# FuelCell Energy, Inc. (FCEL) Q3 2025 Financial Results Summary
Released on September 9, 2025, FuelCell Energy, Inc. (NASDAQ: FCEL) reported its financial results for the third quarter of fiscal year 2025, ending July 31, 2025. The results reflect significant revenue growth, alongside notable increases in net loss and operating loss.
### Key Financial Highlights:
– **Revenue**:
– Total revenue reported at **$46.7 million**, up from **$23.7 million** the previous year, marking a **97% increase**.
– **Product revenues** surged to **$26.0 million** from **$0.3 million**.
– **Service revenues** increased to **$3.1 million**, compared to **$1.4 million**.
– **Generation revenues** decreased to **$12.4 million** from **$13.4 million**, which is a **7% decline**.
– **Advanced Technologies contract revenues** saw a decrease to **$5.3 million** from **$8.6 million**, a **38% drop**.
– **Gross loss**:
– The gross loss stood at **$(5.1 million)**, which improved from **$(6.2 million)**, achieving a **17% decrease**.
– **Operating loss**:
– Operating loss expanded to **$(95.4 million)** from **$(33.6 million)**, a steep rise of **184%**.
– **Net loss**:
– Net loss attributable to common stockholders increased to **$(92.5 million)**, compared to **$(33.5 million)**, a **176% increase**.
– **Net loss per share**:
– The net loss per share attributable to common stockholders was reported at **$(3.78)**, up from **$(1.99)**, reflecting a **90% increase**.
– **Adjusted net loss per share**:
– Excluding non-cash impairment and restructuring expenses, adjusted net loss per share was **$(0.95)** compared to **$(1.74)**, a **45% improvement**.
– **Backlog**:
– The overall backlog reached **$1.24 billion**, a **4% increase** from **$1.20 billion** year over year.
### Operational Insights:
– FuelCell Energy recognized underpinning factors for revenue growth:
– Increased efficiency in its carbonate platform exceeding **50%**.
– Long-term service agreements, notably with **Gyeonggi Green Energy Co., Ltd.**, contributed significantly to product revenues.
– The company’s management is optimistic about future growth, particularly driven by rising power demand from data centers and ongoing efforts to reduce costs and streamline operations.
### Financial Metrics Summary:
#### Q3 2025 vs. Q3 2024
– **Total revenues**: $46.7 million (+97%)
– **Gross loss**: $(5.1 million) (-17%)
– **Loss from operations**: $(95.4 million) (+184%)
– **Net loss**: $(92.5 million) (+176%)
– **Net loss per share**: $(3.78) (+90%)
– **Adjusted net loss per share**: $(0.95) (-45%)
### Other Considerations:
– FuelCell Energy has not declared a quarterly dividend during this reporting period.
– The report does not mention any share repurchase activity during Q3 2025.
This financial summary highlights the substantial growth in revenue along with ongoing challenges reflected in increasing losses, positioning FuelCell Energy for potential future developments while they address operational efficiencies and performance metrics.
| Revenues: | 2025 | 2024 |
|---|---|---|
| Product | $26,000 | $250 |
| Service | $3,130 | $1,411 |
| Generation | $12,355 | $13,402 |
| Advanced Technologies | $5,258 | $8,632 |
| Total revenues | $46,743 | $23,695 |
| Costs of revenues: | ||
| Product | $29,083 | $4,181 |
| Service | $3,642 | $1,146 |
| Generation | $15,330 | $18,761 |
| Advanced Technologies | $3,822 | $5,809 |
| Total costs of revenues | $51,877 | $29,897 |
| Gross loss | $(5,134) | $(6,202) |
| Operating expenses: | ||
| Administrative and selling expenses | $14,066 | $14,599 |
| Research and development expenses | $7,646 | $12,816 |
| Impairment expense | $64,467 | $0 |
| Restructuring expense | $4,051 | $0 |
| Total costs and expenses | $90,230 | $27,415 |
| Loss from operations | $(95,364) | $(33,617) |
| Interest expense | $(2,548) | $(2,555) |
| Interest income | $2,144 | $3,269 |
| Other income (expense), net | $3,912 | $(2,218) |
| Loss before provision for income taxes | $(91,856) | $(35,121) |
| Provision for income taxes | $(40) | $(2) |
| Net loss | $(91,896) | $(35,123) |
| Net loss attributable to noncontrolling | $(240) | $(2,463) |
| interest | ||
| Net loss attributable to FuelCell | $(91,656) | $(32,660) |
| Energy, Inc. | ||
| Series B preferred stock dividends | $(800) | $(800) |
| Net loss attributable to common | $(92,456) | $(33,460) |
| stockholders | ||
| Loss per share basic and diluted: | ||
| Net loss per share attributable to | $(3.78) | $(1.99) |
| common stockholders | ||
| Basic and diluted weighted average | 24,441,294 | 16,772,791 |
| shares outstanding |
| ASSETS | July 31, 2025 | October 31, 2024 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents, unrestricted | $174,662 | $148,133 |
| Restricted cash and cash equivalents – | $16,092 | $12,161 |
| short-term | ||
| Investments – short-term | $0 | $109,123 |
| Accounts receivable, net | $9,950 | $11,751 |
| Unbilled receivables | $44,718 | $36,851 |
| Inventories | $104,598 | $113,703 |
| Other current assets | $20,377 | $12,736 |
| Total current assets | $370,397 | $444,458 |
| Restricted cash and cash equivalents – | $46,100 | $48,589 |
| long-term | ||
| Inventories – long-term | $2,743 | $2,743 |
| Project assets, net | $224,482 | $242,131 |
| Property, plant and equipment, net | $97,761 | $130,686 |
| Operating lease right-of-use assets, net | $10,935 | $8,122 |
| Goodwill | $0 | $4,075 |
| Intangible assets, net | $4,215 | $14,779 |
| Other assets | $73,902 | $48,541 |
| Total assets (1) | $830,535 | $944,124 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Current portion of long-term debt | $16,710 | $15,924 |
| Current portion of operating lease | $798 | $807 |
| liabilities | ||
| Accounts payable | $16,399 | $22,585 |
| Accrued liabilities | $29,866 | $30,362 |
| Deferred revenue | $5,254 | $4,226 |
| Total current liabilities | $69,027 | $73,904 |
| Long-term deferred revenue | $5,401 | $3,010 |
| Long-term operating lease liabilities | $11,710 | $8,894 |
| Long-term debt and other liabilities | $119,320 | $130,850 |
| Total liabilities (1) | $205,458 | $216,658 |
| Redeemable Series B preferred stock | $59,857 | $59,857 |
| (liquidation preference of $64,020 as of | ||
| July 31, 2025 and October 31, 2024) | ||
| Total equity: | ||
| Stockholders’ equity: | ||
| Common stock ($0.0001 par value); 1,000,000,000 shares authorized as of July 31, 2025 and October 31, 2024; 29,645,294 and 20,375,932 | $3 | $2 |
| shares issued and outstanding as of July 31, 2025 and October 31, 2024, respectively) | ||
| Additional paid-in capital | $2,357,630 | $2,300,031 |
| Accumulated deficit | $(1,799,581) | $(1,641,550) |
| Accumulated other comprehensive loss | $(1,881) | $(1,561) |
| Treasury stock, Common, at cost (40,594 | $(1,360) | $(1,198) |
| and 12,543 shares as of July 31, 2025 | ||
| and October 31, 2024, respectively) | ||
| Deferred compensation | $1,360 | $1,198 |
| <strong |
