Executive Summary
FuelCell Energy reported QQ1 2025 revenue of $18.997 million, up 13.82% year-over-year but down 61.49% quarter-over-quarter, highlighting seasonality and project-driven timing in a project-burn economics model. The quarter delivered a negative gross profit of $5.204 million (gross margin -27.39%), an operating loss of $32.851 million (operating margin -1.73%), and a net loss of $29.126 million (net margin -1.53%), with earnings per share of -$1.42. EBITDA declined further into negative territory at -$19.833 million. While liquidity remains robust, with cash and short-term investments totaling approximately $208.4 million and a current ratio of 6.34, the company continues to generate a negative free cash flow of $52.77 million and a negative operating cash flow of $45.71 million, signaling a challenging path to sustained profitability absent meaningful top-line growth and margin expansion.
Strategically, FuelCell Energy remains invested in multi-platform fuel cell offerings (SureSource 1500/3000/4000, SureSource Hydrogen) and ancillary carbon capture capabilities, aiming to monetize large-scale deployments, hydrogen production, and industrial applications. The company benefits from substantial liquidity to weather near-term losses, but faces execution risk, high project-cycle working capital, and meaningful debt burdens. The near-term investment thesis hinges on the ability to convert project wins into recurring revenue, realize cost efficiencies at scale, and progress on hydrogen and carbon capture adjacencies to broaden the addressable market. Investors should monitor progress on project momentum, backlog conversion, and any potential capital-raising needs that could impact equity value.
Key Performance Indicators
QoQ: -61.49% | YoY:13.82%
QoQ: 29.67% | YoY:-47.15%
QoQ: -735.29% | YoY:-2 740.00%
Key Insights
Revenue: $18.997 million; YoY +13.82%; QoQ -61.49%
GrossProfit: -$5.204 million; GrossMargin -27.39%; YoY GrossProfit +55.62%; QoQ +52.33%
OperatingIncome: -$32.851 million; OperatingMargin -1.73%; YoY +22.66%; QoQ +19.94%
NetIncome: -$29.126 million; NetMargin -1.53%; YoY -47.15%; QoQ +29.67%
EPS: -$1.42; EPSDiluted: -$1.42; YoY EPS change reported as -2740.0%; QoQ -735.29%
EBITDA: -$19.833 million; EBITDA Margin: -1.04x (EBITDA negative)
CashFlowProfile: Operating cash flow -$45.71 million; Fr...
Financial Highlights
Revenue: $18.997 million; YoY +13.82%; QoQ -61.49%
GrossProfit: -$5.204 million; GrossMargin -27.39%; YoY GrossProfit +55.62%; QoQ +52.33%
OperatingIncome: -$32.851 million; OperatingMargin -1.73%; YoY +22.66%; QoQ +19.94%
NetIncome: -$29.126 million; NetMargin -1.53%; YoY -47.15%; QoQ +29.67%
EPS: -$1.42; EPSDiluted: -$1.42; YoY EPS change reported as -2740.0%; QoQ -735.29%
EBITDA: -$19.833 million; EBITDA Margin: -1.04x (EBITDA negative)
CashFlowProfile: Operating cash flow -$45.71 million; Free cash flow -$52.77 million; Capex $7.06 million; Net cash used in investing activities -$7.36 million; Net cash provided by financing activities $4.84 million
Liquidity & Balance Sheet: Cash and cash equivalents $110.70 million; Short-term investments $110.30 million; Total cash & equivalents $208.37 million; Total assets $907.54 million; Total liabilities $202.44 million; Total stockholders’ equity $695.07 million; Long-term debt $125.80 million; Total debt $152.17 million; Net debt $54.10 million; Current ratio 6.34; Quick ratio 4.40; Cash per share $10.78; Price-to-sales 8.40; Price-to-book 0.23; Dividend yield 0.50%; P/FCF negative; Enterprise value multiple -10.13.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
19.00M |
13.82% |
-61.49% |
| Gross Profit |
-5.20M |
55.62% |
52.33% |
| Operating Income |
-32.85M |
22.66% |
19.94% |
| Net Income |
-29.13M |
-47.15% |
29.67% |
| EPS |
-1.42 |
-2 740.00% |
-735.29% |
Key Financial Ratios
operatingProfitMargin
-172.9%
operatingCashFlowPerShare
$-2.23
freeCashFlowPerShare
$-2.57
dividendPayoutRatio
-2.75%
Management Commentary
Transcript not provided with the data set. No earnings-call quotes or management remarks are available for QQ1 2025 to contextualize the numeric results beyond the company filings.
Transcript not available in the provided dataset.
— N/A
Transcript not available in the provided dataset.
— N/A
Forward Guidance
Management guidance for QQ1 2025 is not present in the provided data. The longer-term outlook will likely hinge on: (1) scale and cadence of multi-megawatt SureSource deployments and hydrogen-enabled platforms, (2) progress in carbon capture applications, (3) efficiency improvements and cost reductions at scale to drive gross margins, and (4) the ability to manage liquidity given a sustained cash burn. Investors should monitor any updated guidance, backlog progression, project timing visibility, and potential capital-raising needs that could affect valuation and dilution.