FCEL FINANCIAL STATEMENTS

FuelCell Energy Inc — balance sheet, income statement and cash flow trends

FCELFuelCell Energy Inc

🇺🇸 USA · NASDAQ · Industrials · Electrical Equipment & Parts

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q2 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue167.9 M $+29.7%

Gross Profit-30.6 M $—

Operating Income-156.8 M $—

EBITDA-176 M $—

Net Income-222.8 M $—

Peer Comparison· Electrical Equipment & Parts

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
FCEL	29.7%	-18.2%	-104.8%	-132.7%
EUPWR	44.0%	28.4%	22.4%	5.3%
BLDP	47.1%	10.4%	-69.9%	-78.3%
ULUSE	39.1%	22.5%	9.1%	9.1%
ASTOR	15.7%	37.5%	32.5%	22.4%
GEREL	-13.5%	27.7%	16.3%	12.0%
Industry median	9.3%	28.4%	10.0%	2.8%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
FCEL	29.7%	-18.2%	-104.8%	-132.7%
ENR	2.7%	40.9%	17.4%	6.5%
EAF	0.7%	-5.6%	-0.9%	-43.2%
AMPX	172.6%	18.1%	-39.3%	-44.0%
PLPC	15.9%	30.9%	10.0%	4.9%
ENVX	49.9%	-48.6%	-319.6%	-499.6%
Industry median	9.3%	28.4%	10.0%	2.8%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q2 2026

Equity719.4 M $77%
Current Liabilities63.3 M $7%
Long-term Liabilities151.7 M $16%

Key Figures

YoY change

Total Assets1 B $+13.6%

Total Liabilities274.9 M $+34.1%

Total Equity719.4 M $+7.5%

Cash & ST Investments373.2 M $+110.9%

Total Debt159.7 M $+6.2%

Net Debt-213.5 M $-721.2%

Peer Comparison· Electrical Equipment & Parts

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
FCEL	8.59	22.2%	1.21	71.6%
EUPWR	2.41	22.5%	0.71	56.8%
BLDP	10.70	3.6%	6.88	87.2%
ULUSE	1.06	195.2%	1.74	12.0%
ASTOR	2.37	16.8%	-0.69	65.5%
GEREL	2.03	38.7%	2.92	59.7%
Industry median	2.11	49.3%	0.49	44.9%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
FCEL	8.59	22.2%	1.21	71.6%
ENR	2.05	1,966.9%	6.23	3.9%
EAF	3.33	-360.2%	-215.69	-30.5%
AMPX	7.13	6.0%	1.57	83.7%
PLPC	3.00	8.9%	-0.39	71.5%
ENVX	10.97	224.6%	-0.11	28.9%
Industry median	2.11	49.3%	0.49	44.9%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q2 2026 · TTM

Key Figures

YoY change

Operating Cash Flow-110.9 M $—

Capital Expenditures13.5 M $-66.5%

Free Cash Flow-123.4 M $—

Dividends Paid-3.2 M $-200.0%

Peer Comparison· Electrical Equipment & Parts

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
FCEL	-66.1%	-73.5%	8.0%	49.8%
EUPWR	-2.1%	-11.4%	12.7%	-39.3%
BLDP	-37.8%	-45.7%	7.9%	48.3%
ULUSE	13.3%	8.7%	2.6%	146.0%
ASTOR	6.7%	-15.3%	8.9%	29.8%
GEREL	-56.3%	-61.0%	4.7%	-470.8%
Industry median	7.5%	3.6%	2.8%	73.8%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
FCEL	-66.1%	-73.5%	8.0%	49.8%
ENR	7.7%	5.3%	2.4%	118.2%
EAF	-12.4%	-20.3%	7.9%	28.8%
AMPX	-60.1%	-65.1%	4.9%	136.7%
PLPC	10.6%	5.0%	5.6%	215.4%
ENVX	-324.7%	-368.9%	44.2%	65.0%
Industry median	7.5%	3.6%	2.8%	73.8%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

Go deeper on FCEL

Run a DCF valuation

Full DCF model with editable assumptions

Start a head-to-head duel

Compare two stocks metric by metric

Filter in the stock screener

Build your own universe with 400+ metrics

Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.