Fuelcell Energy (FCEL) AI Stock Analysis

• Market Cap: $95.72M
• Dividend Yield: N/A
• Average Volume (3M): 1.59M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.75
• Revenue Growth: 48.62%
• EPS Growth: 0.23%
• Country: US
• Employees: 584
• Sector: Industrials
• Sector Strength: 80
• Industry: Electrical Equipment & Parts
• EPS (TTM): -1.79
• Shares Outstanding: 22,790,932
• 10 Day Avg. Volume: 1,337,316
• 30 Day Avg. Volume: 1,593,387
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.10
• Enterprise Value/Revenue: 0.81
• Enterprise Value/Gross Profit: -3.31
• Enterprise Value/Ebitda: -1.10
• 1Y Price Target: $7.20
• Price Target Upside: 79.10% Upside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 7

• Rating: 43 Neutral
• Price Target: $4.00 ▼(-0.50% Downside)

FuelCell Energy's overall stock score is primarily impacted by its financial challenges, including persistent losses and negative cash flow. Technical indicators suggest bearish momentum, and the valuation is unattractive due to a negative P/E ratio. While the earnings call provided some positive long-term prospects through revenue growth and strategic partnerships, immediate financial performance concerns remain significant.

Positive Factors

Partnerships

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.

Restructuring

Accelerating path to profit through restructuring.

Negative Factors

Financial Performance

Revenue and EBITDA for FQ1'25 missed consensus expectations, leading to a lowered Underweight rating due to uncertainty around achieving positive EBITDA margins.

Profitability

Limited visibility around achieving profitability remains a concern.

Fuelcell Energy Business Overview & Revenue Model

Company Description

FuelCell Energy, Inc. is a leading global provider of fuel cell technology for the sustainable generation of clean, distributed power. The company specializes in the development, manufacture, and operation of fuel cell power plants that harness hydrogen and natural gas to produce electricity and heat with minimal environmental impact. Operating primarily in the energy sector, FuelCell Energy's core products include its Direct FuelCell® technology, which is utilized in various applications from utility-scale power plants to on-site energy solutions for commercial and industrial customers.

How the Company Makes Money

FuelCell Energy generates revenue through several key streams, primarily from the sale and installation of its fuel cell power plants and systems. The company engages in long-term power purchase agreements (PPAs) which provide stable revenue by selling the electricity generated by their systems to utilities and other customers. Additionally, FuelCell Energy earns money through service agreements that involve the maintenance and operation of their fuel cell facilities. The company also benefits from government grants and incentives aimed at promoting clean energy technologies, which can enhance its financial position. Significant partnerships with various energy and utility companies further bolster its revenue potential by expanding market access and enabling joint projects.

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: Negative
• Last Price: 4.02
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FCEL, the sentiment is Negative. The current price of 4.02 is below the 20-day moving average (MA) of 4.22, below the 50-day MA of 4.91, and below the 200-day MA of 6.46, indicating a bearish trend. The MACD of -0.21 indicates Negative momentum. The RSI at 37.39 is Neutral, neither overbought nor oversold. The STOCH value of 54.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FCEL.

Fuelcell Energy Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	64 Neutral	$10.74B	15.62	8.14%	2.00%	2.79%	-14.82%
BE	63 Neutral	$12.39B	10,925.53	4.65%	―	22.72%	―
SLDP	58 Neutral	$784.96M	―	-22.60%	―	14.82%	-19.27%
EOSE	56 Neutral	$1.79B	―	125.43%	―	128.49%	-697.81%
PLUG	53 Neutral	$1.81B	―	-84.40%	―	-1.70%	9.93%
DFLI	47 Neutral	$17.65M	―	-3420.59%	―	4.80%	16.72%
FCEL	43 Neutral	$95.72M	―	-20.52%	―	48.62%	0.23%

Fuelcell Energy Corporate Events

FuelCell Energy’s EVP Michael Hill Resigns

On August 25, 2025, Michael Hill resigned from his role as Executive Vice President and Chief Commercial Officer of FuelCell Energy, effective September 5, 2025, to pursue another opportunity. His departure was not due to any disagreements with the company. Following his resignation, Eric Strayer was promoted to Senior Vice President, Global Head of Sales, effective September 8, 2025. Strayer, who joined the company in 2021, has held senior commercial roles at other fuel cell companies, enhancing FuelCell Energy’s leadership team with his extensive industry experience.

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.

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.