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FuelCell Energy (FCEL) investor relations material

FuelCell Energy Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary9 Sep, 2025

Executive summary

  • Revenue for Q3 2025 increased 97% year-over-year to $46.7 million, driven by strong product sales and major long-term service agreements, especially in Korea.

  • Net loss attributable to common stockholders was $92.5 million, up from $33.5 million, primarily due to $64.5 million in non-cash impairment and $4.1 million in restructuring expenses.

  • Adjusted net loss per share improved to $0.95 from $1.74, reflecting early benefits of cost-saving and restructuring actions.

  • Backlog increased 4% to $1.24 billion, supported by new long-term agreements and project wins in Korea and the U.S.

  • Strategic focus sharpened on distributed power generation and data center opportunities, leveraging policy support and technology differentiation.

Financial highlights

  • Q3 2025 revenues reached $46.7 million, up from $23.7 million in the prior year quarter.

  • Gross loss for the quarter was $5.1 million, improved from $6.2 million year-over-year.

  • Net loss per share was $3.78, compared to $1.99 in the prior year, mainly due to impairment and restructuring.

  • Adjusted EBITDA was negative $16.4 million, an improvement from negative $20.1 million in the prior year.

  • Cash, restricted cash, and equivalents stood at $236.9 million as of July 31, 2025.

Outlook and guidance

  • Targeting a 30% reduction in annualized operating expenses compared to fiscal 2024.

  • Expecting positive adjusted EBITDA once Torrington facility reaches 100 MW annualized production.

  • Anticipate continued revenue growth from Korean module deliveries and new service agreements through fiscal 2026.

  • Management expects sufficient liquidity for at least the next twelve months, supported by cash, backlog, and capital market access.

  • Focus remains on scaling core carbonate technologies and leveraging market momentum in distributed generation.

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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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