15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $158M | -$188M | -16.7% | -121.6% | -$144M | — | $278M |
| 2024 | $112M | -$126M | -32.0% | -141.3% | -$201M | — | $148M |
| 2023 | $123M | -$108M | -8.5% | -110.3% | -$180M | — | $250M |
| 2022 | $130M | -$143M | -22.7% | -110.1% | -$133M | — | $458M |
| 2021 | $70M | -$101M | -22.5% | -93.3% | -$77M | — | $432M |
| 2020 | $71M | -$89M | -10.9% | -55.3% | -$37M | — | $150M |
| 2019 | $61M | -$78M | -35.0% | -110.2% | -$33M | — | $9M |
| 2018 | $89M | -$47M | 3.5% | -49.9% | $6M | — | $39M |
| 2017 | $96M | -$54M | 2.9% | -47.0% | -$84M | — | $49M |
| 2016 | — | -$51M | — | — | -$54M | $83M | $84M |
| 2015 | — | -$29M | — | — | -$51M | $16M | $59M |
| 2014 | — | -$38M | — | — | -$64M | $11M | $84M |
| 2013 | — | -$34M | — | — | -$23M | $54M | $68M |
| 2012 | — | -$35M | — | — | -$63M | $9M | $47M |
| 2011 | — | -$46M | — | — | -$12M | $9M | $43M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Apr '26 | $36M | -$78M | -36.3% | -218.9% | -$29M | — | $373M |
| Jan '26 | $31M | -$23M | -19.2% | -86.1% | -$35M | — | $312M |
| Oct '25 | $55M | -$30M | -12.1% | -51.5% | -$24M | — | $278M |
| Jul '25 | $47M | -$92M | -11.0% | -204.0% | -$32M | — | $175M |
| Apr '25 | $37M | -$38M | -25.2% | -95.7% | -$35M | — | $116M |
| Jan '25 | $19M | -$28M | -27.4% | -172.9% | -$53M | — | $98M |
| Oct '24 | $49M | -$41M | -22.1% | -83.2% | -$5M | — | $148M |
| Jul '24 | $24M | -$33M | -26.2% | -141.9% | -$77M | — | $159M |
| Apr '24 | $22M | -$32M | -31.6% | -184.5% | -$50M | — | $159M |
| Jan '24 | $17M | -$20M | -70.2% | -254.5% | -$69M | — | $297M |
| Oct '23 | $22M | -$30M | -6.5% | -161.9% | -$27M | — | $250M |
| Jul '23 | $26M | -$24M | -32.2% | -162.3% | -$47M | — | $304M |
| Apr '23 | $38M | -$34M | -15.9% | -93.5% | -$44M | — | $247M |
| Jan '23 | $37M | -$19M | 14.1% | -60.6% | -$61M | — | $315M |
| Oct '22 | -$59M | $60M | -19.3% | -94.5% | -$29M | — | $458M |
| Jul '22 | $43M | -$29M | -9.7% | -65.0% | -$29M | — | $456M |
| Apr '22 | $16M | -$30M | -44.6% | -172.2% | -$22M | — | $468M |
| Jan '22 | $32M | -$41M | -9.1% | -141.0% | -$53M | — | $377M |
| Oct '21 | $14M | -$24M | -60.0% | -161.9% | -$13M | — | $432M |
| Jul '21 | $27M | -$12M | 4.1% | -39.5% | -$21M | — | $469M |
How the market has priced FCEL against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Fuelcell Energy Inc's revenue has grown 17.4% per year. These are computed facts, not advice.
As of FY2025, Fuelcell Energy Inc reported — of total debt against $278M of cash; operating income covered interest expense -18.5×.
In FY2025, gross margin was -16.7%, operating margin -121.6%, and net margin -118.8%.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.