FCEL
FuelCell Energy Inc
NASDAQ: FCEL · INDUSTRIALS · ELECTRICAL EQUIPMENT & PARTS
$13.00
-4.69% today
Updated 2026-04-30
Market cap
$592.29M
P/E ratio
—
P/S ratio
3.49x
EPS (TTM)
$-6.49
Dividend yield
—
52W range
$4 – $12
Volume
3.1M
FuelCell Energy Inc (FCEL) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $33.29M | $48.23M | $100.73M | $88.02M | $69.78M | $122.57M | $120.60M | $187.66M | $180.29M | $163.08M | $108.25M | $95.67M | $89.44M | $60.75M | $70.87M | $69.58M | $130.48M | $123.39M | $112.13M | $158.16M |
| Revenue growth (YoY) | — | +44.9% | +108.8% | -12.6% | -20.7% | +75.7% | -1.6% | +55.6% | -3.9% | -9.5% | -33.6% | -11.6% | -6.5% | -32.1% | +16.7% | -1.8% | +87.5% | -5.4% | -9.1% | +41.0% |
| Cost of revenue | $71.86M | $75.27M | $150.10M | $118.25M | $88.43M | $135.18M | $120.16M | $180.54M | $166.57M | $150.30M | $108.61M | $92.93M | $86.34M | $82.02M | $78.60M | $85.22M | $160.06M | $133.93M | $148.05M | $184.57M |
| Gross profit | $-38.57M | $-27.03M | $-49.36M | $-30.23M | $-18.65M | $-12.61M | $445000.00 | $7.12M | $13.73M | $12.78M | $-357000.00 | $2.73M | $3.09M | $-21.27M | $-7.72M | $-15.64M | $-29.57M | $-10.54M | $-35.92M | $-26.41M |
| Gross margin | -115.9% | -56.0% | -49.0% | -34.3% | -26.7% | -10.3% | 0.4% | 3.8% | 7.6% | 7.8% | -0.3% | 2.9% | 3.5% | -35.0% | -10.9% | -22.5% | -22.7% | -8.5% | -32.0% | -16.7% |
| R&D | $24.71M | $27.49M | $23.47M | $19.33M | $18.56M | $16.77M | $14.35M | $15.72M | $18.24M | $17.44M | $20.85M | $20.40M | $22.82M | $13.79M | $4.80M | $11.31M | $34.53M | $61.02M | $55.40M | $34.08M |
| SG&A | $17.76M | $18.63M | $19.97M | $17.19M | $17.15M | $16.30M | $18.22M | $21.22M | $22.80M | $24.23M | $25.15M | $25.92M | $24.91M | $31.87M | $26.64M | $37.95M | $79.62M | $64.53M | $64.60M | $60.74M |
| Operating income | $-81.04M | $-73.14M | $-92.80M | $-66.98M | $-54.37M | $-45.68M | $-32.13M | $-29.81M | $-27.31M | $-28.89M | $-46.35M | $-44.94M | $-44.63M | $-66.93M | $-39.17M | $-64.90M | $-143.72M | $-136.08M | $-155.93M | $-121.23M |
| Operating margin | -243.5% | -151.6% | -92.1% | -76.1% | -77.9% | -37.3% | -26.6% | -15.9% | -15.1% | -17.7% | -42.8% | -47.0% | -49.9% | -110.2% | -55.3% | -93.3% | -110.1% | -110.3% | -139.1% | -76.6% |
| EBITDA | $-71.65M | $-63.96M | $-82.60M | $-59.82M | $-48.67M | $-36.33M | $-28.34M | $-26.88M | $-30.45M | $-22.35M | $-41.18M | $-37.07M | $-33.25M | $-55.08M | $-54.39M | $-73.79M | $-118.75M | $-74.85M | $-110.87M | $-140.46M |
| EBITDA margin | -215.2% | -132.6% | -82.0% | -68.0% | -69.8% | -29.6% | -23.5% | -14.3% | -16.9% | -13.7% | -38.0% | -38.7% | -37.2% | -90.7% | -76.7% | -106.0% | -91.0% | -60.7% | -98.9% | -88.8% |
| EBIT | $-81.04M | $-73.14M | $-91.40M | $-69.25M | $-56.11M | $-42.76M | $-33.53M | $-30.98M | $-34.83M | $-26.45M | $-46.13M | $-45.59M | $-41.89M | $-67.44M | $-73.77M | $-93.66M | $-140.02M | $-100.23M | $-147.06M | $-180.86M |
| Interest expense | $4.83M | $4.47M | $1.30M | $265000.00 | $127000.00 | $2.58M | $2.30M | $3.97M | $3.56M | $2.96M | $4.96M | $9.17M | $9.05M | $10.62M | $15.29M | $7.36M | $6.39M | $7.25M | $9.69M | $10.38M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-76.11M | $-68.67M | $-93.36M | $-69.29M | $-53.30M | $-45.71M | $-35.49M | $-34.36M | $-38.13M | $-29.36M | $-50.96M | $-53.90M | $-47.33M | $-77.57M | $-89.11M | $-101.03M | $-142.72M | $-107.57M | $-126.01M | $-187.90M |
| Net income growth (YoY) | — | +9.8% | -35.9% | +25.8% | +23.1% | +14.2% | +22.4% | +3.2% | -11.0% | +23.0% | -73.6% | -5.8% | +12.2% | -63.9% | -14.9% | -13.4% | -41.3% | +24.6% | -17.1% | -49.1% |
| Profit margin | -228.6% | -142.4% | -92.7% | -78.7% | -76.4% | -37.3% | -29.4% | -18.3% | -21.1% | -18.0% | -47.1% | -56.3% | -52.9% | -127.7% | -125.7% | -145.2% | -109.4% | -87.2% | -112.4% | -118.8% |