FCEL (FuelCell Energy, Inc.) Stock Financials & Earnings | Market Cap Arena

FCEL (FuelCell Energy, Inc.) Stock Financials & Earnings | Market Cap Arena

FCELFuelCell Energy, Inc.

Mkt Cap$347M

Industrials·Electrical Equipment & Parts·🇺🇸 United States·NASDAQ

Revenue (TTM)$170M

Net Income (TTM)-$183M

EPS (TTM)-$6.91

Free Cash Flow (TTM)-$126M

Gross Margin-15.9%

Op. Margin-67.6%

Net Margin-108.0%

FCF Margin-74.2%

P/S Ratio (TTM)2.0x

P/E Ratio (TTM)—

YoY Rev Growth+48.3%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q2 23	$38M	-$6M	-$36M
Q3 23	$26M	-$8M	-$41M
Q4 23	$22M	-$1M	-$36M
Q1 24	$17M	-$12M	-$42M
Q2 24	$22M	-$7M	-$41M
Q3 24	$24M	-$6M	-$34M
Q4 24	$49M	-$11M	-$41M
Q1 25	$19M	-$5M	-$33M
Q2 25	$37M	-$9M	-$36M
Q3 25	$47M	-$5M	-$95M
Q4 25	$55M	-$7M	$43M
Q1 26	$31M	-$6M	-$26M

Valuation

Quarter	P/S	P/E
Q2 23	2.2x	—
Q3 23	2.5x	—
Q4 23	2.8x	—
Q1 24	3.4x	—
Q2 24	4.0x	—
Q3 24	4.1x	—
Q4 24	3.1x	—
Q1 25	3.0x	—
Q2 25	2.7x	—
Q3 25	2.3x	—
Q4 25	2.2x	—
Q1 26	2.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 23	-$35M	-$62M
Q3 23	-$36M	-$63M
Q4 23	-$16M	-$45M
Q1 24	-$58M	-$76M
Q2 24	-$37M	-$51M
Q3 24	-$63M	-$80M
Q4 24	$6M	-$5M
Q1 25	-$46M	-$53M
Q2 25	-$30M	-$35M
Q3 25	-$27M	-$32M
Q4 25	-$23M	-$24M
Q1 26	-$34M	-$35M

Capital Expenditures

CapEx

Quarter	CapEx
Q2 23	$27M
Q3 23	$27M
Q4 23	$29M
Q1 24	$18M
Q2 24	$14M
Q3 24	$17M
Q4 24	$11M
Q1 25	$7M
Q2 25	$5M
Q3 25	$5M
Q4 25	$1M
Q1 26	$773K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 23	+134.1%	+66.4%
Q3 23	-40.8%	-5.9%
Q4 23	-42.7%	-28.1%
Q1 24	-55.0%	-0.6%
Q2 24	-41.5%	-14.0%
Q3 24	-7.1%	-14.3%
Q4 24	+119.6%	+53.6%
Q1 25	+13.8%	-12.4%
Q2 25	+66.8%	+14.8%
Q3 25	+97.3%	+148.0%
Q4 25	+11.5%	-86.5%
Q1 26	+60.7%	+9.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 23	$3M	8.3%
Q3 23	$3M	12.4%
Q4 23	$3M	13.2%
Q1 24	$3M	17.2%
Q2 24	$3M	13.0%
Q3 24	$3M	14.1%
Q4 24	$3M	5.1%
Q1 25	$2M	11.3%
Q2 25	$5M	12.9%
Q3 25	$2M	3.6%
Q4 25	$2M	4.4%
Q1 26	$2M	7.8%

OpEx Breakdown

Quarter	R&D	SG&A
Q2 23	$15M	$15M
Q3 23	$16M	$18M
Q4 23	$18M	$17M
Q1 24	$14M	$16M
Q2 24	$17M	$18M
Q3 24	$13M	$15M
Q4 24	$12M	$16M
Q1 25	$11M	$15M
Q2 25	$10M	$16M
Q3 25	$8M	$14M
Q4 25	$5M	$15M
Q1 26	$7M	$13M

Revenue Segments

Quarter

Revenue by Geography

Quarter	Canada	Europe	Korea, Republic Of	United States
Q1 26	$106K	$118K	$14M	$16M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 23	$247M	$76M	$323M
Q3 23	$310M	$77M	$387M
Q4 23	$250M	$104M	$354M
Q1 24	$303M	$0	$303M
Q2 24	$164M	$101M	$265M
Q3 24	$169M	$108M	$277M
Q4 24	$148M	$109M	$257M
Q1 25	$98M	$110M	$208M
Q2 25	$116M	$61M	$177M
Q3 25	$175M	$0	$175M
Q4 25	$295M	$0	$295M
Q1 26	$329M	$0	$329M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q2 23	406M	+0.1%
Q3 23	416M	+2.4%
Q4 23	451M	+8.3%
Q1 24	452M	+0.2%
Q2 24	453M	+0.3%
Q3 24	503M	+11.1%
Q4 24	262M	-48.0%
Q1 25	21M	-92.2%
Q2 25	22M	+6.0%
Q3 25	24M	+12.4%
Q4 25	36M	+47.9%
Q1 26	48M	+33.3%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$361K	500
FY 15	$326K	500
FY 16	$217K	500
FY 17	$191K	500
FY 18	$183K	489
FY 19	$202K	301
FY 20	$224K	316
FY 21	$182K	382
FY 22	$254K	513
FY 23	$209K	591
FY 24	$192K	584
FY 25	$373K	424