Costs | 2.9 million | 18 |
| opco financing facility capital expenditure reserve | 14.5 million | 18 |
| opco financing debt service coverage ratio | 1.20:1.00 | 18 |
| opco financing base rate margin thereafter | 2% | 18 |
| opco financing base rate margin first four years | 1.5% | 18 |
| interest rate swap fair value loss | $(3.5) million | 18 |
| interest rate swap fair value gain | 0.9 million | 18 |
| Groton unrestricted cash | 6.8 million | 18 |
| Groton total debt service coverage ratio | 1.10:1.00 | 18 |
| Groton subordinated principal payment excess cash flow | 50% | 18 |
| Groton subordinated interest rate step down | 8% | 18 |
| Groton subordinated interest rate post step down floor | 5% | 18 |
| Groton subordinated DSCR reserve | 0.3 million | 18 |
| Groton subordinated back leverage loan facility | 8.0 million | 18 |
| Groton senior operations maintenance reserve | 6.5 million | 18 |
| Groton senior interest rate Liberty | 6.75% | 18 |
| Groton senior interest rate Amalgamated no carbon offset | 6.07% | 18 |
| Groton senior interest rate Amalgamated carbon offset | 7.32% | 18 |
| Groton senior DSCR reserve accounts | 1.7 million | 18 |
| Groton senior debt service coverage ratio | 1.20:1.00 | 18 |
| Groton senior back leverage loan facility | 12.0 million | 18 |
| Groton Released to Parent | 11.1 million | 18 |
| Groton Output Shortfall Payments | 1.3 million | 18 |
| Groton Back Leverage Total Drawn | 20.0 million | 18 |
| Groton Back Leverage Net Proceeds | 19.6 million | 18 |
| Groton Back Leverage Fees and Transaction Costs | 0.4 million | 18 |
| Generation Operating Portfolio | 62.8 MW | 18 |
| Finance Obligation Imputed Interest | 10.9 million | 18 |
| Finance Obligation Balance | 18.8 million | 18 |
| Connecticut State Loan Penalty per Position | 14,225.00 | 18 |
| Connecticut State Loan Interest Rate | 2.0% | 18 |
| Connecticut State Loan Initial Disbursement | 10.0 million | 18 |
| Connecticut State Loan Forgiveness Eligible | 5.0 million | 18 |
| Connecticut State Loan Estimated Penalty | 2.1 million | 18 |
| Connecticut State Loan Employment Obligation Third Amendment | 538 retained | 18 |
| Connecticut State Loan Employment Obligation Second Amendment | 538 continuously maintained | 18 |
| Connecticut State Loan Employment Obligation Original | 165 created and 538 retained | 18 |
| Connecticut State Loan Credit Second Amendment | 2.0 million | 18 |
| Advanced Technologies US Government Funded | 8.2 million | 18 |
| Advanced Technologies Non-US Government Funded | 23.4 million | 18 |
| Advanced technologies contract backlog | 31.6 million | 18 |
| Unrestricted Cash and Cash Equivalents | $98.1 million | 18 |
| Unrestricted Cash and Cash Equivalents | $98,070 | 19 |
| US Treasury Securities | $110.3 million | 18 |
| Total Project Assets | $236.7 million | 18 |
| Total Backlog | $1.31 billion | 18 |
| Short-term Investments | $110,298 | 19 |
| Service Backlog | $172,326 | 19 |
| Service Agreements Backlog | $172.3 million | 18 |
| Restricted Cash and Cash Equivalents | $62,352 | 19 |
| Restricted Cash | $62.4 million | 18 |
| Product Backlog | $111.2 million | 18 |
| Product Backlog | $111,211 | 19 |
| Net Debt Project Assets | $114.3 million | 18 |
| Generation MW Operating | 62.8 | 18 |
| Generation Backlog | $997.4 million | 18 |
| Generation Backlog | $997,397 | 19 |
| Backlog | $1,312,500 | 19 |
| Advanced Technologies Backlog | $31.6 million | 18 |
| Advanced Technologies Backlog | $31,566 | 19 |
| FuelCell Energy, published 2024-12-27, period FY2024 | ||
| Loss Accruals on Service Agreements | $9.0 million | 17 |
| Foreign Currency Portion of Cash and Cash Equivalents | approximately 1% | 17 |
| Versa Pending U.S. Patent Applications | 13 | 17 |
| Versa Patent Applications Pending in Other Jurisdictions | 30 | 17 |
| Versa International Patents | 68 | 17 |
| Versa U.S. Patents | 19 | 17 |
| U.S. Patents Held (Excluding Subsidiaries) | 148 | 17 |
| U.S. Grid Transmission Line Losses Average | about 5% | 17 |
| U.S. Treasury Securities Weighted Average Yield to Maturity | 4.78% | 17 |
| U.S. Treasury Securities carrying value | $109.1 million | 17 |
| Torrington Facility Sized for Eventual Capacity | up to 200 MW per year | 17 |
| Torrington Facility Size | 167,000 square feet | 17 |
| Torrington Facility Maximum Annualized Capacity | 100 MW per year | 17 |
| Torrington Facility Annualized Production Rate | 27.7 MW per year | 17 |
| Taufkirchen facility module assembly capability | up to 20 MW per year | 17 |
| Solid Oxide SOEC Manufacturing Capacity Potential | up to 80 MW per year | 17 |
| Service Agreements Weighted Average Term | approximately 16 years | 17 |
| Property Plant Equipment Expected | 20.0 to 25.0 million | 17 |
| Projects In Development | 1.3 MW | 17 |
| Product warranty term in U.S. | 15 months after shipment or 12 months after acceptance | 17 |
| Patents in other jurisdictions (excluding subsidiaries) | 307 | 17 |
| Patent applications pending in other jurisdictions | 86 | 17 |
| Patent applications pending in U.S. | 28 | 17 |
| New carbon capture projects CO2 capture limit | no more than 250,000 tons of CO2 on a cumulative annual basis | 17 |
| Long Term Project Assets Expected | 3.0 to 6.0 million | 17 |
| Legacy fuel cell modules target design life | 5-year | 17 |
| LTSA and PPA expiration range | through 2042 | 17 |
| Initial maximum Joint Development Agreement research cost reimbursement | 45.0 million | 17 |
| Industry average experience modification rate | 1.0 | 17 |
| Hourly rates increase in Amendment No. 5 | 15% | 17 |
| Government funding percentage of revenue | 4% | 17 |
| Government funding percentage of revenue | 3% | 17 |
| Government funding percentage of revenue | 6% | 17 |
| Generation Operating Portfolio | 62.8 MW | 17 |
| FuelCell Energy Solutions GmbH licensed patents outside U.S. | 7 | 17 |
| FuelCell Energy Solutions GmbH licensed U.S. patents | 2 | 17 |
| Fuel cell stack module design life | 25-to-30 years | 17 |
| Extended maximum Joint Development Agreement research cost reimbursement | 67.0 million | 17 |
| Experience modification rate | 0.83 | 17 |
| Experience modification rate | 0.89 | 17 |
| Experience modification rate | 0.088 | 17 |
| Experience modification rate | 0.68 | 17 |
| Experience modification rate | 0.59 | 17 |
| Experience modification rate | 0.65 | 17 |
| Experience modification rate | 0.62 | 17 |
| EMTEC license agreement payment | 10 million | 17 |
| Diverse team member population increase | 5% | 17 |
| Current production fuel cell modules target design life | 7-year | 17 |
| Conflict minerals (3TG) in fiscal year 2023 shipments | 14.0 pounds out of 4.6 million pounds (0.000299%) | 17 |
| Company funded R&D expected | 40.0 to 45.0 million | 17 |
| Carbonate fuel cell electrical efficiency range | approximately 47% to 60% | 17 |
| Carbonate Platform maximum annualized capacity | 100 MW | 17 |
| Carbonate Platform future capacity | 200 MW | 17 |
| Carbon capture demonstration | up to 95% | 17 |
| Calgary facility total leased space | approximately 100,000 square feet | 17 |
| Calgary facility potential total annualized SOEC manufacturing capacity | up to 80 MW per year | 17 |
| Calgary facility current annualized SOEC production capacity | 6 MW | 17 |
| Calgary facility additional leased space from fiscal 2024 and | approximately 68,000 square feet | 17 |
| CHP system efficiency potential | up to 90% | 17 |
| Annual hourly rates increase beginning March 31 | 3% | 17 |
| Amendment No. 5 expected annual budget for JDA | at least 10.0 million per year | 17 |
| FuelCell Energy, published 2024-12-19, period FY2024 | ||
| unrestricted cash and cash equivalents | $148.1 million | 16 |
| Cash and short-term investments | $318.0 million | 16 |
| Backlog | $1,162,833 | 16 |
| FuelCell Energy, published 2024-09-05, period 2024-Q3 | ||
| unrestricted cash and cash equivalents | 159.3 million | 13 |
| U.S. Treasury Securities | 107.8 million | 13 |
| Total project assets | 248.8 million | 13 |
| Total backlog | 1.20 billion | 13 |
| Short-term investments | 107,817 | 14 |
| Service agreements backlog | 178.4 million | 13 |
| restricted cash and cash equivalents | 58.8 million | 13 |
| restricted cash and cash equivalents | 58,848 | 14 |
| Product backlog | 136.7 million | 13 |
| Pledged cash for performance security | 58.8 million | 13 |
| outstanding letters of credit | 14.2 million | 13 |
| Net debt related to project assets | 118.7 million | 13 |
| Generation operating portfolio capacity | 62.8 MW | 13 |
| Generation operating portfolio | 62.8 MW | 13 |
| Generation backlog | 839.5 million | 13 |
| Cash and cash equivalents, unrestricted | 159,347 | 14 |
| Cash and cash equivalents | 218.2 million | 13 |
| Backlog | $1,197,107 | 14 |
| Advanced Technologies contract backlog | 42.5 million | 13 |
| FuelCell Energy, published 2024-06-10, period 2024-Q2 | ||
| Unrestricted cash and equivalents | 158.8 million | 11 |
| Unrestricted Cash | 158.8 million | 12 |
| U.S. Government funded backlog | 12.7 million | 11 |
| Total backlog | 1.06 billion | 11 |
| Short-term Investments | 101.3 million | 12 |
| Service agreements backlog | 145.1 million | 11 |
| Service Backlog | 145,100 | 12 |
| Restricted cash pledged | 53.1 million | 11 |
| Product backlog | 12.3 million | 11 |
| Product Backlog | 12,307 | 12 |
| outstanding letters of credit | 14.2 million | 11 |
| Operating MW | 62.8 MW | 11 |
| Non U.S. Government funded backlog | 38.4 million | 11 |
| Net debt from project assets | 121.5 million | 11 |
| Generation operating portfolio | 62.8 MW | 11 |
| Generation backlog | 852.9 million | 11 |
| Generation Backlog | 852,933 | 12 |
| GGE LTSA contract value | 159.6 million USD | 11 |
| Cash and Short-term Investments | 313.2 million | 12 |
| Backlog | 1,061,452 | 12 |
| Advanced Technologies contract backlog | 51.1 million | 11 |
| Advanced Technologies backlog | 51.1 million | 11 |
| Advanced Technologies Backlog | 51,112 | 12 |
| FuelCell Energy, published 2024-03-07, period 2024-Q1 | ||
| Tulare biomat fuel contract duration | 20 years | 9 |
| Toyota hydrogen PPA through date | May 2025 | 9 |
| Toyota hydrogen PPA fuel contract duration | 2 years | 9 |
| Total debt service coverage ratio minimum | 1.10:1.00 | 9 |
| Subordinated back leverage loan step-down rate | 8% | 9 |
| 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 |
| Subordinated back leverage loan maturity date | September 30, 2038 | 9 |
| Subordinated back leverage loan interest-only period max | 84 months | 9 |
| Senior debt service coverage ratio minimum | 1.20:1.00 | 9 |
| Senior back leverage loans prepayment fee years 4-7 | 1% | 9 |
| Senior back leverage loans prepayment fee years 2-4 | 2% | 9 |
| Senior back leverage loans prepayment fee years 0-2 | 3% | 9 |
| Senior back leverage loans maturity date | August 18, 2030 | 9 |
| Senior back leverage loans amortization period | 10 years | 9 |
| RNG pricing sensitivity analysis annual impact | $2.0 million | 9 |
| Restricted cash performance security and letters of credit | $51.3 million | 9 |
| Restricted cash OpCo financing facility | $21.6 million | 9 |
| Restricted Cash Crestmark Sale Leaseback | $2.9 million | 9 |
| Restricted cash back leverage loan facility | $9.0 million | 9 |
| opco financing facility net rate thereafter | 6.866% | 9 |
| opco financing facility net rate first four years | 6.366% | 9 |
| opco financing facility fixed swap rate | 3.716% | 9 |
| natural gas sensitivity analysis annual impact | $26,000 | 9 |
| lipa yaphank ppa through date | September 2028 | 9 |
| lipa yaphank fixed price fuel contract duration | 7 years | 9 |
| Letters of credit outstanding | $14.2 million | 9 |
| interest rate swap fair value loss q1 | $3.5 million | 9 |
| Generation Operating Portfolio | 62.8 MW | 9 |
| foreign currency cash percentage | 0.5% | 9 |
| derivative loss natural gas q1 | $1.9 million | 9 |
| derby projects capacity | 14.0 MW and 2.8 MW | 9 |
| derby ppa through date | October 2029 | 9 |
| derby fixed price fuel contract duration | 6 years | 9 |
| connecticut loan principal amount | $10.0 million | 9 |
| connecticut loan penalty per position | $14,225.00 | 9 |
| connecticut loan interest rate | 2.0% | 9 |
| connecticut loan forgiveness eligible amount | $5.0 million | 9 |
| connecticut loan employment obligation positions | 538 | 9 |
| connecticut loan credit eligible amount | $2.0 million | 9 |
| connecticut loan additional positions for credit | 91 | 9 |
| bridgeport project capacity | 14.9 MW | 9 |
| Bishop Rule 10b5-1 Plan share sale | 64,853 shares | 9 |
| Bishop Rule 10b5-1 Plan expiration date | January 7, 2025 | 9 |
| Advanced Technologies US government-funded backlog | $3.7 million | 9 |
| Advanced Technologies non-US government-funded backlog | $19.7 million | 9 |
| Advanced technologies contract backlog | $23.4 million | 9 |
| Unrestricted cash and cash equivalents as of October 31 | 250.0 million | 9 |
| Total project assets | 260.8 million | 9 |
| Service agreements backlog | 140.4 million | 9 |
| restricted cash and cash equivalents | 51.3 million | 9 |
| Projects in development | 0.7 million | 9 |
| Pledged cash collateral for performance security | 51.3 million | 9 |
| Overall backlog | 1.03 billion | 9 |
| Operating power plants capacity | 62.8 MW | 9 |
| Operating installations | 260.1 million | 9 |
| Net debt outstanding related to project assets | 110.7 million | 9 |
| Generation backlog | 0.86 billion | 9 |
| Generation Operating Portfolio | 62.8 MW | 10 |
| Future required payments (principal and interest) | 134.8 million | 9 |
| Finance obligations under sale-leaseback transactions | 18.8 million | 9 |
| Depreciation of project assets | 6.8 million | 9 |
| Depreciation and amortization | 8.6 million | 9 |
| Backlog | 1,025,549 | 10 |
| Annualized production rate | 33.2 MW | 9 |
| Advanced Technologies contract backlog | 23.4 million | 9 |
| FuelCell Energy, published 2023-12-19, period FY2023 | ||
| Unrestricted cash and cash equivalents | 250.0 million | 7 |
| Total backlog | 1.03 billion | 7 |
| Short-term investments US Treasury securities | 103.8 million | 7 |
| Service and generation backlog weighted average term | approximately 17 years | 7 |
| Service agreements backlog | 140.8 million | 7 |
| Projects under development | 19.4 MW | 7 |
| Project assets | 258.1 million | 7 |
| Product backlog | 0 | 7 |
| Operating portfolio of retained projects | 43.7 MW | 7 |
| Operating generation portfolio | 43.7 MW | 7 |
| Net debt outstanding related to project assets | 112.6 million | 7 |
| Government funding percentage of revenue | 3% | 7 |
| Government funding percentage of revenue | 6% | 7 |
| government funding percentage of revenue | 9% | 7 |
| Generation Backlog | 872.1 million | 7 |
| carbonate platforms installed and operating | more than 220 MW | 7 |
| Annualized Production Rate | 32.7 MW | 7 |
| Advanced technologies contract backlog | 15.3 million | 7 |
| additional projects under development or construction | 19.4 MW | 7 |
| unrestricted cash and cash equivalents | 250.0 million | 7 |
| U.S. Treasury Securities carrying value | 103.8 million | 7 |
| U.S. Government unfunded Advanced Technologies backlog | 0.3 million | 7 |
| U.S. Government funded Advanced Technologies backlog | 4.3 million | 7 |
| Torrington maximum annualized capacity | 100 MW per year | 7 |
| Torrington Facility Annualized Production Rate | 32.7 MW per year | 7 |
| Torrington eventual annualized production capacity | up to 200 MW per year | 7 |
| Taufkirchen Germany capability | up to 20 MW per year | 7 |
| South Korea installed base additional MW | more than 100 MW | 7 |
| South Korea Noeul Green Energy long term service agreement term | 14 years | 7 |
| South Korea KOSPO power plant project MW | 20 MW | 7 |
| restricted cash and cash equivalents | 49.6 million | 7 |
| pledged cash for performance security and letters of credit | 49.6 million | 7 |
| outstanding letters of credit | 14.2 million | 7 |
| Non U.S. Government funded Advanced Technologies backlog | 10.7 million | 7 |
| loss accruals on service agreements October 31 | 9.5 million | 7 |
| loss accruals on service agreements October 31 | 7.3 million | 7 |
| Groton Project design rated output | 7.4 MW | 7 |
| Groton Project current output | 6.0 MW | 7 |
| Generation operating portfolio | 43.7 MW | 7 |
| derivative gain from natural gas settling fiscal year | 4.1 million | 7 |
| derivative fair value adjustment fiscal year | 3.3 million gain | 7 |
| derivative fair value adjustment fiscal year | 0.9 million gain | 7 |
| Depreciation of project assets | 20.3 million | 7 |
| Depreciation of project assets | 15.5 million | 7 |
| D&A | 25.4 million | 7 |
| D&A | 21.3 million | 7 |
| Company-funded R&D expenses | 60.0 million to 70.0 million | 7 |
| Company-funded R&D expenses | 61.0 million | 7 |
| Cash and cash equivalents and restricted cash | 299.6 million | 7 |
| Calgary solid oxide production capacity expected | 10 MW SOFC or 40 MW SOEC per year | 7 |
| Calgary solid oxide production capacity current | 1 MW SOFC or 4 MW SOEC per year | 7 |
| Calgary manufacturing facility expected capacity | 40 MW per year | 7 |
| Calgary manufacturing facility current capacity | 4 MW per year | 7 |
| Advanced Technologies contract backlog | 15.3 million | 7 |
| FuelCell Energy, published 2023-12-19, period 2023-Q4 | ||
| unrestricted cash and cash equivalents | $250.0 million | 8 |
| Short-term investments (U.S. Treasury Securities) | $103.8 million | 8 |
| restricted cash and cash equivalents | $49.6 million | 8 |
| Portfolio of generation assets | over 60 MW | 8 |
| Backlog | $1.028 billion | 8 |
| Annualized production rate (Carbonate Platform) | 32.7 MW | 8 |
| FuelCell Energy, published 2023-09-11, period 2023-Q3 | ||
| Unrestricted cash and equivalents | $303.7 million | 5 |
| unrestricted cash and cash equivalents | $303.7 million | 5 |
| Unrestricted Cash and Cash Equivalents | 303.7 | 6 |
| U.S. Treasury Securities Weighted Average Yield to Maturity | 5.09% | 5 |
| U.S. Treasury Securities carrying value | $77.4 million | 5 |
| Total space leased in Calgary | approximately 80,000 square feet | 5 |
| Total net proceeds to Company | $46.1 million | 5 |
| Total backlog | $1.06 billion | 5 |
| Torrington Facility Maximum Annualized Capacity | 100 MW per year | 5 |
| Torrington facility eventual production capacity | up to 200 MW per year | 5 |
| Term Loan principal amount | $80.5 million | 5 |
| Short-term investments (U.S. Treasury Securities) | $77.4 million | 5 |
| Shares reserved for issuance | 54,655,306 shares | 5 |
| Shares available for issuance | 55,295,919 shares | 5 |
| Service agreements backlog | $136.6 million | 5 |
| Service Backlog | 136.6 | 6 |
| restricted cash and cash equivalents | $32.7 million | 5 |
| RNG pricing sensitivity impact | $2.0 million per $10/MMBtu increase | 5 |
| Purchase of U.S. Treasury Securities | $195.8 million | 5 |
| Projects in Development | 19.4 MW | 5 |
| Project asset expenditures | $35.4 million | 5 |
| Project asset expenditures | $23.7 million | 5 |
| Proceeds from debt | $80.5 million | 5 |
| Potential total annualized SOEC manufacturing capacity | up to 80 MW per year | 5 |
| Potential additional SOEC manufacturing capacity at Calgary | up to an additional 40 MW per year | 5 |
| Payments of debt issuance costs | $2.9 million | 5 |
| Payments for preferred dividends and distribution to noncontrolling interest | $2.8 million | 5 |
| Payments for preferred dividends and distribution to noncontrolling interest | $2.6 million | 5 |
| outstanding letters of credit | $7.3 million | 5 |
| Net proceeds from sales of common stock | $85.9 million | 5 |
| Net proceeds from sales of common stock | $145.4 million | 5 |
| Net proceeds distributed to Parent | $34.9 million | 5 |
| Net interest rate (thereafter, new facility) | 6.866% | 5 |
| Net interest rate (first four years, new facility) | 6.366% | 5 |
| Net debt project assets | $94.9 million | 5 |
| Net contributions received from sale of noncontrolling interest in LIPA Yaphank Project | $11.9 million | 5 |
| Natural gas price sensitivity impact | $200,000 per $1/MMBtu increase | 5 |
| Letter of credit facility amount | $6.5 million | 5 |
| Interest rate swap fixed rate (new facility) | 3.716% | 5 |
| Green Bank Loan balance as of July 31 | $3.0 million | 5 |
| Generation operating portfolio capacity | 43.7 MW | 5 |
| Generation backlog | $915.1 million | 5 |
| Generation Operating Portfolio | 43.7 MW | 5 |
| Generation Backlog | 915.1 | 6 |
| Funds received from maturity of U.S. Treasury Securities | $120.9 million | 5 |
| Depreciation and amortization of project assets | $5.4 million | 5 |
| Depreciation and amortization of project assets | $4.1 million | 5 |
| Depreciation and amortization of project assets | $14.9 million | 5 |
| Depreciation and amortization of project assets | $11.8 million | 5 |
| Depreciation and amortization | $6.6 million | 5 |
| Depreciation and amortization | $5.3 million | 5 |
| Depreciation and amortization | $18.7 million | 5 |
| Depreciation and amortization | $16.4 million | 5 |
| Debt repayments | $42.2 million | 5 |
| Debt repayments | $7.2 million | 5 |
| Connecticut State Loan term | 15 years | 5 |
| Connecticut State Loan principal | $10.0 million | 5 |
| Connecticut State Loan interest rate | 2.0% | 5 |
| Company-funded research and development expenses | $43.0 million | 5 |
| Cash and cash equivalents and restricted cash | $336.4 million | 5 |
| Cash and Short-term Investments | 413.9 | 6 |
| Capital expenditures reserve required | $29.0 million | 5 |
| Capital expenditures reserve funded from closing | $14.5 million | 5 |
| Capital expenditures | $28.0 million | 5 |
| Capital expenditures | $15.8 million | 5 |
| 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 |
| Backlog | 1,063.3 | 6 |
| Authorized shares of common stock | 500,000,000 shares | 5 |
| Advanced Technologies contract backlog | $11.6 million | 5 |
| Advanced Technologies contract backlog | $11.6 million | 5 |
| Advanced Technologies Backlog | 11.6 | 6 |
| Additional space leased in Calgary | approximately 48,000 square feet | 5 |
| FuelCell Energy, published 2023-06-08, period 2023-Q2 | ||
| Unrestricted cash | 246.8 million | 3 |
| Total backlog | 1.02 billion | 3 |
| Short-term investments treasury | 76.4 million | 3 |
| Service agreements backlog | 73.7 million | 3 |
| Product backlog | 26 thousand | 3 |
| Operating MW capacity | 43.7 MW | 3 |
| MW in process | 19.4 MW | 3 |
| Generation Backlog | 926.0 million | 3 |
| Advanced technologies backlog | 22.6 million | 3 |
| unrestricted cash and cash equivalents | $246.8 million | 3 |
| Unrestricted cash | 246.8 million | 4 |
| U.S. Treasury Securities carrying value | $76.4 million | 3 |
| Toyota project expensed costs | $11.6 million | 3 |
| Total project assets | $237.2 million | 3 |
| restricted cash and cash equivalents | $30.2 million | 3 |
| Projects under development and construction | 19.4 MW | 3 |
| pledged cash and cash equivalents for performance security | $30.2 million | 3 |
| outstanding letters of credit | $9.1 million | 3 |
| Operating project assets revenue | $18.0 million | 3 |
| Operating project assets | 43.7 MW | 3 |
| D&A | $6.6 million | 3 |
| D&A | $5.3 million | 3 |
| D&A | $12.0 million | 3 |
| D&A | $11.1 million | 3 |
| Company-funded R&D expenses | $27.4 million | 3 |
| Cash and short-term investments | 353.5 million | 4 |
| Cash and cash equivalents and restricted cash | $277.1 million | 3 |
| Capitalized project asset expenditures | $19.8 million | 3 |
| Backlog | 1,022,296 | 4 |
| Advanced Technologies contract backlog | $22.6 million | 3 |
| FuelCell Energy, published 2023-03-09, period 2023-Q1 | ||
| unrestricted cash and cash equivalents | 315.2 million | 1 |
| unrestricted cash and cash equivalents | 315.2 million | 2 |
| Total project assets | 229.9 million | 1 |
| Total backlog | 1.06 billion | 1 |
| Total Backlog | 1,061,107 | 2 |
| Solid Oxide Platform planned additional U.S. capacity | 400 MW | 2 |
| Solid Oxide Platform expected annualized electrolysis production capacity after Calgary expansion | 40 MWs | 2 |
| Solid Oxide Platform Calgary facility expansion space | approximately 80,000 square feet | 2 |
| Short-term investments in U.S. Treasury Securities | 75.7 million | 1 |
| Short-term investments in U.S. Treasury Securities | 75.7 million | 2 |
| Service agreements backlog | 99.9 million | 1 |
| restricted cash and cash equivalents | 24.6 million | 1 |
| restricted cash and cash equivalents | 24.6 million | 2 |
| Projects in development capacity | 19.4 MW | 1 |
| outstanding letters of credit | 5.0 million | 1 |
| Operating power plants capacity | 43.7 MW | 1 |
| Net debt outstanding related to project assets | 68.7 million | 1 |
| Generation backlog | 0.9 billion | 1 |
| Cash, Restricted Cash and Short-Term Investments | 415.4 million | 2 |
| Carbonate Platform planned annualized production rate for fiscal year | 45 MW | 2 |
| Carbonate Platform maximum annualized capacity | 100 MW | 2 |
| Carbonate Platform eventual capacity with additional investment | 200 MW | 2 |
| Carbonate Platform annualized production rate | 38.2 MW | 2 |
| Backlog - Service | 99,852 | 2 |
| Backlog - Product | 0 | 2 |
| Backlog - Generation | 934,484 | 2 |
| Backlog - Advanced Technologies | 26,771 | 2 |
| Advanced Technologies contract backlog | 26.8 million | 1 |
FuelCell Energy Development
How FuelCell Energy has developed since 2023: one paragraph per period on revenue, earnings, cash flow and drivers, most recent period first, grouped by year. NadirAlpha methodology
FY2026: FuelCell Energy
FuelCell Energy reported revenue of 30.5 million, 35.6 million, and 33 million in Q1, Q2, and Q3 of fiscal year 2026, respectively, with operating losses in all three quarters 26, 28, 30. In Q1, product revenue increased significantly to $12.0 million from $0.1 million in the prior-year period, driven by module deliveries under long-term service agreements with GGE and CGN in South Korea 26, 27. In Q2, the company recorded a $42.6 million non-cash impairment charge related to performance issues with SureSource 4000 fuel cells at the Groton Project, which was not operating as of April 30, 2026 pending an equipment upgrade estimated to cost $20.0 to $30.0 million and expected to be completed in fiscal year 2027 28, 29. In Q3, FuelCell Energy signed 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 block systems, and committed backlog increased 4.1% to $1.30 billion 30, 31. FuelCell Energy raised net proceeds of $453.6 million from equity issuances during the first nine months of fiscal 2026, ending Q3 with unrestricted cash of 658.1 million, and initiated a manufacturing capacity expansion at its Torrington, Connecticut facility targeting an annualized production rate of 500 MW by June 2028 30.
FY2025: FuelCell Energy
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). FuelCell Energy 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
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
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.
Glossary
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- EBITDA (adj.): Adjusted EBITDA, verbatim and company-defined (non-GAAP), never derived.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- EPS adj.: Adjusted earnings per share, verbatim and company-defined (non-GAAP).
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
Sources: quarterly reports, annual reports and investor relations documents
The evidence base for FuelCell Energy stock: every document with type and date, every figure in the report leads here by number and to the original by link. NadirAlpha methodology
47 documents · 2016 to 2026 · SEC EDGAR (USA)
Older sources (+16)
| # | Document type | Published |
|---|---|---|
| #209 | 10-K annual report | 2016-03-10 |
| #208 | 10-Q quarterly report | 2016-06-09 |
| #211 | 10-K annual report | 2017-01-12 |
| #210 | 10-Q quarterly report | 2017-06-08 |
| #213 | 10-K annual report | 2018-01-11 |
| #212 | 10-Q quarterly report | 2018-06-07 |
| #215 | 10-K annual report | 2019-01-10 |
| #214 | 10-Q quarterly report | 2019-06-17 |
| #203 | 10-K annual report | 2020-01-22 |
| #216 | 10-Q quarterly report | 2020-03-16 |
| #201 | 10-Q quarterly report | 2020-06-12 |
| #202 | 10-Q quarterly report | 2020-09-10 |
| #207 | 10-K annual report | 2021-01-21 |
| #204 | 10-Q quarterly report | 2021-03-16 |
| #205 | 10-Q quarterly report | 2021-06-10 |
| #206 | 10-Q quarterly report | 2021-09-14 |
FuelCell Energy Stock 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.
Which additional key figures does FuelCell Energy report?
As reported for Q3 FY2026 (May to Jul 2026): Annualized production rate, sales pipeline, Torrington facility expansion target, generation portfolio, committed backlog, committed advanced technologies contract backlog. The chapter Reported KPIs lists every value with its source. Revenue is broken down by Product, Generation, Advanced Technologies, Service.
Does FuelCell Energy 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?
NadirAlpha links all 47 original filings used (SEC filings) in the sources chapter: quarterly report, earnings release, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.