FUELCELL ENERGY INC

Listed Company

FCELBCIK 0000886128OTCAcceleratedElectrical Industrial ApparatusDelawareFY ends Oct 31

Period

FY 2025

Revenue

$158.16M

Net Income

$-187.90M

Total Assets

$932.15M

Equity

$662.18M

Shares Out

52.98M

Op. Cash Flow

$-125.29M

Business

FUELCELL ENERGY INC is a clean energy technology company that designs, manufactures, installs and operates stationary fuel cell systems to deliver continuous baseload and distributed power and to enable low‑carbon hydrogen production and carbon management. Its main products and services include modular carbonate fuel cell power blocks (1.25 MW units), Tri‑gen systems that produce power, hydrogen and water, solid oxide electrolysis development, turnkey EPC work, long‑term service agreements and PPAs. The business reports across Product, Service, Generation and Advanced Technologies streams. It sells and deploys solutions primarily in the U.S., Canada, Europe and select Asian markets (including South Korea and Malaysia) through direct sales, project development, partnerships and financing structures.

Summary from filing dated 2025-12-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-10-31	FY 2024 2024-10-31	FY 2023 2023-10-31	FY 2022 2022-10-31	FY 2021 2021-10-31
Total revenues	158	112	123	130	70
Total costs of revenues	185	148	134	160	85
Gross loss	−26	−36	−11	−30	−16
Administrative and selling expenses	61	65	65	80	38
Research and development expenses	34	55	61	35	11
Restructuring expense	5	3	—	—	—
Impairment expense	66	1	2	—	—
Total costs and expenses	166	123	126	114	49
Loss from operations	−192	−158	−136	−144	−65
Interest expense	−10	−10	−7	−6	−7
Interest income	8	14	16	3	34,000
Gain on extinguishment of finance obligations and debt, net	—	—	15	—	−11
Other income (expense), net	3	−2	5	319,000	−728,000
Loss before provision for income taxes	−191	−157	−107	−146	−101
Provision for income taxes	−100,000	−30,000	−600,000	−800,000	0
Net loss	−191	−157	−108	−147	−101
Net loss attributable to noncontrolling interests	−3	−31	−488,000	−5	30,000
Net loss attributable to FuelCell Energy, Inc.	−188	−126	−108	−143	−101
Series B preferred stock dividends	−3	−3	−3	−3	−3
Net loss attributable to common stockholders	−191	−129	−111	−146	−104
Net loss per share attributable to common stockholders, basic (in dollars per share)	−7.42	−7.83	−7.92	−11.43	−0.31
Net loss per share attributable to common stockholders, diluted (in dollars per share)	−7.42	−7.83	−7.92	−11.43	−0.31
Basic weighted average shares outstanding (in shares)	26	17	14	13	335
Diluted weighted average shares outstanding (in shares)	26	17	14	13	335
Net loss	−191	−157	−108	−147	−101
Foreign currency translation adjustments	−134,000	111,000	80,000	−933,000	−80,000
Total comprehensive loss	−192	−157	−108	−148	−101
Comprehensive loss attributable to noncontrolling interests	−3	−31	−488,000	−5	30,000
Comprehensive loss attributable to FuelCell Energy, Inc.	−188	−126	−107	−144	−101

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-10-31	FY 2024 2024-10-31	FY 2023 2023-10-31	FY 2022 2022-10-31	FY 2021 2021-10-31
Cash and cash equivalents, unrestricted	278	148	250	458	432
Restricted cash and cash equivalents - short-term	17	12	5	4	11
Investments - short-term	—	109	104	—	—
Accounts receivable, net	4	12	4	5	15
Unbilled receivables	49	37	16	11	9
Inventories	86	114	84	91	67
Other current assets	16	13	13	11	9
Total current assets	450	444	476	580	543
Restricted cash and cash equivalents - long-term	47	49	44	19	17
Inventories - long-term	3	3	7	8	5
Project assets, net	217	242	258	233	223
Property, plant and equipment, net	96	131	90	58	39
Operating lease right-of-use assets, net	11	8	8	7	8
Goodwill	—	4	4	4	4
Intangible assets, net	4	15	16	17	19
Other assets	104	49	51	14	17
Total assets	932	944	956	940	875
Current portion of long-term debt	16	16	10	13	10
Current portion of operating lease liabilities	932,000	807,000	599,000	650,000	1
Accounts payable	17	23	27	28	19
Accrued liabilities	31	30	26	27	16
Deferred revenue	3	4	2	16	6
Total current liabilities	68	74	66	86	53
Long-term deferred revenue	6	3	732,000	9	30
Long-term operating lease liabilities	12	9	9	8	8
Long-term debt and other liabilities	115	131	120	83	79
Total liabilities	201	217	195	185	170
Redeemable Series B preferred stock (liquidation preference of $64,020 as of October 31, 2025 and October 31, 2024)	60	60	60	—	—
Common stock ($0.0001 par value); 1,000,000,000 shares authorized as of October 31, 2025 and October 31, 2024; 46,075,237 and 20,375,932 shares issued and outstanding as of October 31, 2025 and October 31, 2024, respectively	5,000	2,000	2,000	41,000	37,000
Additional paid-in capital	2,493	2,300	2,200	2,094	1,908
Accumulated deficit	−1,829	−1,642	−1,516	−1,408	−1,265
Accumulated other comprehensive loss	−2	−2	−2	−2	−819,000
Treasury stock, Common, at cost (44,913 and 12,543 shares as of October 31, 2025 and October 31, 2024, respectively)	−1	−1	−1	−855,000	−586,000
Deferred compensation	1	1	1	855,000	586,000
Total stockholders' equity	662	657	682	684	642
Noncontrolling interests	9	11	18	7	—
Total equity	671	668	700	691	642
Total liabilities, redeemable Series B preferred stock and total equity	932	944	956	940	875

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-10-31	FY 2024 2024-10-31	FY 2023 2023-10-31	FY 2022 2022-10-31	FY 2021 2021-10-31
Share-based compensation	11	12	12	7	4
Depreciation and amortization	40	36	25	21	20
Non-cash interest expense on finance obligations	2	2	3	4	4
Unrealized (gain) loss on derivative contracts	−4	10	−7	−779,000	−478,000
Operating lease costs	1	1	2	2	2
Operating lease payments	−1	−1	−1	−1	−1
Unrealized foreign currency losses	—	—	−57,000	583,000	—
Other, net	178,000	237,000	456,000	3	996,000
Accounts receivable	8	−8	1	9	−5
Unbilled receivables	−66	−23	−22	−231,000	−4
Inventories	16	−29	5	−28	−19
Other assets	−6	−5	−13	−2	−2
Accounts payable	−3	−999,000	3	6	2
Accrued liabilities	−118,000	5	−4	25	317,000
Deferred revenue	1	4	−22	−11	−5
Net cash used in operating activities	−125	−153	−140	−112	−70
Capital expenditures	−19	−48	−39	−21	−6
Project asset expenditures	−4	−12	−53	−26	−67
Maturity of held-to-maturity debt securities	772	835	199	—	—
Purchases of held-to-maturity debt securities	−661	−836	−299	—	—
Net cash provided by (used in) investing activities	89	−60	−192	−47	−73
Repayment of debt and finance obligations	−14	−12	−48	−10	−99
Proceeds from the issuance of debt	—	23	101	—	10
Payment for deferred financing costs	−172,000	−1	−3	—	—
Common stock issued for stock plans and related expenses	51,000	120,000	56,000	47,000	18,000
Contributions received from sale of noncontrolling interest	4	25	9	12	3
Distribution to noncontrolling interest	−2	−2	−596,000	−308,000	—
Payments for taxes related to net share settlement of equity awards	−553,000	−1	−885,000	−2	−339,000
Common stock issuance, net of fees	186	93	97	184	—
Payment of preferred dividends	−3	−3	−3	−3	−3
Net cash provided by financing activities	169	122	151	181	412
Effects on cash from changes in foreign currency rates	77,000	111,000	80,000	−933,000	−80,000
Net increase (decrease) in cash, cash equivalents and restricted cash	133	−91	−181	21	268

Filings

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