Fuelcell Energy (FCEL) AI Stock Analysis

• Market Cap: $396.21M
• Dividend Yield: N/A
• Average Volume (3M): 2.30M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.71
• Revenue Growth: 41.05%
• EPS Growth: -1.02%
• Country: US
• Employees: 584
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.85
• Shares Outstanding: 47,736,732
• 10 Day Avg. Volume: 1,253,042
• 30 Day Avg. Volume: 2,297,113
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.35
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.84
• Enterprise Value/Market Cap: 0.21
• Enterprise Value/Revenue: 0.54
• Enterprise Value/Gross Profit: -2.68
• Enterprise Value/Ebitda: -0.54
• 1Y Price Target: $9.33
• Price Target Upside: 20.39% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): -2.45
• Revenue Forecast (FY): $182.35M

• Rating: 51 Neutral
• Price Target: $8.00 ▲(3.23% Upside)

The score is held back primarily by weak financial performance (persistent losses and continued cash burn). Offsetting this, the earnings call was relatively positive on revenue growth, backlog, and a clearer path to improved EBITDA, while technicals are mixed and valuation remains challenged due to negative earnings and no dividend.

Positive Factors

Revenue Growth

The significant revenue growth indicates strong market demand and successful sales execution, which can drive long-term business expansion and stability.

Strategic Partnerships

Strategic partnerships enhance global reach and product deployment, potentially increasing market share and revenue streams over the long term.

Supportive US Policy Tailwinds

Favorable US policies provide a conducive environment for growth, supporting FuelCell Energy's expansion and competitiveness in the clean energy sector.

Negative Factors

Increased Net Loss

The rising net loss highlights ongoing financial challenges, which could pressure cash flow and hinder the company's ability to invest in growth initiatives.

Negative Cash Flow

Negative cash flow indicates operational inefficiencies and could limit the company's ability to fund new projects or manage debt, impacting long-term sustainability.

Ongoing Gross Loss

Persistent gross losses suggest cost management issues, which may affect profitability and require strategic adjustments to achieve sustainable margins.

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 of its fuel cell power plants and associated services. Key revenue streams include the sale of power generation systems, long-term power purchase agreements (PPAs) with customers, and operation and maintenance services for installed systems. The company also benefits from government incentives and grants aimed at promoting renewable energy solutions. Significant partnerships with energy companies, municipalities, and research institutions further enhance its market presence and provide additional sources of revenue through joint projects and collaborations.

Fuelcell Energy Financial Statement Overview

Summary

Operating profile remains weak: the income statement reflects persistent losses and negative margins, and cash flow shows ongoing operating cash burn and negative free cash flow despite some improvement. The balance sheet is a relative strength with low leverage and meaningful equity, but returns are still negative and sustained losses can erode that cushion.

Income Statement

Profitability remains very weak across the period, with consistently negative gross profit and deeply negative operating and net margins in 2020–2024. Revenue has also been inconsistent, including modest declines in 2023 and 2024, and the 2025 annual report shows revenue reported at $0 with a sizable net loss, which further pressures confidence in the operating trajectory based on the provided data. The main positive is that losses were smaller in 2023–2024 versus 2022, but the overall earnings profile is still highly challenged.

Balance Sheet

The balance sheet is a relative strength: leverage is low in recent years, with debt-to-equity improving materially from 2020 to a very conservative level by 2025. Stockholders’ equity is sizable and assets have been relatively stable, which provides financial flexibility. The key weakness is that returns on equity are consistently negative, indicating the capital base is not currently generating profits and ongoing losses could erode equity over time.

Cash Flow

Cash generation is a major concern, with operating cash flow negative every year (2020–2025) and free cash flow also consistently negative, indicating continuing cash burn. While free cash flow improved in 2024 and again in 2025 versus the prior year, it remains meaningfully negative, and operating cash flow does not cover losses in any period shown. Overall, the company appears dependent on external funding or balance-sheet capacity to sustain operations.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	152.47M	0.00	112.13M	123.39M	130.48M	69.58M
Gross Profit	-30.69M	0.00	-35.92M	-10.54M	-29.57M	-15.64M
EBITDA	-151.87M	0.00	-110.87M	-74.85M	-118.75M	-73.79M
Net Income	-200.25M	-191.10M	-126.01M	-107.57M	-147.23M	-101.03M
Balance Sheet
Total Assets	830.53M	932.15M	944.12M	955.52M	939.72M	875.25M
Cash, Cash Equivalents and Short-Term Investments	190.75M	294.70M	257.26M	353.71M	458.06M	432.21M
Total Debt	135.58M	28.73M	141.36M	139.25M	104.29M	97.84M
Total Liabilities	205.46M	201.00M	216.66M	195.22M	185.33M	169.92M
Stockholders Equity	616.03M	662.18M	716.78M	742.35M	744.25M	702.29M
Cash Flow
Free Cash Flow	-124.78M	-125.29M	-200.63M	-232.61M	-158.82M	-143.67M
Operating Cash Flow	-96.58M	-125.29M	-152.91M	-140.25M	-112.17M	-70.44M
Investing Cash Flow	48.90M	88.86M	-60.05M	-192.37M	-46.65M	-73.23M
Financing Cash Flow	66.45M	169.26M	122.15M	151.07M	180.58M	411.91M

Fuelcell Energy Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 7.75
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• 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 Neutral. The current price of 7.75 is below the 20-day moving average (MA) of 8.39, above the 50-day MA of 7.74, and above the 200-day MA of 6.17, indicating a neutral trend. The MACD of 0.06 indicates Positive momentum. The RSI at 46.86 is Neutral, neither overbought nor oversold. The STOCH value of 47.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FCEL.

Fuelcell Energy Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
BE	62 Neutral	$24.37B	-3,711.34	2.82%	―	44.53%	―
FCEL	51 Neutral	$396.21M	-0.99	-26.12%	―	41.05%	-1.02%
SLDP	51 Neutral	$974.22M	-9.40	-23.63%	―	25.24%	-12.96%
EOSE	49 Neutral	$4.59B	-1.67	―	―	324.10%	-214.91%
PLUG	48 Neutral	$3.33B	-1.04	-95.42%	―	2.53%	-2.83%
DFLI	38 Underperform	$50.01M	-0.13	―	―	18.24%	24.49%

Fuelcell Energy Corporate Events

FuelCell Energy appoints new executive vice president and counsel

On January 5, 2026, FuelCell Energy terminated, without cause, the employment of Executive Vice President, General Counsel and Corporate Secretary Joshua Dolger, effective January 6, 2026, and the parties are expected to enter into a separation agreement with benefits substantially aligned with his existing employment terms once finalized. On the same date, the board appointed Amanda J. Schreiber, a former executive vice president and general counsel of power asset operator ContourGlobal Limited, as FuelCell Energy’s new Executive Vice President, General Counsel and Corporate Secretary effective January 12, 2026, under an employment agreement that sets out a $470,000 base salary, performance- and time-based equity incentives, and severance and change-in-control protections, underscoring the company’s focus on experienced legal leadership and governance continuity during any future corporate transitions.

The most recent analyst rating on (FCEL) stock is a Hold with a $8.00 price target. To see the full list of analyst forecasts on Fuelcell Energy stock, see the FCEL Stock Forecast page.

FuelCell Energy Expands ATM Equity Program to $200 Million

On December 30, 2025, FuelCell Energy amended its Open Market Sale Agreement with a syndicate of sales agents including Jefferies, B. Riley Securities, Barclays, BMO Capital Markets, BofA Securities, Canaccord Genuity, Citigroup and Loop Capital Markets to raise the capacity of at-the-market common stock issuances to $200 million, excluding prior sales under the program. The amendment also formalized the exit of J.P. Morgan Securities, which had provided written notice terminating its participation effective December 24, 2025, potentially reshaping the company’s capital-raising framework while preserving access to multiple other distribution channels for future equity financing.

The most recent analyst rating on (FCEL) stock is a Sell with a $7.00 price target. To see the full list of analyst forecasts on Fuelcell Energy stock, see the FCEL Stock Forecast page.

FuelCell Energy Reports Q4 Results, Targets Data Center Growth

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.

FuelCell Energy Approves 2026 Long Term Incentive Plan

On November 28, 2025, FuelCell Energy’s Board of Directors approved the components and payout calibration for the 2026 Long Term Incentive Plan (LTI Plan), which is part of their 2018 Omnibus Incentive Plan. The plan includes awards for named executive officers, with grants consisting of total shareholder return performance shares and time-vesting restricted stock units. The performance shares are measured over three periods, with specific TSR goals, and are subject to service-based vesting. The awards may be settled in cash or shares, depending on availability under the Omnibus Incentive Plan.

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.

FuelCell Energy Raises $135.5 Million in Share Offering

Between September 15 and November 6, 2025, FuelCell Energy sold 15,380,413 shares of its common stock through an at-the-market offering, generating approximately $135.5 million in net proceeds. As of November 6, 2025, the company had 47,676,043 shares outstanding, with only about $1.1 million worth of shares remaining available for sale under the amended sales agreement.

The most recent analyst rating on (FCEL) stock is a Hold with a $7.00 price target. To see the full list of analyst forecasts on Fuelcell Energy stock, see the FCEL Stock Forecast page.