FuelCell Energy (FCEL) Stock: Q4 Revenue Jumps 12% as Company Beats Earnings Expectations

TLDR

• FuelCell Energy (FCEL) posted Q4 revenue of $55 million, up 12% year-over-year and beating estimates by $7.78 million
• The company reported a non-GAAP loss per share of $0.83, better than expected by $0.20
• Full-year fiscal 2025 revenue jumped 41% to $158.2 million compared to $112.1 million in fiscal 2024
• FuelCell’s project backlog grew to $1.19 billion, a 2.6% increase from the previous year
• The company ended the fiscal year with $278.1 million in cash, nearly double the $148.1 million from fiscal 2024

FuelCell Energy posted fourth-quarter revenue of $55 million, marking a 12% increase from the $49.3 million reported in the same period last year. The results topped analyst forecasts by $7.78 million.

The company’s non-GAAP loss per share came in at $0.83. This beat expectations by $0.20.

Net loss for the quarter totaled $29.3 million, an improvement from the $39.6 million loss recorded in the prior-year period. Net loss per share attributable to common stockholders improved to $0.85 from $2.21.

FuelCell Energy, Inc., FCEL

For the full fiscal year 2025, FuelCell Energy generated revenue of $158.2 million. This represents a 41% jump from the $112.1 million posted in fiscal 2024.

The annual net loss widened to $191.4 million from $156.8 million in the previous fiscal year. The company’s stock has risen nearly 30% over the past six months despite the ongoing losses.

FuelCell Energy’s cash position strengthened considerably. The company ended fiscal 2025 with $278.1 million in unrestricted cash and cash equivalents, compared to $148.1 million at the end of fiscal 2024.

Growing Backlog Points to Future Revenue

The company’s project backlog increased 2.6% to $1.19 billion as of October 31, 2025. This compares to $1.16 billion a year earlier.

The backlog growth was driven by new projects including a 7.4 MW carbonate fuel cell power plant in Hartford, Connecticut. The Hartford project represents part of the company’s expanding municipal power generation portfolio.

President and CEO Jason Few said the fourth-quarter performance and ongoing cost reductions have positioned the company well to meet accelerating demand for electricity and data center projects. The company has been targeting the growing data center market as facilities seek reliable power sources.

Cost Reductions Show Progress

FuelCell Energy reported a gross loss of $6.6 million for the quarter. This improved from the $10.9 million gross loss in the same period last year.

Operating expenses decreased to $21.7 million from $30.1 million year-over-year. Research and development expenses dropped by $6.2 million, accounting for the bulk of the operating expense reduction.

The company recently closed a new debt financing round with the Export-Import Bank of the United States. The $25 million deal was completed under EXIM’s Project & Structured Finance program.

The financing will support FuelCell Energy’s international market expansion. The company is particularly focused on growth in South Korea, which along with the United States generates the majority of its revenue.

FuelCell Energy operates across industrial, wastewater treatment, commercial and hospitality, data centers and communications, education, and healthcare sectors. The company’s market capitalization stands at approximately $377 million.

The Export-Import Bank financing provides gross proceeds of approximately $25 million before fees and reserves.

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