FuelCell Energy Reports Q4 Results, Targets Data Center Growth

Fuelcell Energy ( (FCEL) ) has shared an announcement.

On December 18, 2025, FuelCell Energy reported fourth-quarter and full-year results for the period ended October 31, 2025, highlighting revenue growth and narrowing losses alongside a strategic pivot toward the rapidly expanding data center market. Quarterly revenue rose 12% year-on-year to $55.0 million, while gross loss improved to $6.6 million from $10.9 million and loss from operations narrowed to $28.3 million from $41.0 million; for the full year, revenue climbed to $158.2 million from $112.1 million and gross loss eased to $26.4 million, though operating loss widened to $192.3 million and net loss attributable to common shareholders reached $191.1 million. Management underscored that higher product, service and generation revenues, particularly from its long-term service agreement with Gyeonggi Green Energy in Korea, helped reduce gross losses, and that cost reductions and restructuring lowered operating expenses, including research and development and selling, general and administrative costs. The company ended fiscal 2025 with a $1.19 billion backlog and $278.1 million in unrestricted cash and cash equivalents, and, supported by Export-Import Bank of the United States financing, said it sees substantial runway to pursue data center-focused growth as it simplifies its product line, improves efficiency and integrates thermal management capabilities, a strategy aimed at reinforcing its positioning in high-demand digital infrastructure markets despite ongoing net losses.

The most recent analyst rating on (FCEL) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on Fuelcell Energy stock, see the FCEL Stock Forecast page.

Spark’s Take on FCEL Stock

According to Spark, TipRanks’ AI Analyst, FCEL is a Neutral.

Fuelcell Energy’s overall stock score reflects significant financial challenges, with persistent losses and negative cash flows being the most impactful factors. While there is notable revenue growth and strategic partnerships, the company’s valuation remains unattractive due to ongoing losses. Technical indicators are mixed, and the earnings call provides some positive outlook, but financial hurdles remain a concern.

To see Spark’s full report on FCEL stock, click here.

More about Fuelcell Energy

FuelCell Energy, based in Danbury, Conn., is a fuel-cell power technology company that develops and operates utility-scale and distributed generation platforms, with growing emphasis on supplying efficient, resilient and cost-competitive power solutions for energy-intensive applications such as data centers in the U.S. and international markets.

Average Trading Volume: 3,611,000

Technical Sentiment Signal: Sell

Current Market Cap: $403.8M

For an in-depth examination of FCEL stock, go to TipRanks’ Overview page.