FuelCell Energy, Inc.
- Open
- 16.87
- Day high
- 16.89
- Day low
- 16.33
- Prev close
- 17.23
- Volume
- 1.7M
- Mkt cap
- $1.3B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.8
- P/S
- 7.9
- Yield
- —
- Per share
- —
- ▲Insiders net buying $423K over the last 3 months (1 open-market buy, 1 sale)
- 🏛Institutions accumulating (13F)
FuelCell Energy, Inc. (FCEL) is a Industrials company listed on NASDAQ. The stock is up 320% over the past year. Over the trailing 3 months, insiders filed 1 open-market buy and 1 sale (SEC Form 4).
FuelCell Energy, Inc. (FCEL) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FCEL earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 8, 2026 | $-0.52 | $-0.53 | -2.0% | $36M | -13.7% |
| Mar 9, 2026 | $-0.68 | $-0.49 | +27.8% | $31M | -28.2% |
| Dec 18, 2025 | $-0.97 | $-0.83 | +14.4% | $55M | +10.8% |
| Sep 9, 2025 | $-1.59 | $-0.95 | +40.3% | $47M | -0.1% |
| Jun 6, 2025 | $-1.51 | $-1.79 | -18.5% | $37M | +16.7% |
| Mar 11, 2025 | $-1.52 | $-1.42 | +6.6% | $19M | -42.3% |
| Dec 19, 2024 | $-1.93 | $-2.10 | -8.8% | $49M | +23.1% |
| Sep 5, 2024 | $-2.40 | $-2.10 | +12.5% | $24M | -40.3% |
| Jun 10, 2024 | $-2.40 | $-2.10 | +12.5% | $22M | +3.1% |
| Mar 7, 2024 | $-2.40 | $-1.50 | +37.5% | $17M | -36.4% |
| Dec 19, 2023 | $-2.40 | $-2.10 | +12.5% | $22M | -10.8% |
| Sep 11, 2023 | $-2.40 | $-1.80 | +25.0% | $26M | -2.1% |
FCEL insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 20, 2026 | Livingston III Homer Johndirector | Buy | 26,343 | $18.79 |
| Jul 16, 2026 | Hansen Cynthia Ldirector | Grant | 988 | — |
| Jul 16, 2026 | Livingston III Homer Johndirector | Grant | 833 | — |
| Jul 16, 2026 | England James Herbertdirector | Grant | 1,451 | — |
| Jul 8, 2026 | Achanta Shankarofficer: EVP, Chf. Product &Tech Ofc. | Sell | 2,500 | $28.71 |
| Jun 15, 2026 | Livingston III Homer Johndirector | Grant | 5,896 | — |
| Jun 15, 2026 | Livingston III Homer Johndirector | Grant | 534 | — |
| May 12, 2026 | Achanta Shankarofficer: EVP, Chf. Product &Tech Ofc. | Tax | 492 | $13.70 |
| May 12, 2026 | Achanta Shankarofficer: EVP, Chf. Product &Tech Ofc. | Option | 2,020 | — |
| Apr 22, 2026 | von Althann Naticadirector | Option | 23,859 | — |
| Apr 22, 2026 | Bingham Betsy Bdirector | Option | 23,859 | — |
| Apr 21, 2026 | Achanta Shankarofficer: EVP, Chf. Product &Tech Ofc. | Sell | 2,500 | $8.00 |
| Apr 17, 2026 | England James Herbertdirector | Grant | 3,902 | — |
| Apr 17, 2026 | Hansen Cynthia Ldirector | Grant | 2,657 | — |
| Apr 10, 2026 | Jordan Tyrone Michaeldirector | Grant | 17,424 | — |
Source: FCEL SEC Form 4 filings, latest Jul 20, 2026. For informational purposes only — not investment advice.
See the full FCEL insider & 13F page →FuelCell Energy, Inc. company profile
Overview
FuelCell Energy, Inc. (NASDAQ:FCEL) is a Connecticut-based manufacturer and operator of stationary fuel cell power systems founded in 1969. The company designs, manufactures, and operates fuel cell power plants that generate clean electricity while producing useful byproducts like heat, water, and hydrogen. After going public in 1992, FuelCell Energy has evolved from a research-focused organization into a commercial enterprise serving utilities, industrial customers, and government facilities across the United States, South Korea, and Europe. The company has positioned itself at the intersection of clean energy generation, carbon capture, and hydrogen production technologies.
Business
FuelCell Energy operates in the stationary fuel cell power generation industry, which sits within the broader clean energy and distributed power generation sector. The company's core business revolves around carbonate fuel cell technology, which converts natural gas, biogas, or hydrogen into electricity through an electrochemical process rather than combustion. The company's primary product lineup consists of the SureSource platform, which includes multiple power generation systems ranging from 250 kilowatts to 3.7 megawatts. These systems include the SureSource 250 (250kW), SureSource 400 (400kW), SureSource 1500 (1.4MW), SureSource 3000 (2.8MW), and SureSource 4000 (3.7MW). The company also offers the SureSource Hydrogen platform (2.3MW), which can produce up to 1,200 kilograms of hydrogen daily while generating electricity. Beyond power generation, FuelCell Energy has developed carbon capture technology through its SureSource Capture system, which separates and concentrates carbon dioxide from industrial flue gases. The company is also advancing solid oxide fuel cell and electrolysis technology for hydrogen production and energy storage applications. The business operates through four main revenue segments: 1. Product sales (approximately 51% of Q4 2024 revenue) involving the manufacture and sale of fuel cell modules and systems, 2. Generation revenues (approximately 24% of Q4 2024 revenue) from company-owned power plants that sell electricity, 3. Service agreements (approximately 11% of Q4 2024 revenue) providing maintenance and operation services, and 4. Advanced technology contracts (approximately 13% of Q4 2024 revenue) for research and development projects, particularly in carbon capture and solid oxide technologies.
Revenue model
FuelCell Energy generates revenue through multiple complementary business models. The company operates as both a manufacturer and power producer, selling fuel cell systems outright while also owning and operating power plants that generate recurring electricity sales. Product sales represent the largest revenue stream, where FuelCell Energy manufactures and sells complete fuel cell power systems to utilities, industrial customers, and government entities. These sales typically involve multi-million dollar contracts with customers like Gyeonggi Green Energy in South Korea, which ordered 42 fuel cell modules worth $160 million in backlog. Power generation revenues come from company-owned fuel cell plants that sell electricity under long-term power purchase agreements. This model provides steady, recurring cash flows over 15-20 year contract periods. The company's generation portfolio has shown consistent growth, with generation revenues increasing 67% year-over-year in recent quarters. Service agreements provide ongoing maintenance, monitoring, and operational support for fuel cell installations, creating long-term customer relationships and predictable revenue streams. Advanced technology contracts involve government and corporate partnerships for developing next-generation technologies, particularly in carbon capture and hydrogen production. Several factors influence the company's margins and profitability. Positive factors include increasing demand for clean baseload power, particularly from data centers requiring reliable 24/7 electricity; growing interest in carbon capture solutions driven by environmental regulations; and potential benefits from federal tax incentives like the Inflation Reduction Act's production tax credits for clean hydrogen and carbon capture. Negative factors include the capital-intensive nature of manufacturing operations, competition from other clean energy technologies like solar and wind, regulatory uncertainty around hydrogen tax credits, and the company's current high operating costs relative to revenue, requiring significant scale to achieve profitability.
Competitive moat
FuelCell Energy's competitive moat is moderate but narrowing due to several factors. The company's primary advantages stem from its technological expertise and intellectual property in carbonate fuel cell technology, accumulated over more than 50 years of development. This includes proprietary knowledge in fuel cell stack design, system integration, and operational optimization that competitors would find difficult to replicate quickly. The company benefits from established customer relationships and project track records, particularly in South Korea where it has built a significant installed base requiring ongoing service and eventual module replacements. Long-term service agreements create switching costs for customers and provide predictable revenue streams. FuelCell Energy's manufacturing capabilities represent another defensive element, as the company has invested in specialized production facilities for both carbonate and solid oxide fuel cell technologies. The technical complexity of fuel cell manufacturing creates barriers for new entrants. However, the company's moat faces significant challenges. The clean energy sector is highly competitive, with well-funded competitors developing alternative technologies including other fuel cell approaches, advanced battery storage, and hybrid renewable systems. Large industrial conglomerates with deeper resources could potentially enter the market and achieve scale more rapidly. The company's financial constraints limit its ability to invest in R&D and manufacturing capacity expansion at the pace needed to maintain technological leadership. Additionally, the regulatory environment around clean energy incentives remains uncertain, potentially affecting the economic viability of fuel cell projects compared to alternatives. Most critically, FuelCell Energy has yet to achieve sustainable profitability at scale, making it vulnerable to better-capitalized competitors who can sustain losses longer while building market share. The company's restructuring efforts and cost reduction initiatives suggest management recognizes these competitive pressures.
Risks & safety
FuelCell Energy presents moderate financial risk with adequate liquidity but concerning operational cash flows. • Liquidity position: Strong with $111 million in cash and short-term investments as of Q1 2025, providing runway for operations • Current ratio: Excellent at 6.3x, indicating strong ability to meet short-term obligations • Debt levels: Manageable with debt-to-equity ratio of 0.22, relatively low leverage • Cash burn: Concerning with negative operating cash flow of $46 million in Q1 2025 and negative free cash flow of $53 million • Solvency risk: Moderate - current cash burn rate would exhaust liquidity in approximately 2-3 years without revenue growth • Valuation metrics: - Trading at 0.23x book value, suggesting potential asset value - Negative P/E ratio due to losses - EV/EBITDA not meaningful due to negative EBITDA • Other considerations: $1.31 billion backlog provides visibility into future revenues; restructuring plan targeting 15% cost reduction; potential for significant revenue increase from GGE contract deliveries in 2025-2026
Recent development
Over the past few years, FuelCell Energy has undergone significant strategic transformation focused on commercial viability and operational efficiency. The company launched a comprehensive restructuring plan in 2024, reducing its workforce by 13% and targeting 15% reduction in operating costs for fiscal 2025. This restructuring involved narrowing focus to commercially available technologies, specifically prioritizing carbonate fuel cell technology while continuing solid oxide platform development through strategic partnerships. Key strategic developments include expanding into high-growth market segments, particularly data center power generation where the company sees significant pipeline opportunities for 16-30 megawatt deployments. The company has formed strategic partnerships including a memorandum of understanding with Diversified Energy for data center solutions and a joint development agreement with Malaysia Marine and Heavy Engineering. Technology advancement has centered on carbon capture capabilities through the ongoing partnership with ExxonMobil, progressing toward a commercial-scale demonstration at the Port of Rotterdam. The company completed its carbon recovery plant in Torrington, Connecticut, and delivered its first solid oxide electrolysis system to the U.S. Department of Energy's Idaho National Laboratory. International expansion has been a major focus, particularly in South Korea where FuelCell Energy secured a significant contract with Gyeonggi Green Energy for 42 fuel cell modules worth $160 million in backlog. This represents both module replacement for existing installations and new capacity additions. The company has also diversified into biogas applications through partnerships like the Sacramento Area Sewer District project with Ameresco, expanding beyond traditional natural gas-fueled installations. Manufacturing capacity expansion has occurred in Calgary, Canada for solid oxide technology, while the company maintains its primary carbonate fuel cell production in Connecticut.
FCEL company profile · for informational purposes only — not investment advice.
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