Revenue growth is highly volatile, with year-over-year swings from +60.7% to -29.4%, while gross margins have deteriorated to a severe -74.2% in Q3 2026, indicating cost of goods sold are overwhelming revenue and pricing structures may be fundamentally broken.
FuelCell Energy, Inc. (FCEL) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 154.14M | 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 % | 1.09% | 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 | 204.06M | 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 | -49.92M | -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 % | -32.39% | -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 | 58.15M | 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 | 57M | 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 | 28.64M | 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 | 0 | 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 | -108.07M | -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 % | -70.11% | -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 | -67.5M | -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 % | -43.79% | -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 % | 59.25% | 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) | 40.56M | 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 | -170M | -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 | -651K | -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 | 10.54M | 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 | 11.2M | 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 | -70.27M | -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 | -178.34M | -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 % | -115.7% | -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 | -2.43M | 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 % | 1.36% | -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 | -175.62M | -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 % | -113.94% | -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 % | 12.3% | -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) | -175.91M | -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 | 7.79M | 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) | -2.49 | -7.42 | -7.83 | -0.26 | -11.40 | -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 % | 62.72% | 5.24% | -2911.54% | 97.72% | -3700% | 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 | -7.83 | -0.26 | -11.40 | -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 | 70.41M | 25.74M | 21.82M | 34.98M | 31.93M | 27.9M | 18.5M | 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 | 70.41M | 25.74M | 20.29M | 33.97M | 31.23M | 27.04M | 17.68M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Negative gross margins and cash burn
Metrics are mathematically derived from official filings.
Volatile Growth Amid Operational Shifts
Revenue growth is highly volatile, swinging from a 60.7% year-over-year increase in Q1 2026 to a 29.4% decline in Q3 2026, suggesting inconsistent project recognition and potential execution challenges.
The erratic quarterly growth pattern, alternating between strong positive and negative double-digit shifts, implies a lumpy revenue model likely tied to project milestones. This inconsistency makes forecasting difficult and points to potential supply chain or project timing issues.
Deepening Negative Gross Margins
Gross margins have deteriorated significantly, expanding from negative 22.1% in Q4 2024 to a severe negative 74.2% in Q3 2026, indicating that cost of goods sold is overwhelming revenue and suggests fundamental pricing or production inefficiencies.
The widening negative gross margin is a critical concern, as it shows that the company is not just failing to cover overhead but is losing money on every unit sold. This trend suggests significant issues with manufacturing scale, input cost control, or an unfavorable product mix, far worse than peers like Plug Power.
Operating Losses Resist Scaling
Operating leverage is absent, as operating losses have ballooned to $46.7 million in Q3 2026 on just $33 million of revenue, indicating that overhead costs are not being managed in line with the top line.
The operating margin has worsened from -83.2% to -141.4% over two years, demonstrating a complete lack of positive operating leverage. Fixed cost structures in R&D and SG&A are consuming an ever-larger share of shrinking revenue, preventing any path to breakeven without a major operational overhaul.
SG&A and R&D Burden Overwhelm Revenue
Total operating expenses (R&D + SG&A) consistently exceed total revenue, as seen in Q3 2026 where they totaled $22.1 million against $33.0 million in sales, before even accounting for the negative gross profit.
The persistent gap between operating expenses and revenue highlights a cost structure that is fundamentally misaligned with the company's current scale. While R&D spend has been reduced from earlier quarters, SG&A remains stubbornly high, suggesting limited discretionary spending discipline in a period of operational stress.
Sustainable Negative Gross Margins Are Untenable
The most pressing analytical challenge is the accelerating erosion of gross margins to negative 74.2%, a trend that, if sustained, would lead to catastrophic capital impairment and bankruptcy.
Short-sellers would focus on the fact that the core business is destroying value on every transaction. The margin trajectory has worsened despite revenue growth in some periods, indicating the problem is not just low volume but potentially defective products, supply chain breakdowns, or deeply uncompetitive pricing. This level of gross loss is not seen in peer Plug Power and suggests FCEL's business model may be broken.