Filing Flows › Fuelcell Energy (FCEL) › Q1 FY26
Fuelcell Energy (FCEL) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Mar 9, 2026
Fuelcell Energy (FCEL) reported revenue of $30.5M for the first quarter fiscal 2026 (Q1 FY26), +61% from a year earlier and -45% from the quarter before. Operating margin was -86.1%, net loss $26.1M (85.3% of revenue).
Fuelcell Energy, Q1 FY26: revenue $30.5M (+61% year over year), operating margin -86.1%, net loss $26.1M, operating cash flow −$33.9M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $30.5M | -45% | +61% |
| Operating profit | −$26.3M | — | — |
| Net earnings | −$26.1M | — | — |
| Operating cash flow | −$33.9M | — | — |
What changed
Revenue was $30.5M in Q1 FY26, up 61% year over year and down 45% from the previous quarter. Product was the largest line at 39% of revenue. Product added $12.0M year over year (up 16625%), 104% of the total change. Advanced Technologies declined 25%.
Operating costs exceeded revenue by $26.3M, an operating margin of -86.1%. Total costs grew 10% against revenue growth of 61%. The fastest-growing cost line was Cost of revenue (+50%). The quarter ended with a net loss of $26.1M, narrower than the previous quarter's $29.3M loss. Minority interests bore $3.2M of it: to shareholders the quarter was a loss of $22.9M.
Operating cash flow was −$33.9M. Non-cash charges added back $10.5M of depreciation and amortization and $2.4M of share-based compensation. Working capital and other items used $20.8M. Capital expenditures of $773K exceeded it, leaving free cash flow of −$34.7M.
Questions
What was Fuelcell Energy's revenue in the first quarter fiscal 2026?
Fuelcell Energy (FCEL) reported revenue of $30.5M for the first quarter fiscal 2026 (Q1 FY26), +61% from a year earlier and -45% from the quarter before.
Was Fuelcell Energy profitable in the first quarter fiscal 2026?
Operating loss was $26.3M (-86.1% of revenue) and net loss $26.1M.
Source: Fuelcell Energy 10-Q on SEC EDGAR.