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FuelCell Energy Income Statement 2025-2008 | FCEL
Brief overview of financial performance at FuelCell Energy
The overview follows changes across a five-year period. FuelCell Energy reported revenue of $70.9 million in 2020 and $158 million by 2025. Across the full period, sales moved by +123.2%; the average annual rate was 17.4%. Top-line growth remained consistently strong over the period.
The five-year change in gross profit reached −241.9%: from −$7.7 million to −$26.4 million. Cost of revenue developed less favorably than sales and pressured gross profitability. Gross margin moved from −10.9% to −16.7%. The contraction points to pressure from direct costs or weaker pricing power.
The five-year EBITDA result moved by −667.8%: from −$19.8 million to −$152 million. EBITDA underperformed the top-line trend. EBITDA margin was −27.9% at the start and −96.1% at the end. The margin contraction indicates weaker operating efficiency.
Comparing the endpoints shows a move from −$89.1 million to −$188 million. The loss widened and increased the financial risk.
What the figures show
The indicators point to a weaker financial profile. Key strengths include sales growth. The most visible risks are a narrow EBITDA buffer, a weaker final result and a declining EBITDA margin. Investors should continue to monitor margins, costs, and earnings quality.
Annual Income Statement FuelCell Energy
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
- | 166 M | 20.8 M | 44.1 M | 2.01 B | 3.55 B | 37.5 M | 57.9 M | 85.4 M | 67 M | 253 M | 410 M | 256 M | 142 M | 116 M | - | - | - |
Shares |
25.7 M | 16.5 M | 14 M | 12.8 M | 335 M | 222 M | 55.1 M | 6.9 M | 4.16 M | 2.48 M | 2.04 M | 1.71 M | 1.3 M | 1.15 M | 865 K | 93.9 M | 72.4 M | - |
Historical Prices |
- | 10 | 1.49 | 3.45 | 6 | 16.9 | 1.95 | 5.64 | 19.8 | 18.6 | 68.5 | 189 | 281 | 153 | 215 | - | - | - |
Net Income |
-188 M | -126 M | -108 M | -143 M | -101 M | -89.1 M | -77.6 M | -47.3 M | -53.9 M | -51 M | -29.4 M | -38.1 M | -34.4 M | -35.5 M | -45.7 M | -55.7 M | -68.7 M | - |
Revenue |
158 M | 112 M | 123 M | 130 M | 69.6 M | 70.9 M | 60.8 M | 89.4 M | 95.7 M | 108 M | 163 M | 180 M | 188 M | 121 M | 123 M | 69.8 M | 88 M | - |
Cost of Revenue |
185 M | 148 M | 134 M | 160 M | 85.2 M | 78.6 M | 82 M | 86.3 M | 92.9 M | 109 M | 150 M | 167 M | 181 M | 120 M | 135 M | 88.4 M | 118 M | - |
Gross Profit |
- | - | - | - | - | - | -21.3 M | 3.09 M | 2.73 M | -357 K | 12.8 M | 13.7 M | 7.12 M | 445 K | -12.6 M | -18.7 M | -30 M | - |
Operating Income |
-192 M | -158 M | -136 M | -144 M | -64.9 M | -39.2 M | -66.9 M | -44.6 M | -44.9 M | -46.4 M | -28.9 M | -27.3 M | -29.8 M | -32.1 M | -45.7 M | -54.4 M | -66.4 M | - |
Interest Expense |
10.4 M | 9.69 M | 7.25 M | 6.39 M | 7.36 M | 15.3 M | 10.6 M | 9.06 M | 9.17 M | 4.96 M | 2.96 M | 3.56 M | 3.97 M | 2.3 M | 2.58 M | -127 K | 265 K | - |
EBITDA |
-152 M | -122 M | -111 M | -122 M | -45 M | -19.8 M | -54.6 M | -36 M | -35.1 M | -41.4 M | -24.8 M | -22.9 M | -25.7 M | -26.9 M | -39.2 M | -46.9 M | -57.8 M | - |
Operating Expenses |
166 M | 123 M | 126 M | 114 M | 49.3 M | 31.4 M | 45.7 M | 47.7 M | 46.3 M | 46 M | 41.7 M | 41 M | 36.9 M | 32.6 M | 33.1 M | 35.7 M | 36.4 M | - |
General and Administrative Expenses |
60.7 M | 64.6 M | 64.5 M | 79.6 M | 37.9 M | 26.6 M | - | - | - | - | - | - | - | - | - | 17.2 M | 17.2 M | - |
All numbers in USD currency
Quarterly Income Statement FuelCell Energy
| 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
54.2 M | 48.2 M | 48.2 M | 46.1 M | 24.4 M | 21.7 M | 20.5 M | 20.4 M | 16.8 M | 15.1 M | 452 M | 451 M | 416 M | 406 M | 406 M | 406 M | 387 M | 373 M | 312 M | 324 M | 337 M | 323 M | 202 M | 210 M | 218 M | 211 M | 8.32 M | 21.6 M | 45.1 M | 11.1 M | 72 M | 6.61 M | 7.19 M | 6.63 M | 37.6 M | 45.9 M | 57.4 M | 42.6 M | 26.2 M | 28.7 M | 31 M | 28.8 M | 23.8 M | 24.3 M | 24.9 M | 24.3 M | 201 M | 234 M | 258 M | 243 M | 188 M | 190 M | 192 M | 190 M | 140 M | 159 M | 186 M | 150 M | - | 122 M | 127 M | 138 M |
Net Income |
-77.9 M | -22.9 M | -22.9 M | - | -91.7 M | -38 M | -28.3 M | - | -32.7 M | -32.1 M | -19.8 M | - | -24.3 M | -34.3 M | -18.6 M | -100 M | -29.4 M | -30.2 M | -46 M | -76.9 M | -12 M | -18.9 M | -40.2 M | -18.9 M | -15.3 M | -14.8 M | -17.5 M | -35.2 M | -5.31 M | -19.5 M | -4.18 M | -14.1 M | -15.9 M | -13.2 M | -13.7 M | -43.9 M | -17 M | -13.2 M | -11.7 M | -38.1 M | -11 M | -15.4 M | -4.07 M | -20.5 M | -6.54 M | -9.89 M | -10.6 M | -33.4 M | -6.98 M | -15.8 M | -11.7 M | -24.7 M | -5.61 M | -7.36 M | -5.94 M | -24.2 M | -9.92 M | -8.29 M | -10.9 M | 45.7 M | -7.75 M | -20 M |
Revenue |
35.6 M | 30.5 M | 30.5 M | - | 46.7 M | 37.4 M | 19 M | - | 23.7 M | 22.4 M | 16.7 M | - | 25.5 M | 38.3 M | 37.1 M | 406 M | 43.1 M | 16.4 M | -40.6 M | 55.6 M | 26.8 M | 14 M | 16.3 M | 17 M | 18.7 M | 18.9 M | 17.8 M | 11 M | 22.7 M | 9.22 M | 38.6 M | 17.9 M | 12.1 M | 20.8 M | 17 M | 47.9 M | 10.4 M | 20.4 M | 33.5 M | 24.5 M | 21.7 M | 28.6 M | 41.7 M | 51.5 M | 41.4 M | 28.6 M | 44.4 M | 54.4 M | 43.2 M | 38.3 M | 36.4 M | 55.2 M | 53.7 M | 42.4 M | 31.3 M | 35.4 M | 29.7 M | 24.2 M | 28.1 M | 34.7 M | 31.2 M | 28.6 M |
Cost of Revenue |
48.5 M | 36.4 M | 36.4 M | - | 51.9 M | 46.8 M | 24.2 M | - | 29.9 M | 29.5 M | 28.4 M | - | 33.7 M | 44.4 M | 31.8 M | 106 M | 47.3 M | 23.7 M | 18.5 M | 62.9 M | 25.7 M | 18.7 M | 13 M | 53.6 M | 21.9 M | 18.7 M | 20 M | 47.6 M | 14.7 M | 12.9 M | 34 M | 69.6 M | 14.2 M | 21.5 M | 15.2 M | 48.2 M | 13 M | 20 M | 33.6 M | 83.7 M | 21.3 M | 28.7 M | 37.7 M | 102 M | 37.8 M | 26.6 M | 42.2 M | 118 M | 39.2 M | 36.7 M | 38.7 M | 128 M | 49.2 M | 40.1 M | 29.2 M | 85.6 M | 32.4 M | 24 M | 30.4 M | 101 M | 31 M | 39.5 M |
Gross Profit |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.28 M | -8.04 M | -3.13 M | 167 K | -2.2 M | -23.4 M | 7.96 M | -3.64 M | 4.64 M | 1.14 M | -2.06 M | -629 K | 1.81 M | 3.16 M | -2.63 M | 383 K | -166 K | -468 K | 434 K | -157 K | 4.01 M | 3.14 M | 3.6 M | 2.02 M | 2.2 M | 5.96 M | 3.96 M | 1.61 M | -2.31 M | 2.6 M | 4.52 M | 2.31 M | 2.1 M | 878 K | -2.74 M | 201 K | -2.32 M | 439 K | 137 K | -10.9 M |
Operating Income |
-77.9 M | -26.3 M | -26.3 M | - | -95.4 M | -35.8 M | -32.9 M | - | -33.6 M | -41.4 M | -42.5 M | - | -41.4 M | -35.9 M | -22.5 M | -101 M | -28 M | -28.2 M | -14.4 M | -42.3 M | -10.6 M | -17.4 M | -3.14 M | -17.1 M | -10.8 M | -8.14 M | -15.2 M | -33 M | -1.07 M | -17.6 M | -5.55 M | -11.9 M | -14.5 M | -12.7 M | -10.9 M | -8.18 M | -14.3 M | -11.5 M | -11.5 M | -11.8 M | -10.3 M | -12.7 M | -5.13 M | -7.87 M | -7.1 M | -8.79 M | -7.57 M | -4.97 M | -6 M | -8.77 M | -11.1 M | -6.95 M | -4.59 M | -7.2 M | -5.44 M | -8.42 M | -10.5 M | -7.76 M | -10.6 M | -7.88 M | -7.36 M | -19.8 M |
Interest Expense |
2.86 M | 2.76 M | 2.76 M | - | 2.55 M | 2.55 M | 2.61 M | - | 2.56 M | 2.28 M | 2.34 M | - | 1.91 M | 1.5 M | 1.51 M | 4.76 M | 1.62 M | 1.71 M | 2.54 M | 5.66 M | 1.55 M | 1.56 M | 3.28 M | 11 M | 4.16 M | 3.58 M | 2.46 M | 7.81 M | 3.54 M | 1.81 M | 2.14 M | 6.63 M | 2.43 M | 2.06 M | 2.27 M | 6.86 M | 2.28 M | 2.31 M | 845 K | 3.2 M | 1.37 M | 982 K | 664 K | 2.2 M | 905 K | 626 K | 1.36 M | 2.9 M | 649 K | 891 K | 566 K | 2.22 M | 1.08 M | 574 K | 630 K | 1.75 M | 544 K | 575 K | 54 K | 1.83 M | 847 K | 928 K |
EBITDA |
-56.6 M | -15.8 M | -15.8 M | - | - | - | -22.9 M | - | - | - | -33.9 M | - | - | - | -17 M | -84.7 M | -28 M | -28.2 M | -8.77 M | -27.4 M | -173 K | -17.4 M | 1.49 M | -3.29 M | -1.66 M | -8.14 M | -13 M | -24.7 M | 3.33 M | -17.6 M | -5.55 M | -11.9 M | -14.5 M | -12.7 M | -8.87 M | -8.18 M | -14.3 M | -11.5 M | -10.4 M | -8.22 M | -7.98 M | -12.7 M | -4.17 M | -4.87 M | -5.16 M | -8.79 M | -6.5 M | -1.67 M | -3.82 M | -8.77 M | -10.1 M | -3.91 M | -2.53 M | -7.2 M | -3.99 M | -4.24 M | -7.66 M | -7.76 M | -8.98 M | -3.07 M | -4.17 M | -19.8 M |
Operating Expenses |
65 M | 20.4 M | 20.4 M | - | 90.2 M | 26.4 M | 27.6 M | - | 27.4 M | 34.3 M | 30.8 M | - | 33.2 M | 29.8 M | 27.7 M | 86.7 M | 23.8 M | 20.9 M | 10.8 M | 35.1 M | 11.7 M | 12.6 M | 6.42 M | 22.4 M | 7.63 M | 8.31 M | 13 M | 36.1 M | 9.04 M | 14 M | 10.2 M | 34.7 M | 12.4 M | 12.1 M | 12.7 M | 36.3 M | 11.7 M | 11.9 M | 11.4 M | 34.7 M | 10.8 M | 12.6 M | 9.14 M | 30.7 M | 10.7 M | 10.8 M | 9.77 M | 30.1 M | 9.96 M | 10.4 M | 8.76 M | 27.4 M | 9.12 M | 9.51 M | 7.55 M | 23.3 M | 7.77 M | 7.96 M | 8.3 M | 24.7 M | 7.5 M | 8.95 M |
General and Administrative Expenses |
14.7 M | 13.5 M | 13.5 M | - | 14.1 M | 16.5 M | 15 M | - | 14.6 M | 17.7 M | 16.4 M | - | 17.6 M | 15.1 M | 15 M | 64.4 M | 14.2 M | 13.2 M | 8.93 M | 27.3 M | 8.66 M | 9.67 M | 5.27 M | 19 M | 6.61 M | 7.17 M | 6.76 M | 23.6 M | 7.06 M | 9.8 M | 6.14 M | 19.3 M | 6.1 M | 7.08 M | 6 M | 18.8 M | 6.31 M | 6.48 M | 6.04 M | 18.9 M | 5.46 M | 7.44 M | 5.64 M | 18 M | 6.1 M | 6.26 M | 4.85 M | 16.2 M | 5.57 M | 5.75 M | 5.43 M | 16.1 M | 5.2 M | 5.44 M | 3.76 M | 12.3 M | 4.58 M | 4 M | 4.05 M | 12.1 M | 3.58 M | 4.45 M |
All numbers in USD currency
The income statement is one of the three key financial reports of a company FuelCell Energy (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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