Fuelcell Energy (FCEL) AI Stock Analysis

• Market Cap: $121.02M
• Dividend Yield: N/A
• Average Volume (3M): 2.41M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.77
• Revenue Growth: 48.62%
• EPS Growth: 0.23%
• Country: US
• Employees: 584
• Sector: Industrials
• Sector Strength: 90
• Industry: Electrical Equipment & Parts
• EPS (TTM): -1.79
• Shares Outstanding: 22,790,932
• 10 Day Avg. Volume: 2,539,098
• 30 Day Avg. Volume: 2,408,534
• PEG Ratio: <0.01
• Price to Book (P/B): 0.17
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.68
• Enterprise Value/Market Cap: 1.25
• Enterprise Value/Revenue: 0.34
• Enterprise Value/Gross Profit: -4.77
• Enterprise Value/Ebitda: -0.37
• 1Y Price Target: $7.93
• Price Target Upside: 38.39% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 5

• Rating: 46 Neutral
• Price Target: $5.50 ▼(-4.01%Downside)

FuelCell Energy's stock score is heavily influenced by its financial performance, which remains the weakest aspect due to ongoing losses and negative cash flows. Technical analysis and valuation further reflect challenges, while strategic restructuring and partnerships offer potential for future improvement, as noted in the earnings call.

Positive Factors

Collaborations

FuelCell launched the DPP development platform — a collaboration between FuelCell Energy, Diversified Energy and TESIAC — to accelerate carbonate fuel cell deployments for data centers and C&I applications.

Partnerships

The partnership with Diversified Energy and TESIAC targets a 360MW distributed power project for data centers in key states facing grid constraints.

Restructuring

Accelerating path to profit through restructuring.

Negative Factors

Financial Performance

FuelCell reported 1Q25 revenue of $19mn, missing the Street's expectations, despite improving year-over-year.

Market Rating

The recommendation remains Underweight despite positive revisions, due to ongoing challenges in achieving profitability.

Profitability Concerns

Limited visibility around achieving profitability remains a concern.

Fuelcell Energy Business Overview & Revenue Model

Company Description

FuelCell Energy, Inc., together with its subsidiaries, designs, manufactures, sells, installs, operates, and services stationary fuel cell power plants for distributed baseload power generation. It offers SureSource1500, a 1.4-megawatt (MW) platform; SureSource 3000, a 2.8 MW platform; SureSource 4000, a 3.7 MW platform; SureSource 250, a 250- kilowatt (kW) platform; SureSource 400, a 400-kW platform; and SureSource Hydrogen, a 2.3 MW platform that is designed to produce up to 1,200 kilograms of hydrogen per day for multi-megawatt utility, microgrid, and distributed hydrogen applications, as well as on-site heat and chilling applications. It also provides SureSource Capture system that separates and concentrates carbon dioxide from the flue gases of natural gas, biomass, or coal-fired power plants, as well as industrial facilities; solid oxide fuel cell/solid oxide electrolysis cell stack technology. The company's SureSource power plants generate clean electricity, usable heat, water, and hydrogen. In addition, it provides engineering, procurement, and construction services; project financing services; and real-time monitoring and remote operation, online support system, preventative maintenance, parts and supplies, on-site and classroom training, and power plant refurbishment/recycling services, as well as technical services in the areas of plant operation and performance, and fuel processing. It serves various markets, including utilities and independent power producers, industrial and process applications, education and health care, data centers and communication, wastewater treatment, government, microgrids, food and beverage, and commercial and hospitality. The company primarily operates in the United States, South Korea, England, Germany, and Switzerland. FuelCell Energy, Inc. was founded in 1969 and is headquartered in Danbury, Connecticut.

How the Company Makes Money

FuelCell Energy generates revenue through the sale and long-term service agreements of its fuel cell power plants. The company's key revenue streams include product sales, which involve selling fuel cell power plant equipment, and service agreements, which cover maintenance and operational support for installed systems. Additionally, FuelCell Energy earns income from power purchase agreements (PPAs), where it owns and operates power plants and sells the electricity generated to customers. Strategic partnerships and collaborations with government entities, utility companies, and industrial clients also play a significant role in boosting the company's market presence and revenue growth.

Fuelcell Energy Financial Statement Overview

Summary

FuelCell Energy faces significant financial challenges, with persistent losses, negative cash flow, and rising debt levels. Despite a strong equity position, these factors highlight ongoing financial instability and operational inefficiencies.

Income Statement

The income statement shows persistent losses, with negative gross profit and net income over the years. Revenue growth is inconsistent, with a recent decline in TTM revenue compared to previous periods. Margins are severely negative, indicating challenges in covering costs and achieving profitability.

Balance Sheet

The balance sheet reflects a relatively strong equity position compared to total assets, suggesting financial stability. However, the debt levels are increasing, which could pressure future financial flexibility. The company’s ability to cover its debts solely with equity is a positive aspect.

Cash Flow

Cash flow analysis shows negative free cash flow, indicating that the company is consuming more cash than it generates. Operating cash flow is also negative, reflecting operational challenges. Financing activities have been a primary source of cash, which may not be sustainable in the long term.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	112.13M	123.39M	130.48M	69.58M	70.87M
Gross Profit	-35.92M	-10.54M	-29.57M	-15.64M	-7.72M
EBITDA	-110.87M	-74.85M	-118.75M	-73.79M	-54.99M
Net Income	-129.21M	-107.57M	-147.23M	-101.03M	-89.11M
Balance Sheet
Total Assets	944.12M	955.52M	939.72M	875.25M	523.54M
Cash, Cash Equivalents and Short-Term Investments	257.26M	353.71M	458.06M	432.21M	149.87M
Total Debt	156.47M	139.25M	104.29M	97.84M	182.77M
Total Liabilities	216.66M	195.22M	185.33M	169.92M	269.13M
Stockholders Equity	716.78M	742.35M	744.25M	702.29M	254.41M
Cash Flow
Free Cash Flow	-200.63M	-232.61M	-158.82M	-143.67M	-68.69M
Operating Cash Flow	-152.91M	-140.25M	-112.17M	-70.44M	-36.78M
Investing Cash Flow	-60.05M	-192.37M	-46.65M	-73.23M	-32.52M
Financing Cash Flow	122.15M	151.07M	180.58M	411.91M	221.67M

Fuelcell Energy Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.73
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FCEL, the sentiment is Positive. The current price of 5.73 is above the 20-day moving average (MA) of 5.45, above the 50-day MA of 5.43, and below the 200-day MA of 7.26, indicating a neutral trend. The MACD of -0.06 indicates Positive momentum. The RSI at 54.32 is Neutral, neither overbought nor oversold. The STOCH value of 43.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FCEL.

Fuelcell Energy Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BE	70 Neutral	$5.80B	―	0.86%	―	20.95%	―
Sector *	65 Neutral	$10.94B	15.62	5.18%	2.23%	3.14%	-26.85%
PLUG	58 Neutral	$2.05B	―	-83.81%	―	-19.85%	4.94%
SLDP	57 Neutral	$676.20M	―	-20.64%	―	3.22%	-33.20%
EOSE	54 Neutral	$1.45B	―	125.43%	―	37.60%	-161.38%
FCEL	46 Neutral	$121.02M	―	-20.52%	―	48.62%	0.23%
DFLI	43 Neutral	$6.20M	―	-3420.59%	―	-11.38%	-9.63%

Fuelcell Energy Corporate Events

FuelCell Energy Announces Executive Vice President Departure

FuelCell Energy, Inc. announced the termination of its employment relationship with Michael Lisowski, Executive Vice President of Strategic Partnerships, effective July 4, 2025. As part of the separation agreement, Lisowski will receive a severance package including a $400,000.12 payment, stock unit vesting, and potential performance-based incentives, impacting the company’s executive structure and stakeholder interests.

The most recent analyst rating on (FCEL) stock is a Sell with a $30.00 price target. To see the full list of analyst forecasts on Fuelcell Energy stock, see the FCEL Stock Forecast page.

FuelCell Energy Announces Restructuring to Boost Profitability

FuelCell Energy reported a 67% increase in revenue for the second quarter of fiscal 2025, reaching $37.4 million, despite a gross loss increase to $9.4 million. The company announced a restructuring plan to reduce operating expenses by 30% and focus on its carbonate platform, aiming to accelerate profitability and expand its presence in the data center market through strategic partnerships.

The most recent analyst rating on (FCEL) stock is a Hold with a $45.00 price target. To see the full list of analyst forecasts on Fuelcell Energy stock, see the FCEL Stock Forecast page.

FuelCell Energy Appoints Michael Hill as EVP and CCO

FuelCell Energy announced the appointment of Michael Hill as Executive Vice President and Chief Commercial Officer, effective May 5, 2025. Hill’s previous experience includes serving as President of Global Sales at Danfoss Power Solutions. His employment agreement includes a base salary of $450,000 and a target annual bonus equal to his base salary. The agreement outlines severance terms in case of termination, including payments and COBRA premium coverage, with additional provisions for change in control scenarios.

FuelCell Energy Announces Executive Departure Agreement

On April 23, 2025, FuelCell Energy, Inc. decided to terminate the employment of Mark Feasel, its Executive Vice President and Chief Commercial Officer, without cause, effective May 2, 2025. Subsequently, on April 28, 2025, the company and Mr. Feasel agreed on a separation package that includes a severance payment, accelerated stock vesting, and other benefits, contingent upon compliance with certain conditions.