FuelCell Energy, Inc. (FCEL)

FuelCell Energy Income Statement

Financials in millions USD. Fiscal year is November - October.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct 31, 2025	Oct 31, 2024	Oct 31, 2023	Oct 31, 2022	Oct 31, 2021
Revenue	158.16	112.13	123.39	130.48	69.59
Revenue Growth (YoY)	41.05%	-9.13%	-5.43%	87.52%	-1.81%
Cost of Revenue	184.57	146.79	131.55	158.28	80.2
Gross Profit	-26.41	-34.65	-8.16	-27.79	-10.62
Selling, General & Admin	60.14	64.1	63.63	78.62	37.45
Research & Development	34.08	55.4	61.02	34.53	11.32
Other Operating Expenses	0.6	0.5	0.9	1	0.5
Operating Expenses	94.82	120.01	125.55	114.15	49.26
Operating Income	-121.23	-154.66	-133.71	-141.94	-59.88
Interest Expense	-11.08	-12.79	-7.25	-6.39	-7.36
Interest & Investment Income	8.31	13.72	15.8	3.39	0.03
Other Non Operating Income (Expenses)	0.48	0.81	4.72	0.32	-16.7
EBT Excluding Unusual Items	-123.52	-152.93	-120.44	-144.63	-83.91
Merger & Restructuring Charges	-5.34	-2.56	-	-	-
Asset Writedown	-65.78	-1.26	-2.38	-1.78	-5.02
Other Unusual Items	3.4	-	15.34	-	-12.09
Pretax Income	-191.24	-156.75	-107.48	-146.41	-101.02
Income Tax Expense	0.14	0.03	0.58	0.82	0
Earnings From Continuing Operations	-191.37	-156.78	-108.06	-147.23	-101.03
Minority Interest in Earnings	3.47	30.77	0.49	4.51	-0.03
Net Income	-187.9	-126.01	-107.57	-142.72	-101.06
Preferred Dividends & Other Adjustments	3.2	3.2	3.2	3.2	3.2
Net Income to Common	-191.1	-129.21	-110.77	-145.92	-104.26
Shares Outstanding (Basic)	26	17	14	13	11
Shares Outstanding (Diluted)	26	17	14	13	11
Shares Change (YoY)	55.97%	17.97%	9.55%	14.46%	50.81%
EPS (Basic)	-7.42	-7.83	-7.92	-11.43	-9.34
EPS (Diluted)	-7.42	-7.83	-7.92	-11.43	-9.34
Free Cash Flow	-147.83	-212.46	-232.61	-158.82	-143.67
Free Cash Flow Per Share	-5.74	-12.87	-16.63	-12.44	-12.88
Gross Margin	-16.70%	-30.90%	-6.61%	-21.30%	-15.25%
Operating Margin	-76.65%	-137.93%	-108.36%	-108.78%	-86.05%
Profit Margin	-120.83%	-115.23%	-89.77%	-111.83%	-149.82%
Free Cash Flow Margin	-93.47%	-189.47%	-188.51%	-121.71%	-206.46%
EBITDA	-80.83	-118.47	-108.33	-120.67	-40.01
EBITDA Margin	-51.11%	-105.65%	-87.80%	-92.48%	-57.49%
D&A For EBITDA	40.4	36.19	25.38	21.27	19.87
EBIT	-121.23	-154.66	-133.71	-141.94	-59.88
EBIT Margin	-76.65%	-137.93%	-108.36%	-108.78%	-86.05%
Revenue as Reported	158.16	112.13	123.39	130.48	69.59

Updated Dec 18, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q