FUELCELL ENERGY INC Segments Disclosure
Note 15. Segment Information
We are engaged in the development, design, production, construction, operation and servicing of high temperature fuel cells for clean electric power generation. Critical to the success of our business is, among other things, our research and development efforts, both through customer-sponsored projects and Company-sponsored projects. The research and development activities are viewed as another product line that contributes to the development, design, production and sale of fuel cell products, however, it is not considered a separate operating segment. Our Chief Operating Decision Maker (“CODM”) is our President and Chief Executive Officer. The CODM does not review and assess financial information at a discrete enough level to be able to assess performance of research and development activities as if they operated as a standalone business segment. The CODM is provided with and reviews on a regular basis the Company’s consolidated Net loss, which is our reported measure of segment profit and loss, when making decisions about allocating resources and assessing the performance of the Company. Therefore, the Company has identified one reportable segment: fuel cell power plant production and research.
Significant segment expenses that are provided to the CODM on a regular basis and are included within consolidated Net loss, which is our reported measure of segment profit and loss are:
| ● | Cost of product revenues, |
| ● | Cost of service agreements revenues, |
| ● | Cost of generation revenues, |
| ● | Cost of Advanced Technologies contract revenues, |
| ● | Administrative and selling expenses, and |
| ● | Research and development expenses. |
Other segment items are represented by Interest expense, Interest income, Other income (expense), net, Provision for income taxes and unusual items from time to time, such as Restructuring expense and Impairment expense. The CODM is not regularly provided a measure of segment assets.
Please refer to the Consolidated Statements of Operations and Comprehensive Loss for the years ended October 31, 2025, 2024 and 2023 for significant segment expenses and other segment items.
Revenues, by geographic location (based on the customer’s ordering location) for the years ended October 31, 2025, 2024 and 2023 were as follows (in thousands):
| 2025 | | 2024 | | 2023 | ||||
United States | $ | 82,398 | $ | 86,962 | $ | 63,289 | |||
South Korea |
| 75,221 |
| 22,836 |
| 58,432 | |||
Europe |
| 428 |
| 1,919 |
| 1,673 | |||
Canada |
| 115 | 415 | — | |||||
Total | $ | 158,162 | $ | 112,132 | $ | 123,394 | |||
Long-lived assets located outside of the United States as of October 31, 2025 and 2024 are not significant individually or in the aggregate.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 18, 2025 | Showing above |
| 2024 | Dec 27, 2024 | |
| 2023 | Dec 19, 2023 | |
| 2022 | Dec 20, 2022 | |
| 2021 | Dec 29, 2021 | |
| 2020 | Jan 21, 2021 | |
| 2019 | Jan 22, 2020 | |
| 2018 | Jan 10, 2019 | |
| 2017 | Jan 11, 2018 | |
| 2016 | Jan 12, 2017 | |
| 2015 | Jan 8, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.