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FuelCell Energy FCEL Q1 2026 earnings

Reported March 9, 2026 · Before market open

Revenue$30.5MMiss by $11.6MDiluted EPS-$0.52Beat by $0.16
Revenue estimate$42.2M
EPS estimate-$0.68

Next report

Sep 8, 2026 (in 2 months)
Revenue estimate$40.6M
EPS estimate-$0.40

Financials

Q1 2026

Income statement

See full
Revenue$30.5M+60.7%
Gross profit-$5.9M-12.5%
Operating income-$26.3M+20.0%
Net income-$22.9M+19.3%
EPS (diluted)-$0.49+65.5%

Balance sheet

See full
Cash & equivalents$311.8M+218%
Total debt$30.6M+16.1%
Total equity$694.9M+9.4%
Total assets$978.5M+7.8%

Cash flow

See full
Operating cash flow-$33.9M+25.8%
CapEx$773.0K-89.1%
Free cash flow-$34.7M+34.2%

Valuation & ratios

Valuation

as of 01/31/26
See full
Market cap$390.96M+149%
Enterprise value$109.81M+28.6%
P/S2.3×+0.9×

Profitability

See full
Gross margin-15.9%-4.4pp
Operating margin-109.5%-15.0pp
Net margin-107.5%-8.5pp
FCF margin-74.2%-26.0pp

Returns & leverage

See full
Return on equity-27.4%+13.2pp
Debt / equity0×0.0×
Current ratio8×+1.6×

Segments

By product

See full
Electricity Generation$11.0M-3.2%
Advanced Technologies$4.3M-24.8%
Service$3.2M+72.6%

Versus estimates

Revenue

Q2 2026$35.6MMiss by $4.9M
Q1 2026$30.5MMiss by $11.6M
Q4 2025$55.0MBeat by $7.4MQ3 2025$46.7MMiss by $672.3KQ2 2025$37.4MBeat by $5.0MQ1 2025$19.0MMiss by $14.9M

Diluted EPS

Q2 2026-$0.53Miss by $0.01
Q1 2026-$0.52Beat by $0.16
Q4 2025-$0.83Beat by $0.14Q3 2025-$0.95Beat by $0.64Q2 2025-$1.79Miss by $0.28Q1 2025-$1.42Beat by $0.10

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Questions, answered.

When did FuelCell Energy report Q1 2026 earnings?
FuelCell Energy (FCEL) reported Q1 2026 earnings on March 9, 2026 before market open.
What were FuelCell Energy's Q1 2026 revenue and EPS?
FuelCell Energy reported revenue of $30.5M and diluted EPS of $-0.52 for Q1 2026.
Did FuelCell Energy beat estimates in Q1 2026?
Revenue missed the consensus estimate of $42.2M by $11.6M. EPS beat the consensus estimate of $-0.68 by $0.16.
How did FuelCell Energy's Q1 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 60.7% from $19.0M a year earlier and diluted EPS grew 63.4% from $-1.42.
Where can I find FuelCell Energy's Q1 2026 SEC filings?
You can read the 8-K earnings release (0001104659-26-024968) and the 10-Q periodic report (0001104659-26-024970) directly on SEC EDGAR. The filing index links above go to sec.gov.