FuelCell Energy, Inc. (FCEL) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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FCEL Revenue Growth
Revenue Breakdown (FY 2024)
FCEL's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
By Geography
FCEL Revenue Analysis (2014–2025)
As of May 8, 2026, FuelCell Energy, Inc. (FCEL) generated trailing twelve-month (TTM) revenue of $169.7 million, reflecting explosive growth of +60.7% year-over-year. The most recent quarter (Q1 2026) recorded $30.5 million in revenue, down 44.5% sequentially.
Looking at the longer-term picture, FCEL's 5-year compound annual growth rate (CAGR) stands at +17.4%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $180.3 million in 2014.
Revenue diversification analysis shows FCEL's business is primarily driven by Electricity, Generation (54%), Product (35%), and Advanced Technologies (8%). With over half of revenue concentrated in Electricity, Generation, the company maintains significant focus in this area while developing other growth vectors.
When compared to Industrials sector peers including PLUG (+12.9% YoY), BE (+56.5% YoY), and BLDP (+42.5% YoY), FCEL has outperformed the peer group in terms of revenue growth. Compare FCEL vs PLUG →
FCEL Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| FCELCurrent | $170M | +60.7% | +17.4% | -76.6% | |
 PLUG | $710M | +12.9% | - | 38.1% | |
 BE | $2.0B | +56.5% | +20.6% | 3.6% | |
 BLDP | $101M | +42.5% | -0.5% | -80.6% | |
 CLNE | $425M | +5.5% | +7.8% | -22.1% | |
 ITRI | $2.4B | -4.0% | +1.7% | 13.5% |
FCEL Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $158.2M | +41.0% | $-26,408,000 | -16.7% | $-121,230,000 | -76.6% |
| 2024 | $112.1M | -9.1% | $-35,918,000 | -32.0% | $-158,488,000 | -141.3% |
| 2023 | $123.4M | -5.4% | $-10,535,000 | -8.5% | $-136,084,000 | -110.3% |
| 2022 | $130.5M | +87.5% | $-29,575,000 | -22.7% | $-143,724,000 | -110.1% |
| 2021 | $69.6M | -1.8% | $-15,639,000 | -22.5% | $-64,902,000 | -93.3% |
| 2020 | $70.9M | +16.7% | $-7,725,000 | -10.9% | $-39,166,000 | -55.3% |
| 2019 | $60.8M | -32.1% | $-21,269,000 | -35.0% | $-66,929,000 | -110.2% |
| 2018 | $89.4M | -6.5% | $3.1M | 3.5% | $-44,632,000 | -49.9% |
| 2017 | $95.7M | -11.6% | $2.7M | 2.9% | $-44,935,000 | -47.0% |
| 2016 | $108.3M | -33.6% | $-357,000 | -0.3% | $-46,353,000 | -42.8% |
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Start ComparisonFCEL — Frequently Asked Questions
Quick answers to the most common questions about buying FCEL stock.
Is FCEL's revenue growth accelerating or slowing?
FCEL revenue is accelerating at +60.7% year-over-year, exceeding the 5-year CAGR of +17.4%. TTM revenue reached $170M. Growth momentum has increased versus prior periods.
What is FCEL's long-term revenue growth rate?
FuelCell Energy, Inc.'s 5-year revenue CAGR of +17.4% reflects the sustained expansion pattern. Current YoY growth of +60.7% is above this long-term average.
How is FCEL's revenue distributed by segment?
FCEL reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.