NASDAQ: FCEL
FUELCELL ENERGY INCCIK 0000886128 · Information Technology · 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 →
Each report below shows a 3-bullet preview. Free accounts read 3 full reports a month — narrative summary, section diffs, and EDGAR-cited quotes.
Sign up freeWant to see a complete report first? Today's free report (RBLX 10-Q) is open in full — no account needed.
FuelCell Energy files prospectus supplement to shelf registration statement
1 material change detected. Sign up free to read the summary.
FuelCell Energy raises $245M in upsized equity offering to expand manufacturing capacity
4 material changes detected. Sign up free to read the summary.
Partner
Trade FCEL commission-free
Open an account, get a free stock.
Investing involves risk. Free stock terms apply.
FuelCell Energy prices 10.7M-share offering at $7.58/share, raising $81.2M gross ($213.8M net with over-allotment)
6 material changes detected. Sign up free to read the summary.
FuelCell Energy prices $200M common stock offering at-the-market; $230M with greenshoe
4 material changes detected. Sign up free to read the summary.
FuelCell Energy signs 380 MW data center power deal, issues 12M warrants at $26.44
5 material changes detected. Sign up free to read the summary.
FuelCell Energy reports Q2 and H1 FY2026 financial results
2 material changes detected. Sign up free to read the summary.
FuelCell Energy takes $42.6M Groton impairment, announces $200-275M expansion to 500 MW capacity
5 material changes detected. Sign up free to read the summary.
FuelCell Energy expands Board to nine directors, elects John Livingston
4 material changes detected. Sign up free to read the summary.
FuelCell Energy stockholders approve 3M share expansion for equity compensation plans
4 material changes detected. Sign up free to read the summary.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Summary not yet generated.
Latest financial statements
From 10-Q filed Jun 8, 2026 (period ending Apr 30, 2026). SEC XBRL (companyfacts) — not generated by the model.
Consolidated Statements of Operations (Unaudited)
| Description | Q2 ended Apr 30, 2026 | Q2 ended Apr 30, 2025 |
|---|---|---|
| Revenue: | ||
| Total revenue / net sales | 35.6 | 37.4 |
| Cost of revenue / cost of sales | 48.5 | 46.8 |
| Operating expenses: | ||
| Research and development | 7.7 | 9.9 |
| Selling, general and administrative | 14.7 | 16.5 |
| Total operating expenses | 65.0 | 26.4 |
| Operating income | (77.9) | (35.8) |
| Interest expense | 2.9 | 2.5 |
| Other income/(expense), net | 0.6 | (1.1) |
| Income before income taxes | (77.7) | (37.7) |
| Income tax expense/(benefit) | (0.05) | 0.08 |
| Net income | (77.9) | (38.0) |
| Basic earnings per share | (1.45) | (1.79) |
| Diluted earnings per share | (1.45) | (1.79) |
Consolidated Balance Sheets (Unaudited)
| Description | Apr 30, 2026 | Apr 30, 2025 |
|---|---|---|
| Current assets: | ||
| Cash and equivalents | 373.2 | 116.1 |
| Short-term investments | 60.9 | |
| Accounts receivable, net | 7.7 | 10.0 |
| Inventories | 88.4 | 123.5 |
| Prepaid expenses and other current assets | 14.4 | 16.2 |
| Other current assets | 60.2 | 57.7 |
| Total current assets | 543.9 | 384.5 |
| Property, plant and equipment, net | 95.3 | 138.2 |
| Operating lease right-of-use assets, net | 11.0 | 7.6 |
| Finite-lived intangible assets, net | 14.1 | |
| Identifiable intangible assets, net | 3.2 | 14.1 |
| Goodwill | 4.1 | |
| Deferred income taxes and other assets | 131.2 | 53.8 |
| Other long-term assets | 218.6 | 267.5 |
| TOTAL ASSETS | 1,003 | 883.8 |
| Current liabilities: | ||
| Current portion of long-term debt | 17.4 | 17.1 |
| Accounts payable | 16.5 | 22.6 |
| Current portion of operating lease liabilities | 1.0 | 0.8 |
| Accrued liabilities | 24.1 | 25.0 |
| Deferred revenue, current | 4.4 | 2.9 |
| Total current liabilities | 63.3 | 68.4 |
| Long-term debt | 116.8 | 109.4 |
| Operating lease liabilities | 11.8 | 8.4 |
| Deferred income taxes and other liabilities | 129.6 | 124.1 |
| Other long-term liabilities | (106.5) | (105.2) |
| Total liabilities | 215.0 | 205.0 |
| Redeemable preferred stock | 59.9 | 59.9 |
| Shareholders' equity: | ||
| Common stock | 0.01 | — |
| Capital in excess of stated value | 2,651 | 2,319 |
| Accumulated other comprehensive income (loss) | (1.8) | (1.5) |
| Retained earnings (deficit) | (1,930) | (1,708) |
| Treasury stock | 1.5 | 1.3 |
| Total shareholders' equity | 719.4 | 609.2 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,003 | 883.8 |
Consolidated Statements of Cash Flows (Unaudited)
| Description | Six months ended Apr 30, 2026 | Six months ended Apr 30, 2025 |
|---|---|---|
| Operating Activities: | ||
| Net cash from operating activities | (61.2) | (75.6) |
| Investing Activities: | ||
| Net cash from investing activities | (8.7) | 37.9 |
| Financing Activities: | ||
| Net cash from financing activities | 169.1 | 7.9 |
| Net increase/(decrease) in cash | 99.1 | (29.8) |
Amounts in millions USD; EPS as reported. Line labels are presentation-friendly mappings of filer XBRL tags — not a re-audit of the full statements. Use EDGAR for interactive notes and detail. Interactive statements & notes on EDGAR ↗
View AI report for this filing
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:
Read full description ↓
●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