FuelCell Energy, Inc. released its 2025 Annual Report and Sustainability Report, detailing the company’s financial and operational performance for fiscal year 2025, which ended on October 31, 2025.
Total revenue rose 41% to $158.2 million, driven by stronger demand for its distributed generation solutions, particularly in the data‑center market. The company’s net loss widened to $191.4 million, an increase from $156.8 million in fiscal 2024, reflecting higher operating expenses and continued investment in growth initiatives.
Gross margin improved to (16.7)% from (32.0)% in the prior year, a sign that the company is gaining pricing power and achieving better cost control as its product mix shifts toward higher‑margin data‑center deployments.
Unrestricted cash and cash equivalents increased to $278.1 million at year‑end, up from $148.1 million in 2024, giving FuelCell a stronger liquidity base to fund its expansion into the rapidly growing data‑center market and to support ongoing capital expenditures.
"We believe FuelCell Energy’s solutions are built for this moment. We generate continuous, megawatt‑scale direct DC power behind the meter. Our fuel cells integrate generation, storage, and power as a single system, not as bolt‑ons. That is why we believe FuelCell Energy can become a native power backbone for AI factories, not simply a faster or cleaner alternative to traditional turbines or other forms of generation," said President and CEO Jason Few.
"We have taken proactive measures throughout the fiscal year to strengthen our balance sheet and bolster our liquidity position. At fiscal year‑end 2025, we had unrestricted cash and cash equivalents totaling $278.1 million and, coupled with our recent financing from the Export‑Import Bank of the United States (“EXIM”), we believe we have significant runway to pursue our strategy focused on opportunities in the rapidly growing data‑center market," added EVP and CFO Michael Bishop.
"In 2025, we continued to strengthen circularity across our operations, expanded material recovery and recycling, and delivered clean, reliable power with a minimal environmental footprint. This disciplined, lifecycle approach allows us to create long‑term value for customers and communities while operating responsibly as we scale," said Chief Marketing and Sustainability Officer Betsy Schaefer.
The Q4 2025 earnings, a component of the annual report, beat analyst expectations: earnings per share of –$0.83 surpassed the consensus estimate of –$0.97 by $0.14, and quarterly revenue of $55.0 million exceeded the $47.23 million estimate.
The company’s focus on distributed generation, disciplined growth, and profitability is underscored by its strategic pivot toward data‑center deployments, a market that is expected to drive future revenue growth as AI and cloud computing demand intensifies.
FuelCell’s sustainability initiatives, highlighted in the accompanying report, demonstrate a continued commitment to circularity and low‑carbon operations, reinforcing its ESG credentials and positioning the company as a responsible energy provider in a rapidly evolving market.
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