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FuelCell Energy FCEL Service — Revenue

Other product segments

Electricity Generation
$8.68M-28.4%
Advanced Technologies
$4.72M+14.7%

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Other financials

Income statement

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Revenue$35.6M-4.9%
Gross profit-$12.9M-37.0%
Operating income-$77.9M-118%
Net income-$77.9M-105%
EPS (diluted)-$1.45+19.0%

Balance sheet

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Cash & equivalents$373.2M+222%
Total debt$30.2M+14.7%
Total equity$719.4M+18.1%
Total assets$1.0B+13.5%

Cash flow

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Operating cash flow-$27.3M+8.7%
CapEx$1.7M-67.7%
Free cash flow-$29.0M+17.5%

Valuation

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Market cap$1.63B+1,661%
Enterprise value$1.29B-2,549%
P/S9.7×+9.1×

Profitability

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Gross margin-18.2%-3.7pp
Operating margin-135.7%+39.6pp
Net margin-132.4%+37.4pp
FCF margin-71.3%-22.3pp

Returns & leverage

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Return on equity-33.5%+31.9pp
Debt / equity0.0×
Current ratio8.6×+3.0×

Where this comes from

Reported directly by FuelCell Energy in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: FuelCell Energy’s 10-Q, filed June 8, 2026.

Filed
Jun 8, 2026, 7:40 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001104659-26-071183
Line itemThree Months Ended April 30, 2026Three Months Ended April 30, 2025
Revenues:
Product$18,018$13,027
Service4,1758,144
Generation8,68112,124
Advanced Technologies4,7154,111
Total revenues35,58937,406
Costs of revenues:
Product20,28216,261

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is FuelCell Energy's service — revenue?
FuelCell Energy (FCEL) reported service — revenue of $4.18M in Q1 2026.
How has FuelCell Energy's service — revenue changed year-over-year?
FuelCell Energy's service — revenue decreased by 48.7% year-over-year, from $8.14M to $4.18M.
What is the long-term trend for FuelCell Energy's service — revenue?
Over 3 years (2022 to 2025), FuelCell Energy's service — revenue has grown at a 13.8% compound annual growth rate (CAGR), from $13.86M to $20.4M.
What does service — revenue mean?
This metric represents the total revenue generated from the company's service segment, excluding any assessed taxes. It reflects the income earned through maintenance, operation, and support services provided to customers for installed fuel cell platforms. This figure is a key indicator of the company's ability to monetize its installed base through recurring service agreements.

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