Filing Flows › Fuelcell Energy (FCEL) › Q2 FY25
Fuelcell Energy (FCEL) Q2 FY25 earnings results (second quarter fiscal 2025)
10-Q filed Jun 6, 2025
Fuelcell Energy (FCEL) reported revenue of $37.4M for the second quarter fiscal 2025 (Q2 FY25), +67% from a year earlier and +97% from the quarter before. Operating margin was -95.7%, net loss $37.7M (100.9% of revenue).
Fuelcell Energy, Q2 FY25: revenue $37.4M (+67% year over year), operating margin -95.7%, net loss $37.7M, operating cash flow −$29.9M. The chart follows the revenue to costs, profit and cash.
| Q2 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $37.4M | +97% | +67% |
| Operating profit | −$35.8M | — | — |
| Net earnings | −$37.7M | — | — |
| Operating cash flow | −$29.9M | -611% | — |
What changed
Revenue was $37.4M in Q2 FY25, up 67% year over year and up 97% from the previous quarter. Product was the largest line at 35% of revenue. Service added $6.8M year over year (up 495%), 45% of the total change. Advanced Technologies declined 41%.
Operating costs exceeded revenue by $35.8M, an operating margin of -95.7%. Total costs grew 15% against revenue growth of 67%. The fastest-growing cost line was Cost of revenue (+59%). The quarter ended with a net loss of $37.7M, wider than the previous quarter's $32.4M loss.
Operating cash flow was −$29.9M. Non-cash charges added back $10.9M of depreciation and amortization and $4.8M of share-based compensation. Working capital and other items used $7.8M. Capital expenditures of $5.3M exceeded it, leaving free cash flow of −$35.2M.
Questions
What was Fuelcell Energy's revenue in the second quarter fiscal 2025?
Fuelcell Energy (FCEL) reported revenue of $37.4M for the second quarter fiscal 2025 (Q2 FY25), +67% from a year earlier and +97% from the quarter before.
Was Fuelcell Energy profitable in the second quarter fiscal 2025?
Operating loss was $35.8M (-95.7% of revenue) and net loss $37.7M.
Source: Fuelcell Energy 10-Q on SEC EDGAR.