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Fuelcell Energy cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow−$13.5M in Q3 FY26 · −$101M over twelve months

Operating cash flow−$12.2M
Capital spending−$1.3M
Free cash flow−$13.5M
Cash conversion cycle134 days

Analysis

In Q3 FY26, Fuelcell Energy generated −$12.2M of operating cash flow and spent $1.3M on capital projects, leaving free cash flow of −$13.5M. That is $18.6M more than in Q3 FY25 (−$32.1M).

Over the twelve months to Jul 31, 2026, operating cash flow was −$96.3M; the largest uses were operating cash flow ($96.3M), net borrowing (+) / repaid (−) ($17.9M), other investing ($12.1M); besides operations, cash came from shares issued ($588M), other financing ($42.6M); the cash balance rose by $500M.

Operating cash flow was −$12.2M against net income of −$45.3M. The largest differences: deferred revenue +$18.7M, accrued liabilities +$17.3M, depreciation & amortization +$9.4M.

Its cash conversion cycle was 134 days (receivables 21 + inventory 140 − payables 26).

Free cash flow

Fuelcell Energy: free cash flow by quarterFuelcell Energy: free cash flow by quarter−$4.7MQ4 FY24−$52.8MQ1 FY25−$35.2MQ2 FY25−$32.1MQ3 FY25−$23.9MQ4 FY25−$34.7MQ1 FY26−$29.0MQ2 FY26−$13.5MQ3 FY26
Operating cash flow less capital spending.
Fuelcell Energy: operating cash flow against capital spendingFuelcell Energy: operating cash flow against capital spendingOperating cash flowCapital spending$5.8M$10.5MQ4 FY24−$45.7M$7.1MQ1 FY25−$29.9M$5.3MQ2 FY25−$26.8M$5.2MQ3 FY25−$22.9M$1.0MQ4 FY25−$33.9M$773KQ1 FY26−$27.3M$1.7MQ2 FY26−$12.2M$1.3MQ3 FY26
Latest (Q3 FY26): Operating cash flow −$12.2M, Capital spending $1.3M.

Capital allocation, year by year

Fuelcell Energy: where the cash came from (up) and went (down), by fiscal yearFuelcell Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY21: Operating cash flow −$70.4MFY21: Net borrowing −$78.3MFY21: Capital spending −$6.4MFY21FY22: Operating cash flow −$112MFY22: Net borrowing −$9.5MFY22: Shares issued $184MFY22: Capital spending −$21.1M$184MFY22FY23: Operating cash flow −$140MFY23: Net borrowing $153MFY23: Shares issued $97.4MFY23: Capital spending −$39.4M$251MFY23FY24: Operating cash flow −$153MFY24: Net borrowing $34.5MFY24: Shares issued $92.6MFY24: Capital spending −$47.7M$127MFY24FY25: Operating cash flow −$125MFY25: Net borrowing −$14.4MFY25: Shares issued $186MFY25: Capital spending −$18.6M$186MFY25
Over these 5 years operating cash flow totalled −$601M; the largest uses were operating cash flow ($601M) and capital spending ($133M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$658M
Debt$154M
Net cash$505M
Due within a year$18.8M
Cash runway6.5 years

Fuelcell Energy is burning cash: its operations consume cash, a free cash flow of −$101M a year at the current rate against $658M of cash and investments: a runway of about 6.5 years; $18.8M of debt also comes due within a year, which the cash covers before any new financing.

Where the cash came from and went

Fuelcell Energy: sources (+) and uses (−) of cash, Q3 FY26Fuelcell Energy: sources (+) and uses (−) of cash, Q3 FY26Shares issued$298MCash drawn (+) / kept (−)−$296MNet borrowing (+) / repaid (−)$20.2MOperating cash flow−$12.2MOther investing−$5.8MOther financing−$2.3MCapital spending−$1.3MPartners−$478KExchange rates$64KTaxes on employees’ shares−$9K
Fuelcell Energy: sources (+) and uses (−) of cash, TTM to Q3 FY26Fuelcell Energy: sources (+) and uses (−) of cash, TTM to Q3 FY26Shares issued$588MCash drawn (+) / kept (−)−$500MOperating cash flow−$96.3MOther financing$42.6MNet borrowing (+) / repaid (−)−$17.9MOther investing−$12.1MCapital spending−$4.8MPartners$1.9MTaxes on employees’ shares−$755KExchange rates$135K

From profit to cash

Fuelcell Energy: net income to operating cash flow, Q3 FY26Fuelcell Energy: net income to operating cash flow, Q3 FY26Net income−$45.3MDepreciation & amortization$9.4MStock-based pay$2.5MOther non-cash−$31KReceivables$512KInventory$2.1MPayables−$357KAccrued liabilities$17.3MDeferred revenue$18.7MPrepaid and other assets−$3.3MOperating cash flow−$12.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY262114026134
Q2 FY261716428153
Q1 FY261522340199
Q4 FY251214225129
Q3 FY252020235187
Q2 FY252323739221
Q1 FY255145578428
Q4 FY242118630177

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26−$12.2M−$1.3M$20.2M$298M−$296M−$13.5M
Q2 FY26−$27.3M−$1.7M−$4.7M$100M−$61.3M−$29.0M
Q1 FY26−$33.9M−$773K$20.2M$54.9M−$37.8M−$34.7M
Q4 FY25−$22.9M−$1.0M−$4.0M$134M−$105M−$23.9M
Q3 FY25−$26.8M−$5.2M−$4.1M$38.1M−$57.7M−$32.1M
Q2 FY25−$29.9M−$5.3M−$3.3M$7.7M−$18.7M−$35.2M
Q1 FY25−$45.7M−$7.1M−$3.0M$5.9M$48.5M−$52.8M
Q4 FY24$5.8M−$10.5M$17.3M$20.8M$9.3M−$4.7M

Fuelcell Energy: income statement and cash flow

Fuelcell Energy, Q3 FY26: revenue $33.0M (-29% year over year), operating margin -141.4%. The chart follows the revenue to costs, profit and cash.

Fuelcell Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.