NASDAQ: FCEL
FUELCELL ENERGY INCCIK 0000886128 · SIC 3620 · Electrical Industrial Apparatus
This Annual Report on Form 10-K contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). All statements other than statements of historical fact included in this Form 10-K, including… About this business →
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FCEL lands $2.6B data-center deal but gross loss widens; revenue falls 29.4%
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FuelCell Energy Q3 revenue falls 29% to $33M, but signs first data center power deal
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FuelCell Energy files prospectus supplement to shelf registration statement
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FuelCell Energy raises $245M in upsized equity offering to expand manufacturing capacity
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FuelCell Energy prices 10.7M-share offering at $7.58/share, raising $81.2M gross ($213.8M net with over-allotment)
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FuelCell Energy prices $200M common stock offering at-the-market; $230M with greenshoe
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FuelCell Energy signs 380 MW data center power deal, issues 12M warrants at $26.44
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FuelCell Energy reports Q2 and H1 FY2026 financial results
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revenue $35.6M, net income -$77.9M. FuelCell Energy takes Groton impairment, announces -275M expansion to 500 MW capacity
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FuelCell Energy expands Board to nine directors, elects John Livingston
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FuelCell Energy stockholders approve 3M share expansion for equity compensation plans
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FuelCell Energy launches at-the-market offering of up to $204.9M in common stock
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Latest financial statements
From 10-Q filed Sep 2, 2026 (period ending Jul 31, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
(Amounts in thousands, except share and per share amounts)
| Description | Three months ended July 31, 2026 | Three months ended July 31, 2025 |
|---|---|---|
| Revenues: | ||
| Product | 18,000 | 26,000 |
| Service | 2,422 | 3,130 |
| Generation | 8,801 | 12,355 |
| Advanced Technologies | 3,778 | 5,258 |
| Total revenues | 33,001 | 46,743 |
| Costs of revenues: | ||
| Product | 37,102 | 29,083 |
| Service | 3,776 | 3,642 |
| Generation | 14,353 | 15,330 |
| Advanced Technologies | 2,273 | 3,822 |
| Total costs of revenues | 57,504 | 51,877 |
| Gross loss | (24,503) | (5,134) |
| Operating expenses: | ||
| Administrative and selling expenses | 13,648 | 14,066 |
| Research and development expenses | 8,509 | 7,646 |
| Restructuring expense | - | 4,051 |
| Impairment expense | - | 64,467 |
| Total costs and expenses | 22,157 | 90,230 |
| Loss from operations | (46,660) | (95,364) |
| Interest expense | (2,903) | (2,548) |
| Interest income | 3,573 | 2,144 |
| Other income, net | 707 | 3,912 |
| Loss before provision for income taxes | (45,283) | (91,856) |
| Provision for income taxes | - | (40) |
| Net loss | (45,283) | (91,896) |
| Net loss attributable to noncontrolling interests | (816) | (240) |
| Net loss attributable to FuelCell Energy, Inc. | (44,467) | (91,656) |
| Series B preferred stock dividends | (800) | (800) |
| Net loss attributable to common stockholders | (45,267) | (92,456) |
| Loss per share basic and diluted: | ||
| Net loss per share attributable to common stockholders | (0.64) | (3.78) |
| Basic and diluted weighted average shares outstanding | 70,405,692 | 24,441,294 |
Consolidated Balance Sheets (Unaudited)
(Amounts in thousands, except share and per share amounts)
| Description | July 31, 2026 | October 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents, unrestricted | 658,082 | 278,099 |
| Restricted cash and cash equivalents short-term | 24,911 | 16,601 |
| Accounts receivable, net | 7,172 | 3,999 |
| Unbilled receivables | 39,875 | 49,008 |
| Inventories | 86,376 | 86,196 |
| Other current assets | 16,885 | 15,907 |
| Total current assets | 833,301 | 449,810 |
| Restricted cash and cash equivalents long-term | 54,327 | 47,092 |
| Inventories long-term | - | 3,216 |
| Project assets, net | 166,588 | 216,847 |
| Property, plant and equipment, net | 94,561 | 96,436 |
| Operating lease right-of-use assets, net | 10,871 | 11,232 |
| Intangible assets, net | 2,918 | 3,891 |
| Other assets | 148,596 | 103,622 |
| Total assets (1) | 1,311,162 | 932,146 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Current portion of long-term debt | 18,801 | 15,847 |
| Current portion of operating lease liabilities | 1,007 | 932 |
| Accounts payable | 16,329 | 17,009 |
| Accrued liabilities | 40,531 | 31,318 |
| Deferred revenue | 19,416 | 2,733 |
| Total current liabilities | 96,084 | 67,839 |
| Long-term deferred revenue | 14,009 | 5,985 |
| Long-term operating lease liabilities | 11,638 | 11,954 |
| Long-term debt and other liabilities | 146,676 | 115,227 |
| Total liabilities (1) | 268,407 | 201,005 |
| Redeemable Series B preferred stock (liquidation preference of $64,020 as of July 31, 2026 and October 31, 2025) | 59,857 | 59,857 |
| Total equity: | ||
| Stockholders’ equity: | ||
| Common stock ($0.0001 par value); 1,000,000,000 shares authorized as of July 31, 2026 and October 31, 2025; 79,954,196 and 46,075,237 shares issued and outstanding as of July 31, 2026 and October 31, 2025, respectively | 8 | 5 |
| Additional paid-in capital | 2,951,531 | 2,493,318 |
| Accumulated deficit | (1,974,683) | (1,829,449) |
| Accumulated other comprehensive loss | (1,746) | (1,695) |
| Treasury stock, Common, at cost (61,488 and 44,913 shares as of July 31, 2026 and October 31, 2025, respectively) | (1,577) | (1,406) |
| Deferred compensation | 1,577 | 1,406 |
| Total stockholders’ equity | 975,110 | 662,179 |
| Noncontrolling interests | 7,788 | 9,105 |
| Total equity | 982,898 | 671,284 |
| Total liabilities, redeemable Series B preferred stock and total equity | 1,311,162 | 932,146 |
Consolidated Statements of Cash Flows (Unaudited)
(Amounts in thousands)
| Description | Nine months ended July 31, 2026 | Nine months ended July 31, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (148,963) | (162,031) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Share-based compensation | 7,472 | 8,657 |
| Depreciation and amortization | 30,747 | 30,582 |
| Non-cash interest expense on finance obligations | 2,086 | 1,773 |
| Unrealized gain on derivative contracts | (2,480) | (1,862) |
| Operating lease costs | 1,257 | 1,005 |
| Operating lease payments | (1,090) | (1,030) |
| Impairment expense | 42,567 | 64,467 |
| Other, net | (4) | 180 |
| (Increase) decrease in operating assets: | ||
| Accounts receivable | (3,173) | 1,801 |
| Unbilled receivables | (33,943) | (33,110) |
| Inventories | (808) | (2,058) |
| Other assets | (2,022) | (10,019) |
| (Decrease) increase in operating liabilities: | ||
| Accounts payable | (1,169) | (3,943) |
| Accrued liabilities | 11,379 | (258) |
| Deferred revenue | 24,707 | 3,419 |
| Net cash used in operating activities | (73,437) | (102,427) |
| Cash flows from investing activities: | ||
| Capital expenditures | (3,799) | (17,586) |
| Project asset expenditures | (12,022) | (3,845) |
| Maturity of held-to-maturity debt securities | - | 772,370 |
| Purchases of held-to-maturity debt securities | - | (660,969) |
| Net cash (used in) provided by investing activities | (15,821) | 89,970 |
| Cash flows from financing activities: | ||
| Repayment of debt and finance obligations | (13,894) | (10,424) |
| Proceeds from the issuance of debt | 49,563 | - |
| Payment for deferred financing costs | (3,817) | (171) |
| Common stock issued for stock plans and related expenses | 53 | 51 |
| Contributions received from sale of noncontrolling interest | 4,000 | 4,000 |
| Distribution to noncontrolling interest | (1,588) | (1,638) |
| Payments for taxes related to net share settlement of equity awards | (709) | (507) |
| Common stock issuance, net of fees | 453,629 | 51,626 |
| Payment of preferred dividends | (2,400) | (2,400) |
| Net cash provided by financing activities | 484,837 | 40,537 |
| Effects on cash from changes in foreign currency rates | (51) | (109) |
| Net increase in cash, cash equivalents and restricted cash | 395,528 | 27,971 |
| Cash, cash equivalents and restricted cash-beginning of period | 341,792 | 208,883 |
| Cash, cash equivalents and restricted cash-end of period | 737,320 | 236,854 |
| Reconciliation of cash, cash equivalents and restricted cash | ||
| Cash and cash equivalents, unrestricted | 658,082 | 174,662 |
| Restricted cash and cash equivalents short-term | 24,911 | 16,092 |
| Restricted cash and cash equivalents long-term | 54,327 | 46,100 |
| Total cash, cash equivalents and restricted cash | 737,320 | 236,854 |
| Supplemental cash flow disclosures: | ||
| Cash interest paid | 5,709 | 5,504 |
| Noncash financing and investing activity: | ||
| Addition of operating lease liabilities | - | 3,523 |
| Addition of operating lease right-of-use assets | - | 3,523 |
| Noncash reclassifications from inventory to project assets | 2,794 | 2,148 |
| Accrued purchases of fixed assets, cash to be paid in subsequent period | 888 | 913 |
| Accrued purchases of project assets, cash to be paid in subsequent period | 10 | 72 |
Amounts as printed on the EDGAR/iXBRL face — (Amounts in thousands, except share and per share amounts); (Amounts in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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About FUELCELL ENERGY INC
Source: Item 1 (Business) from the 10-K filed December 18, 2025. Description as filed by the company with the SEC.
Item 1.BUSINESS
Index to Item 1. BUSINESS
Page
Forward-Looking Statement Disclaimer
Risk Factor Summary
General Information
Overview
Our Market Opportunity and Value Proposition
Our Markets
Our Business Strategy
Recent Restructuring
Our Business Model
Our Product Platform and Applications
Competition
Our Commitment to Sustainability
Research and Development
Proprietary Rights and Licensed Technology
Manufacturing and Service Facilities
Raw Material Sourcing and Supplier Relationships
Engineering, Procurement and Construction
Services and Warranty Agreements
Government Regulation and Public Policy
Significant Customers
Human Capital Management and Development
Available Information
Forward-Looking Statement Disclaimer
This Annual Report on Form 10-K contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). All statements other than statements of historical fact included in this Form 10-K, including statements regarding the Company’s future financial condition, future results of operations, plans, objectives, expectations, future performance, future business operations and business prospects, are forward-looking statements. Words such as “expects,” “anticipates,” “estimates,” “goals,” “projects,” “intends,” “plans,” “believes,” “predicts,” “should,” “seeks,” “will,” “could,” “would,” “may,” “forecast,” and similar expressions and variations of such words are intended to identify forward-looking statements and are included, along with this statement, for purposes of complying with the safe harbor provisions of the PSLRA. Forward-looking statements are neither historical facts, nor assurances of future performance. Instead, such statements are based only on our beliefs, expectations, and assumptions regarding the future. As such, the realization of matters expressed in forward-looking statements involves inherent risks and uncertainties. Such statements relate to, among other things, the following:
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●the development and commercialization by FuelCell Energy, Inc. and its subsidiaries (“FuelCell Energy,” “Company,” “we,” “us” and “our”) of fuel cell technology and products and the market for such products,
●the expected timing of completion of our ongoing projects,
●our business plans and strategies,
●the markets in which we expect to operate,
●expected operating results such as revenue growth and earnings,
●our belief that we have sufficient liquidity to fund our business operations for the next 12 months,
●future funding under Advanced Technologies contracts,
●future financing for projects, including equity and debt investments by investors and commercial bank financing, as well as overall financial market conditions,
●the expected cost competitiveness of our technology,
●our ability to successfully implement our restructuring plans during the expected timeframe and the expected effects and impacts of the Company’s restructuring plan, and
●our ability to achieve our sales plans, our plans to increase our annualized production rate in the future in connection with sales growth, market access and market expansion goals, and cost reduction targets.
The forward-looking statements contained in this report are subject to risks and uncertainties, known and unknown, that could cause actual results and future events to differ materially from those set forth in or contemplated by the forward-looking statements, including, without limitation, the risks described under