Filing Flows › Fuelcell Energy (FCEL) › Q4 FY25
Fuelcell Energy (FCEL) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Dec 18, 2025
Fuelcell Energy (FCEL) reported revenue of $55.0M for the fourth quarter fiscal 2025 (Q4 FY25), +12% from a year earlier and +18% from the quarter before. Operating margin was -51.5%, net loss $29.3M (53.3% of revenue).
Fuelcell Energy, Q4 FY25: revenue $55.0M (+12% year over year), operating margin -51.5%, net loss $29.3M, operating cash flow −$22.9M. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $55.0M | +18% | +12% |
| Operating profit | −$28.3M | — | — |
| Net earnings | −$29.3M | — | — |
| Operating cash flow | −$22.9M | — | -491% |
What changed
Revenue was $55.0M in Q4 FY25, up 12% year over year and up 18% from the previous quarter. Product was the largest line at 55% of revenue.
Operating costs exceeded revenue by $28.3M, an operating margin of -51.5%. Total costs fell 8% while revenue rose 12%. The quarter ended with a net loss of $29.3M, narrower than the previous quarter's $91.9M loss.
Operating cash flow was −$22.9M. Non-cash charges added back $9.8M of depreciation and amortization and $2.4M of share-based compensation. Working capital and other items used $5.8M. Capital expenditures of $1.0M exceeded it, leaving free cash flow of −$23.9M.
Questions
What was Fuelcell Energy's revenue in the fourth quarter fiscal 2025?
Fuelcell Energy (FCEL) reported revenue of $55.0M for the fourth quarter fiscal 2025 (Q4 FY25), +12% from a year earlier and +18% from the quarter before.
Was Fuelcell Energy profitable in the fourth quarter fiscal 2025?
Operating loss was $28.3M (-51.5% of revenue) and net loss $29.3M.
Source: Fuelcell Energy 10-K on SEC EDGAR.