The earnings call highlights significant revenue growth and strategic partnerships, supported by favorable US policy tailwinds and a strong cash position, suggesting positive momentum. However, the increased net loss and ongoing gross loss indicate financial challenges that need to be addressed. The sentiment is balanced by both positive developments and notable financial hurdles.

Company Guidance

In the recent call, FuelCell Energy, Inc. provided guidance highlighting their robust strategic progress and financial positioning. The company reported a significant revenue increase of 97% to $46.7 million for the third quarter of fiscal year 2025, compared to $23.7 million in the same quarter of the previous year. Despite a net loss attributable to common stockholders of $92.5 million, up from $33.5 million in 2024, the company emphasized the positive effects of their restructuring efforts, which are projected to reduce operating expenses by 30% on an annualized basis compared to fiscal year 2024. FuelCell Energy's backlog grew by 4% to $1.24 billion, reflecting new long-term service agreements in South Korea. They closed the quarter with cash and cash equivalents totaling approximately $237 million, providing a solid foundation to execute their business plans. The company aims to reach adjusted EBITDA breakeven once their Torrington manufacturing facility achieves a production rate of 100 megawatts per year.

Significant Revenue Growth

Reported total revenues of $46.7 million in FY2025 Q3, representing a 97% increase compared to $23.7 million in the prior year quarter.

Strategic Partnerships and Global Scale

Entered into a long-term service agreement with CGN in South Korea and delivered eight replacement modules to GGE, with expectations to drive product revenue through fiscal year 2025 and 2026. Additionally, MoU with Inuverse to deploy up to 100 megawatts of fuel cell-based power.

Supportive US Policy Tailwinds

The reinstatement of the investment tax credit (ITC) supports fuel cell technology deployment, aiding FuelCell Energy's growth potential in the US market.

Strong Financial Position

Closed the quarter with approximately $237 million in total cash and cash equivalents, providing ample runway to execute business plans.

Decreased Operating Expenses

Operating expenses reduced by 30% on an annualized basis compared to fiscal year 2024, contributing to a stronger financial foundation.

Fuelcell Energy (FCEL) Earnings, Revenues Date & History

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FCEL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Dec 23, 2025	2025 (Q4)	-1.07 / -	-2.21	―	―	―
Sep 09, 2025	2025 (Q3)	-1.44 / -3.78	-2.1	-80.00% (-1.68)
Jun 06, 2025	2025 (Q2)	-1.43 / -1.79	-2.1	14.76% (+0.31)
Mar 11, 2025	2025 (Q1)	-1.48 / -1.42	-1.5	5.33% (+0.08)
Dec 19, 2024	2024 (Q4)	-1.73 / -2.21	-2.1	-5.24% (-0.11)	―
Sep 05, 2024	2024 (Q3)	-2.19 / -2.10	-1.8	-16.67% (-0.30)
Jun 10, 2024	2024 (Q2)	-2.28 / -2.10	-2.7	22.22% (+0.60)
Mar 07, 2024	2024 (Q1)	-2.29 / -1.50	-1.5	0.00% (0.00)
Dec 19, 2023	2023 (Q4)	-2.49 / -2.10	-3.3	36.36% (+1.20)
Sep 11, 2023	2023 (Q3)	-2.31 / -1.80	-2.4	25.00% (+0.60)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

FCEL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Sep 09, 2025	$4.22	$5.18	+22.75%
Jun 06, 2025	$5.20	$6.47	+24.42%
Mar 11, 2025	$6.33	$6.56	+3.63%
Dec 19, 2024	$9.82	$9.33	-4.99%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.