The company struggles with structural profitability, reporting a negative gross margin of -36.3% in 2026Q2 alongside highly inconsistent revenue growth that contracted by 4.9% in the same period.
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Sales/Revenue | 167.88M | 158.16M | 112.13M | 123.39M | 130.48M | 69.58M | 70.87M | 60.75M | 89.44M | 95.67M | 108.25M | 163.08M | 180.29M | 187.66M | 120.6M | 122.57M | 69.78M | 88.02M | 100.73M | 48.23M | 33.29M | 30.37M | 31.39M | 33.79M | 41.23M | 26.18M | 20.71M | 20M | 24.3M | 24.8M | 29.4M |
| Revenue Growth % | 29.71% | 41.05% | -9.13% | -5.43% | 87.52% | -1.81% | 16.66% | -32.07% | -6.51% | -11.63% | -33.62% | -9.55% | -3.92% | 55.6% | -1.6% | 75.66% | -20.72% | -12.63% | 108.85% | 44.9% | 9.61% | -3.24% | -7.11% | -18.05% | 57.5% | 26.38% | 3.57% | -17.7% | -2.02% | -15.65% | -13.53% |
| Cost of Goods Sold | 198.43M | 184.57M | 148.05M | 133.93M | 160.06M | 85.22M | 78.6M | 82.02M | 86.34M | 92.93M | 108.61M | 150.3M | 166.57M | 180.54M | 120.16M | 135.18M | 88.43M | 118.25M | 150.1M | 75.27M | 71.86M | 65.25M | 67.25M | 86.22M | 77.79M | 33.7M | 4.56M | 12M | 14.2M | 15.2M | 20.7M |
| COGS % of Revenue | - | 116.7% | 132.03% | 108.54% | 122.67% | 122.47% | 110.9% | 135.01% | 96.54% | 97.14% | 100.33% | 92.17% | 92.39% | 96.2% | 99.63% | 110.29% | 126.73% | 134.35% | 149% | 156.04% | 215.86% | 214.85% | 214.27% | 255.16% | 188.68% | 128.74% | 22.02% | 60% | 58.44% | 61.29% | 70.41% |
| Gross Profit | -30.55M | -26.41M | -35.92M | -10.54M | -29.57M | -15.64M | -7.72M | -21.27M | 3.09M | 2.73M | -357K | 12.78M | 13.73M | 7.12M | 445K | -12.61M | -18.65M | -30.23M | -49.36M | -27.03M | -38.57M | -34.88M | -35.87M | -52.43M | -36.56M | -7.52M | 16.15M | 8M | 10.1M | 9.6M | 8.7M |
| Gross Margin % | -18.2% | -16.7% | -32.03% | -8.54% | -22.67% | -22.47% | -10.9% | -35.01% | 3.46% | 2.86% | -0.33% | 7.83% | 7.61% | 3.8% | 0.37% | -10.29% | -26.73% | -34.35% | -49% | -56.04% | -115.86% | -114.85% | -114.27% | -155.16% | -88.68% | -28.74% | 77.98% | 40% | 41.56% | 38.71% | 29.59% |
| Gross Profit Growth % | - | 26.48% | -240.94% | 64.38% | -89.11% | -102.45% | 63.68% | -787.65% | 13.13% | 865.83% | -102.79% | -6.92% | 92.73% | 1500.45% | 103.53% | 32.4% | 38.3% | 38.75% | -82.61% | 29.91% | -10.57% | 2.75% | 31.59% | -43.39% | -386% | -146.57% | 101.92% | -20.79% | 5.21% | 10.34% | 8.75% |
| Operating Expenses | 126.22M | 94.82M | 120.01M | 125.55M | 114.15M | 49.26M | 31.44M | 45.66M | 47.73M | 46.31M | 46M | 41.67M | 41.04M | 36.94M | 32.57M | 33.07M | 35.71M | 36.75M | 43.44M | 46.11M | 42.47M | 35.99M | 41.58M | 21.14M | 17.26M | 13.75M | 22.89M | 10.2M | 11.2M | 9.6M | 8.3M |
| OpEx % of Revenue | - | 59.95% | 107.02% | 101.75% | 87.48% | 70.8% | 44.36% | 75.16% | 53.36% | 48.41% | 42.49% | 25.55% | 22.76% | 19.68% | 27.01% | 26.98% | 51.18% | 41.75% | 43.12% | 95.6% | 127.59% | 118.52% | 132.47% | 62.56% | 41.85% | 52.53% | 110.49% | 51% | 46.09% | 38.71% | 28.23% |
| Selling, General & Admin | 57.42M | 60.74M | 64.6M | 64.53M | 79.62M | 37.95M | 26.64M | 31.87M | 24.91M | 25.92M | 25.15M | 24.23M | 22.8M | 21.22M | 18.22M | 16.3M | 17.15M | 17.41M | 19.97M | 18.63M | 17.76M | 14.15M | 14.9M | 12.63M | 10.45M | 8.95M | 7.92M | 6.6M | 7M | 6.1M | 4.8M |
| SG&A % of Revenue | - | 38.41% | 57.61% | 52.29% | 61.02% | 54.53% | 37.6% | 52.47% | 27.85% | 27.09% | 23.23% | 14.86% | 12.64% | 11.31% | 15.11% | 13.3% | 24.58% | 19.78% | 19.82% | 38.61% | 53.35% | 46.61% | 47.48% | 37.38% | 25.35% | 34.2% | 38.22% | 33% | 28.81% | 24.6% | 16.33% |
| Research & Development | 27.77M | 34.08M | 55.4M | 61.02M | 34.53M | 11.31M | 4.8M | 13.79M | 22.82M | 20.4M | 20.85M | 17.44M | 18.24M | 15.72M | 14.35M | 16.77M | 18.56M | 19.33M | 23.47M | 27.49M | 24.71M | 21.84M | 26.68M | 8.51M | 6.81M | 3.11M | 13.09M | 1.8M | 2.3M | 1.3M | 1.3M |
| R&D % of Revenue | - | 21.55% | 49.41% | 49.45% | 26.46% | 16.26% | 6.77% | 22.69% | 25.51% | 21.32% | 19.26% | 10.7% | 10.12% | 8.38% | 11.9% | 13.68% | 26.6% | 21.97% | 23.3% | 56.99% | 74.24% | 71.91% | 85% | 25.18% | 16.51% | 11.87% | 63.19% | 9% | 9.46% | 5.24% | 4.42% |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 93K | 0 | 247K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.69M | 1.88M | 1.8M | 1.9M | 2.2M | 2.2M |
| Operating Income | -156.77M | -121.23M | -155.93M | -136.08M | -143.72M | -64.9M | -39.17M | -66.93M | -44.63M | -44.94M | -46.35M | -28.89M | -27.31M | -29.81M | -32.13M | -45.68M | -54.37M | -66.98M | -92.8M | -73.14M | -81.04M | -70.87M | -89.64M | -73.57M | -53.82M | -21.28M | -6.73M | -2.2M | -1.1M | -1M | 400K |
| Operating Margin % | -93.38% | -76.65% | -139.06% | -110.28% | -110.15% | -93.27% | -55.26% | -110.17% | -49.9% | -46.97% | -42.82% | -17.72% | -15.15% | -15.89% | -26.64% | -37.27% | -77.91% | -76.1% | -92.12% | -151.65% | -243.45% | -233.37% | -285.61% | -217.72% | -130.53% | -81.27% | -32.5% | -11% | -4.53% | -4.03% | 1.36% |
| Operating Income Growth % | - | 22.25% | -14.58% | 5.32% | -121.45% | -65.71% | 41.48% | -49.96% | 0.67% | 3.06% | -60.44% | -5.79% | 8.39% | 7.21% | 29.66% | 15.98% | 18.83% | 27.82% | -26.87% | 9.74% | -14.35% | 20.94% | -21.85% | -36.7% | -152.96% | -216% | -206.05% | -100% | -10% | -350% | 33.33% |
| EBITDA | -115.85M | -80.83M | -119.73M | -110.71M | -122.45M | -45.03M | -19.79M | -54.58M | -35.98M | -36.42M | -41.4M | -24.79M | -22.93M | -25.72M | -26.94M | -39.25M | -46.93M | -57.55M | -84M | -63.96M | -71.65M | -63.56M | -81.23M | -67.19M | -50.04M | -19.24M | -4.85M | -400K | 800K | 1.2M | 2.6M |
| EBITDA Margin % | -69.01% | -51.11% | -106.78% | -89.72% | -93.84% | -64.71% | -27.92% | -89.83% | -40.23% | -38.07% | -38.25% | -15.2% | -12.72% | -13.7% | -22.34% | -32.02% | -67.25% | -65.39% | -83.39% | -132.6% | -215.24% | -209.3% | -258.82% | -198.86% | -121.36% | -73.5% | -23.43% | -2% | 3.29% | 4.84% | 8.84% |
| EBITDA Growth % | -10.93% | 32.49% | -8.15% | 9.59% | -171.93% | -127.55% | 63.74% | -51.67% | 1.19% | 12.04% | -67% | -8.14% | 10.85% | 4.53% | 31.36% | 16.37% | 18.46% | 31.48% | -31.33% | 10.73% | -12.72% | 21.75% | -20.89% | -34.29% | -160.04% | -296.5% | -1113.25% | -150% | -33.33% | -53.85% | 8.33% |
| D&A (Non-Cash Add-back) | 40.92M | 40.4M | 36.19M | 25.38M | 21.27M | 19.87M | 19.38M | 12.35M | 8.65M | 8.52M | 4.95M | 4.1M | 4.38M | 4.1M | 5.19M | 6.43M | 7.44M | 9.43M | 8.8M | 9.19M | 9.39M | 7.31M | 8.41M | 6.37M | 3.78M | 2.03M | 1.88M | 1.8M | 1.9M | 2.2M | 2.2M |
| EBIT | -216.93M | -180.86M | -147.06M | -100.23M | -140.02M | -93.66M | -73.77M | -67.44M | -41.29M | -45.59M | -46.13M | -26.45M | -34.83M | -30.98M | -33.53M | -43.38M | -56.11M | -68.41M | -92.8M | -73.14M | -81.04M | -70.87M | -77.44M | -73.57M | -53.82M | -21.28M | -6.73M | -2.2M | -1.1M | -2M | 400K |
| Net Interest Income | -1.73M | -2.06M | 4.03M | 8.55M | -3.01M | -7.33M | -15.29M | -10.62M | -9.05M | -9.17M | -4.96M | -2.96M | -3.56M | -3.97M | -2.3M | -2.58M | 1.23M | 595K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 9.12M | 8.31M | 13.72M | 15.79M | 3.39M | 34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.35M | 860K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 10.84M | 10.38M | 9.69M | 7.25M | 6.39M | 7.36M | 15.29M | 10.62M | 9.05M | 9.17M | 4.96M | 2.96M | 3.56M | 3.97M | 2.3M | 2.58M | 127K | 265K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -68.14M | -70M | -827K | 28.61M | -2.69M | -36.12M | -49.9M | -10.53M | -5.72M | -8.92M | -4.34M | -518K | -11.08M | -5.13M | -3.71M | -184K | -1.39M | -2.31M | 1.3M | 4.47M | 4.83M | 3.94M | 2.35M | 6.15M | 4.99M | 5.84M | 266K | 1.5M | 1M | 1.6M | 400K |
| Pretax Income | -224.91M | -191.24M | -156.75M | -107.47M | -146.41M | -101.02M | -89.06M | -77.46M | -50.35M | -53.86M | -50.69M | -29.41M | -38.4M | -34.95M | -35.84M | -45.86M | -56.23M | -69.29M | -91.5M | -68.67M | -76.21M | -66.93M | -87.29M | -67.41M | -48.83M | -15.44M | -6.47M | -700K | -100K | 600K | 800K |
| Pretax Margin % | -133.97% | -120.91% | -139.79% | -87.1% | -112.21% | -145.18% | -125.67% | -127.5% | -56.3% | -56.3% | -46.83% | -18.03% | -21.3% | -18.62% | -29.71% | -37.42% | -80.59% | -78.72% | -90.83% | -142.38% | -228.95% | -220.4% | -278.11% | -199.51% | -118.44% | -58.97% | -31.22% | -3.5% | -0.41% | 2.42% | 2.72% |
| Income Tax | -2.39M | 137K | 25K | 581K | 819K | 2K | 46K | 109K | -3.02M | 44K | 519K | 274K | 488K | 371K | 69K | 113K | 91K | 2.31M | 556K | 0 | -4.75M | 0 | 0 | 0 | 7K | 0 | -2.54M | 300K | -1.7M | 200K | 300K |
| Effective Tax Rate % | 1.06% | -0.07% | -0.02% | -0.54% | -0.56% | -0% | -0.05% | -0.14% | 5.99% | -0.08% | -1.02% | -0.93% | -1.27% | -1.06% | -0.19% | -0.25% | -0.16% | -3.33% | -0.61% | 0% | 6.23% | 0% | 0% | 0% | -0.01% | 0% | 39.28% | -42.86% | 1700% | 33.33% | 37.5% |
| Net Income | -222.81M | -187.9M | -126.01M | -107.57M | -142.72M | -101.03M | -89.11M | -77.57M | -47.33M | -53.9M | -50.96M | -29.36M | -38.13M | -34.36M | -35.49M | -45.71M | -53.3M | -69.29M | -93.36M | -68.67M | -76.11M | -68.19M | -86.44M | -67.41M | -48.84M | -15.44M | -4.46M | -1M | -400K | 400K | 500K |
| Net Margin % | -132.72% | -118.8% | -112.38% | -87.17% | -109.38% | -145.18% | -125.73% | -127.68% | -52.92% | -56.34% | -47.07% | -18% | -21.15% | -18.31% | -29.43% | -37.3% | -76.38% | -78.72% | -92.68% | -142.38% | -228.63% | -224.52% | -275.42% | -199.51% | -118.45% | -58.97% | -21.53% | -5% | -1.65% | 1.61% | 1.7% |
| Net Income Growth % | -57.74% | -49.12% | -17.14% | 24.63% | -41.27% | -13.37% | -14.88% | -63.87% | 12.19% | -5.78% | -73.57% | 22.99% | -10.96% | 3.2% | 22.35% | 14.23% | 23.08% | 25.78% | -35.94% | 9.76% | -11.61% | 21.12% | -28.23% | -38.03% | -216.36% | -246.22% | -345.9% | -150% | -200% | -20% | 25% |
| Net Income (Continuing) | -222.53M | -191.37M | -156.78M | -108.06M | -147.23M | -101.03M | -89.11M | -77.57M | -47.33M | -53.9M | -51.21M | -29.68M | -38.88M | -35.32M | -35.91M | -45.45M | -53.96M | -68.67M | -91.5M | -68.67M | -76.11M | -66.93M | -87.29M | -67.41M | -48.84M | -15.44M | -4.46M | -1M | -400K | 400K | 500K |
| Discontinued Operations | 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 |
| Minority Interest | 9.08M | 9.11M | 10.69M | 17.95M | 10.13M | 3.03M | 0 | 0 | 0 | 0 | 0 | -555K | -1.54M | -780K | -381K | -924K | -663K | 14.98M | 13.31M | 11.88M | 10.66M | 11.52M | 0 | 0 | 0 | 0 | 189K | 200K | 3.2M | 0 | 0 |
| EPS (Diluted) | -4.11 | -7.42 | -0.49 | -0.26 | -0.38 | -0.30 | -0.40 | -1.41 | -6.86 | -12.96 | -20.54 | -14.37 | -22.35 | -26.52 | -30.89 | -52.87 | -81.71 | -137.83 | -196.05 | -159.53 | -214.69 | -203.45 | -260.01 | -246.75 | -179.71 | -64.70 | -22.69 | -5.76 | -3.24 | 2.88 | 2.95 |
| EPS Growth % | -91.27% | -1414.29% | -88.46% | 31.58% | -26.67% | 25% | 71.63% | 79.45% | 47.07% | 36.9% | -42.94% | 35.7% | 15.72% | 14.15% | 41.57% | 35.3% | 40.72% | 29.7% | -22.89% | 25.69% | -5.52% | 21.75% | -5.37% | -37.3% | -177.76% | -185.15% | -293.92% | -77.78% | -212.5% | -2.37% | -8.95% |
| EPS (Basic) | - | -7.42 | -0.53 | -0.26 | -0.39 | -0.31 | -0.42 | -1.82 | -9.01 | -13.73 | -21.84 | -15.96 | -24.24 | -29.04 | -30.89 | -52.87 | -81.71 | -137.83 | -196.05 | -159.53 | -214.69 | -203.45 | -260.01 | -246.75 | -179.71 | -64.70 | -22.69 | -5.78 | -3.24 | 2.88 | 3.12 |
| Diluted Shares Outstanding | 54.22M | 25.74M | 261.84M | 419.75M | 383.14M | 334.74M | 221.96M | 55.08M | 6.9M | 4.16M | 2.48M | 2.04M | 1.71M | 1.3M | 1.15M | 864.56K | 652.26K | 502.72K | 476.18K | 430.49K | 354.49K | 335.14K | 332.46K | 273.21K | 271.77K | 238.6K | 196.51K | 173.7K | 123.52K | 138.95K | 169.29K |
| Basic Shares Outstanding | 54.22M | 25.74M | 243.54M | 407.62M | 374.74M | 324.47M | 212.16M | 42.62M | 5.25M | 3.93M | 2.33M | 1.84M | 1.57M | 1.18M | 1.15M | 864.56K | 652.26K | 502.72K | 476.18K | 430.49K | 354.49K | 335.14K | 332.46K | 273.21K | 271.77K | 238.6K | 196.51K | 172.96K | 123.52K | 138.95K | 160.25K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent negative gross margins
As evidenced by the quarterly data, FCEL's revenue trajectory remains highly inconsistent, fluctuating from a 60.7% year-over-year increase in 2026Q1 to a 4.9% contraction in 2026Q2, reflecting the inherent lumpiness of project-based revenue recognition and the challenges of scaling utility-scale fuel cell deployments.
The erratic revenue performance suggests that the company struggles to maintain a predictable project pipeline, likely due to long lead times and external dependencies. Investors should monitor whether the recent volatility indicates a structural difficulty in converting backlog into recognized revenue or merely the timing of specific milestone completions.
According to the provided financial statements, FCEL continues to report negative gross margins, reaching -36.3% in 2026Q2, which highlights a fundamental inability to achieve manufacturing economies of scale or effectively manage the high costs associated with specialized fuel cell stack production and maintenance.
The persistent negative gross margin suggests that the cost of goods sold consistently exceeds the revenue generated, implying that the current business model may be fundamentally unviable without significant technological or manufacturing breakthroughs. This margin profile warrants deep skepticism regarding the company's ability to reach profitability under its existing cost structure.
Based on reported figures, the company's operating income remains deeply negative, with the 2026Q2 operating margin of -2.2% following a period of significant losses, indicating that SG&A and R&D expenses continue to outpace the company's ability to generate meaningful gross profit to cover overhead.
The lack of positive operating leverage suggests that the company is not yet benefiting from scale, as fixed costs remain high relative to the revenue base. Without a clear path to positive gross margins, the company's operating expenses appear to be a permanent drag on cash reserves, necessitating ongoing external financing.
As reported in financial filings, the company's reliance on equity-funded operations to sustain negative gross margins raises significant concerns, as the 2026Q2 net loss of $77.6 million underscores the potential for continued shareholder dilution and the risk of long-term value destruction for existing investors.
Short-sellers would likely focus on the disconnect between the company's technological aspirations and its inability to demonstrate a path to positive unit economics. The persistent cash burn and reliance on R&D-heavy revenue streams suggest that the company may face liquidity challenges if capital markets become less receptive to its long-term growth narrative.
Quick answers to the most common questions about buying FCEL stock.
For fiscal year 2025, FuelCell Energy, Inc. (FCEL) reported total revenue of $158.2M. This represents a 438.0% increase compared to $29.4M in 1996.
FuelCell Energy, Inc. (FCEL) reported a net loss of $187.9M for the fiscal year ending 2025.
FuelCell Energy, Inc. (FCEL) reported an operating income of $-121.2M, resulting in an operating profit margin of -76.6%. This margin reflects the operational efficiency of the business before interest and taxes.
FuelCell Energy, Inc. (FCEL) generated $-26.4M in gross profit for the year, representing a gross profit margin of -16.7%. This demonstrates the company's core pricing power and production efficiency.