Filing Flows › Fuelcell Energy (FCEL) › Q3 FY25
Fuelcell Energy (FCEL) Q3 FY25 earnings results (third quarter fiscal 2025)
10-Q filed Sep 9, 2025
Fuelcell Energy (FCEL) reported revenue of $46.7M for the third quarter fiscal 2025 (Q3 FY25), +97% from a year earlier and +25% from the quarter before. Operating margin was -204.0%, net loss $91.9M (196.6% of revenue).
Fuelcell Energy, Q3 FY25: revenue $46.7M (+97% year over year), operating margin -204.0%, net loss $91.9M, operating cash flow −$26.8M. The chart follows the revenue to costs, profit and cash.
| Q3 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $46.7M | +25% | +97% |
| Operating profit | −$95.4M | — | — |
| Net earnings | −$91.9M | — | — |
| Operating cash flow | −$26.8M | — | — |
What changed
Revenue was $46.7M in Q3 FY25, up 97% year over year and up 25% from the previous quarter. Product was the largest line at 56% of revenue. Product added $25.8M year over year (up 10300%), 112% of the total change. Advanced Technologies declined 39%.
Operating costs exceeded revenue by $95.4M, an operating margin of -204.0%. Total costs grew 148% against revenue growth of 97%. The fastest-growing cost line was Cost of revenue (+74%). The quarter ended with a net loss of $91.9M, wider than the previous quarter's $37.7M loss. Minority interests bore $240K of it: to shareholders the quarter was a loss of $91.7M.
Operating cash flow was −$26.8M. Non-cash charges added back $9.7M of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items added $53.6M. Capital expenditures of $5.2M exceeded it, leaving free cash flow of −$32.1M.
Questions
What was Fuelcell Energy's revenue in the third quarter fiscal 2025?
Fuelcell Energy (FCEL) reported revenue of $46.7M for the third quarter fiscal 2025 (Q3 FY25), +97% from a year earlier and +25% from the quarter before.
Was Fuelcell Energy profitable in the third quarter fiscal 2025?
Operating loss was $95.4M (-204.0% of revenue) and net loss $91.9M.
Source: Fuelcell Energy 10-Q on SEC EDGAR.