# FuelCell Energy, Inc. (FCEL)

**Exchange:** NASDAQ  
**Sector:** Industrials  
**Market cap:** $455M  
**Price:** $17.69 (+9.13%)

> FuelCell Energy, Inc. is a clean technology company that develops, manufactures, installs, operates, and maintains high-temperature fuel cell systems for large-scale power generation. FuelCell Energy provides solutions for utilities, industrial sites, data centers, and municipal customers, with offerings that support on-site electricity production, utility-scale power, carbon capture, local hydrogen production, and long-duration energy storage. Its portfolio centers on megawatt-scale systems designed to deliver continuous, low-emission energy and integrated emissions management. The company serves markets across the United States, South Korea, Europe, and Canada, positioning FuelCell Energy as a specialist in distributed energy infrastructure and advanced fuel cell applications.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $158M | -$26M | -$192M | -$188M | — |
| 2024 | $112M | -$36M | -$158M | -$126M | — |
| 2023 | $123M | -$11M | -$136M | -$108M | — |
| 2022 | $130M | -$30M | -$144M | -$143M | — |
| 2021 | $70M | -$16M | -$65M | -$101M | — |
| 2020 | $71M | -$8M | -$39M | -$89M | — |
| 2019 | $61M | -$21M | -$67M | -$78M | — |
| 2018 | $89M | $3M | -$45M | -$47M | — |
| 2017 | $96M | $3M | -$45M | -$54M | — |
| 2016 | $108M | -$357,000 | -$46M | -$51M | — |
| 2015 | $163M | $13M | -$29M | -$29M | — |
| 2014 | $180M | $14M | -$27M | -$38M | — |
| 2013 | $188M | $7M | -$30M | -$34M | — |
| 2012 | $121M | $445,000 | -$32M | -$35M | — |
| 2011 | $123M | -$13M | -$46M | -$46M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $932M | $201M | $662M | $278M | — |
| 2024 | $944M | $217M | $657M | $148M | — |
| 2023 | $956M | $195M | $682M | $250M | — |
| 2022 | $940M | $185M | $684M | $458M | — |
| 2021 | $875M | $170M | $642M | $432M | — |
| 2020 | $524M | $269M | $195M | $150M | — |
| 2019 | $333M | $198M | $76M | $9M | — |
| 2018 | $340M | $163M | $82M | $39M | — |
| 2017 | $384M | $195M | $101M | $49M | — |
| 2016 | $341M | $166M | $114M | $84M | $82M |
| 2015 | $277M | $123M | $95M | $59M | $16M |
| 2014 | $281M | $122M | $100M | $84M | $11M |
| 2013 | $238M | $191M | -$12M | $68M | $51M |
| 2012 | $191M | $118M | $15M | $47M | $9M |
| 2011 | $184M | $138M | -$13M | $43M | $9M |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$125M | — | — |
| 2024 | -$153M | — | — |
| 2023 | -$140M | — | — |
| 2022 | -$112M | — | — |
| 2021 | -$70M | — | — |
| 2020 | -$37M | — | — |
| 2019 | -$31M | — | — |
| 2018 | $16M | — | — |
| 2017 | -$72M | — | — |
| 2016 | -$47M | — | — |
| 2015 | -$44M | — | — |
| 2014 | -$57M | — | — |
| 2013 | -$17M | — | — |
| 2012 | -$59M | — | — |
| 2011 | -$8M | — | — |

Source: [CompaniesByCap](https://companiesbycap.com/company/FCEL)