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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
FuelCell Energy (FCEL) investor relations material
FuelCell Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Dec, 2025
Executive summary
Fiscal 2025 revenue grew 41% to $158.2 million, with Q4 revenue up 12% to $55 million, driven by restructuring, cost reductions, and a strategic focus on data center and digital infrastructure markets in the U.S. and Asia.
Net loss attributable to common stockholders for FY2025 was $(191.1) million ($(7.42)/share), improved from $(7.83)/share in 2024; Q4 net loss was $(30.7) million ($(0.85)/share), improved from $(2.21)/share.
Adjusted EBITDA loss narrowed to $(74.4) million for FY2025 from $(101.1) million, reflecting cost savings from restructuring.
Ended FY2025 with $341.8 million in cash, restricted cash, and equivalents, supporting strategic initiatives and manufacturing investments.
Focused on scaling manufacturing at the Torrington facility, targeting 100 MW annualized production and a path to 350 MW capacity with modest capital investment.
Financial highlights
Q4 2025 revenues were $55 million, up 12% year-over-year; full-year revenues reached $158.2 million, a 41% increase.
Q4 2025 gross loss was $(6.6) million, improved from $(10.9) million in Q4 2024; full-year gross loss was $(26.4) million, down 26%.
Backlog increased 2.6% to $1.19 billion, driven by new projects and service agreements.
Sale of 16.4 million shares in Q4 generated over $134 million; 1.6 million shares sold post-quarter for $13.1 million.
Closed $25 million EXIM Bank debt financing post-quarter to support international projects.
Outlook and guidance
Expectation to convert pipeline opportunities into contracts and backlog into revenue in 2026, with a focus on data center growth and international expansion.
Targeting positive Adjusted EBITDA through increased manufacturing scale and disciplined operations, with expansion to 350 MW possible within 18 months and $20–$30 million CapEx planned for 2026.
Data center opportunities are expected to contribute to growth in 2026, with hundreds of MW in proposals across the digital infrastructure ecosystem.
Data center market: project pipeline status
What is the future of solid oxide technology?
Generation backlog: project completion risks?
Data center conversion hurdles?
350MW capacity expansion cost and timeline?
Carbon capture commercialization post-Exxon demo?
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Next FuelCell Energy earnings date
Q1 202610 Mar, 2026
Next FuelCell Energy earnings date
Q1 202610 Mar, 2026
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Frequently asked questions
FuelCell Energy designs, manufactures, sells, installs, operates and services its clean, and efficient stationary fuel cell power plants suitable for baseload distributed generation applications. Its fuel cell plants use an electrochemical process to efficiently convert natural gas into electricity, aiming at providing their customers with a lower cost of electricity than their currently purchased electricity, reducing their carbon footprint by avoiding the need to use fossil fuels in conventional combustion processes.
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