FUELCELL ENERGY INC Earnings Per Share Disclosure
Note 18. Loss Per Share
Basic loss per common share (“EPS”) is generally calculated as loss available to common stockholders divided by the weighted average number of common shares outstanding. Diluted EPS is generally calculated as loss available to common stockholders divided by the weighted average number of common shares outstanding plus the dilutive effect of common share equivalents.
The calculation of basic and diluted EPS for the years ended October 31, 2025, 2024 and 2023 was as follows (amounts in thousands, except share and per share amounts):
Year Ended October 31, | |||||||||
2025 | 2024 | 2023 | | ||||||
Numerator | |||||||||
Net loss attributable to FuelCell Energy, Inc. | $ | (187,899) | $ | (126,009) | $ | (107,568) | |||
Series B preferred stock dividends | (3,200) | (3,200) | (3,200) | ||||||
Net loss attributable to common stockholders | $ | (191,099) | $ | (129,209) | $ | (110,768) | |||
Denominator | |||||||||
Weighted average common shares outstanding – basic | 25,743,252 | 16,505,257 | 13,991,593 | ||||||
Effect of dilutive securities (1) | — | — | — | ||||||
Weighted average common shares outstanding – diluted | 25,743,252 | 16,505,257 | 13,991,593 | ||||||
Net loss to common stockholders per share – basic | $ | (7.42) | $ | (7.83) | $ | (7.92) | |||
Net loss to common stockholders per share – diluted (1) | $ | (7.42) | $ | (7.83) | $ | (7.92) | |||
| (1) | Due to the net loss to common stockholders in each of the years presented above, diluted earnings per share was computed without consideration to potentially dilutive instruments as their inclusion would have been antidilutive. As of October 31, 2025, 2024 and 2023, potentially dilutive securities excluded from the diluted loss per share calculation are as follows: |
October 31, | October 31, | October 31, | |||||||
| 2025 | | 2024 | 2023 | |||||
Outstanding options to purchase common stock | 505 | 574 | 610 | ||||||
Unvested Restricted Stock Units | 902,061 | 516,561 | 218,105 | ||||||
5% Series B Cumulative Convertible Perpetual Preferred Stock | 1,261 | 1,261 | 1,261 | ||||||
Total potentially dilutive securities | 903,827 | 518,396 | 219,976 | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 18, 2025 | Showing above |
| 2018 | Jan 10, 2019 | |
| 2017 | Jan 11, 2018 | |
| 2016 | Jan 12, 2017 | |
| 2015 | Jan 8, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.