FCELBNasdaqElectrical Industrial ApparatusUS GAAP · USD

FuelCell Energy, Inc

FuelCell Energy is a U.S.-based clean energy technology company that designs, manufactures, sells, and services stationary molten carbonate fuel cell systems. Its platforms generate continuous low-emission power and can also provide carbon capture, thermal energy, and fuel-flexible operation using biogas, renewable natural gas, or hydrogen blends.

Kysy yhtiöstä
Liikevaihto158milj. USD
+41,0 %v/v
Liikevoitto (EBIT)−192milj. USD
−21,4 %v/v
EBIT-marginaali−121,6%
+19,7 %-yks.v/v
Nettotulos−188milj. USD
−49,1 %v/v
Vapaa kassavirta−125milj. USD
+18,1 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−200−1000100200milj. USD2020: 71 milj. USD2020: EBIT −39 milj. USD20202021: 70 milj. USD2021: EBIT −65 milj. USD20212022: 130 milj. USD2022: EBIT −144 milj. USD20222023: 123 milj. USD2023: EBIT −136 milj. USD20232024: 112 milj. USD2024: EBIT −158 milj. USD20242025: 158 milj. USD2025: EBIT −192 milj. USD2025158−192
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Fuel cell systems45 %

Proprietary carbonate fuel cell platforms and modules sold for stationary power generation.

Service agreements35 %

Long-term service, maintenance, and module replacement contracts for installed plants.

Project development and commissioning15 %

Engineering, delivery, and commissioning work tied to utility and industrial projects.

Advanced technologies5 %

R&D and commercialization efforts in solid oxide electrolysis and related hydrogen applications.

Tuotteet

Raportoitu · osuus liikevaihdosta
43,7%30,4%13,0%12,9%FY2025100 %
  • Products43,7 %
  • Electricity Generation30,4 %
  • Advanced Technologies13,0 %
  • Services12,9 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

FuelCell Energy sells to utilities, independent power producers, and large energy users that need reliable on-site generation with low emissions. It also serves industrial, commercial, municipal, and government customers that value baseload power, CHP, and resilience where grid constraints or permitting make combustion-based generation less attractive.

Utilities and independent power producers

Buy large stationary fuel cell plants and service support for grid-connected or utility-side deployments because the systems provide firm, low-emission baseload power.

Industrial and commercial customers

Buy on-site generation and CHP solutions to lower operating costs, improve resilience, and reduce Scope 1 and Scope 2 emissions.

Municipal, government, and institutional customers

Buy clean, quiet, continuous power for campuses, public facilities, universities, and healthcare sites where reliability and permitting matter.

Wastewater and biogas operators

Buy fuel-flexible systems that can run on biogas or renewable natural gas and monetize waste streams while generating power and heat.

Data center developers

Buy firm distributed power solutions to support high-load facilities that need uninterrupted electricity and grid resiliency.

Strategia

The company is focused on monetizing its core carbonate fuel cell platform through recurring service revenue, non-recurring product sales, and project-related deployments. It is also investing in advanced technologies, especially solid oxide electrolysis for distributed hydrogen, while using partnerships and financing structures to accelerate larger projects and data-center opportunities.

Expand recurring service revenueLyhyt aikaväli

Installed plants create long-duration service, module replacement, and maintenance income that improves visibility.

Pursue large utility and industrial projectsKeskipitkä aikaväli

Large deployments anchor the installed base and create follow-on service opportunities.

Commercialize hydrogen-related technologiesKeskipitkä aikaväli

Solid oxide electrolysis could open a new market beyond stationary power generation.

Use partnerships and financing to accelerate deploymentLyhyt aikaväli

Project finance and strategic partners reduce capital barriers and speed adoption.

Maantiede

FuelCell Energy markets primarily in the United States, Canada, Europe, the UK, and priority Asian markets, especially South Korea. The company also pursues selective opportunities in other regions, but its installed base and service activity are concentrated where utilities, industrial customers, and governments value clean distributed generation and grid resilience.

Riskit

The business remains exposed to losses, negative cash flow, and execution risk as it scales a capital-intensive technology platform. Demand depends on customer acceptance, utility interconnection and permitting, supply chain reliability, and the company’s ability to deliver safe, reliable systems at acceptable cost.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Ongoing losses and negative cash flow1Supply chain and component availability2Utility and regulatory resistance to distributed generation3Product liability and safety4Energy cost volatility5Cybersecurity and IT disruption6
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Ongoing losses and negative cash flowVaikutus: KorkeaTodennäköisyys: Korkea

    The company has not yet reached a stable scale where recurring revenue fully covers operating needs.

    Kohdistuu: Liquidity and financing flexibility

  2. Supply chain and component availabilityVaikutus: KorkeaTodennäköisyys: Korkea

    The company relies on third-party suppliers for key raw materials and components.

    Kohdistuu: Manufacturing schedules and gross margin

  3. Utility and regulatory resistance to distributed generationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Utilities may impose fees or interconnection requirements that make customer projects less attractive.

    Kohdistuu: Project sales and market adoption

  4. Product liability and safetyVaikutus: KorkeaTodennäköisyys: Matala

    Systems use combustible fuels, high temperatures, and corrosive materials, increasing accident and warranty risk.

    KohdistuuClaimsInsuranceCustomer adoption
  5. Energy cost volatilityVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Higher energy prices increase factory operating costs, shipping costs, and project operating expenses.

    Kohdistuu: Cost of revenues and operating expenses

  6. Cybersecurity and IT disruptionVaikutus: KeskitasoTodennäköisyys: Matala

    Operational systems and power plant platforms depend on secure IT and control infrastructure.

    Kohdistuu: Operations continuity and service delivery

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition across multiple contract types

Product deliveries, commissioning, and service obligations may be recognized at different times, affecting quarterly comparability.

Vaikutus: Can shift revenue and margin between periods

Service agreement loss accruals

Long-term service contracts require estimates of future maintenance and replacement costs.

Vaikutus: Can materially affect operating profit

Inventory and manufacturing variance

Low production volumes and unabsorbed overhead can create margin pressure and inventory valuation issues.

Vaikutus: Affects cost of product revenues

Goodwill and in-process R&D impairment

Management recorded impairment after annual testing, showing sensitivity to assumptions and market conditions.

Vaikutus: Can create large non-cash charges

Long-lived asset and project asset impairment

Project economics and utilization assumptions can require write-downs if expected cash flows weaken.

Vaikutus: Can reduce reported asset values and earnings

Samankaltaisia listattuja yhtiöitä

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Solid Power, Inc.

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Päivitetty: 24.9.2026