What is FuelCell Energy's R&D?

FuelCell Energy (FCEL) reported R&D of $7.71M in Q1 2026.

How has FuelCell Energy's R&D changed year-over-year?

FuelCell Energy's R&D decreased by 22.1% year-over-year, from $9.9M to $7.71M.

What is the long-term trend for FuelCell Energy's R&D?

Over 4 years (2021 to 2025), FuelCell Energy's R&D has grown at a 31.7% compound annual growth rate (CAGR), from $11.32M to $34.08M.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

FuelCell Energy FCEL R&D

R&D at other companies

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$12.11M-30.2%

Bloom EnergyBE

$56.85M+40.0%

OkloOKLO

$27.05M+245%

GE VernovaGEV

$304M+27.2%

Fluence Energy, Inc.FLNC

$21.07M-4.7%

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$1.46B+973%

Enterprise value$1.11B+2,320%

P/S8.7×+7.6×

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 / equity0×0.0×

Current ratio8.6×+3.0×

Where this comes from

Reported directly by FuelCell Energy in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The official record: FuelCell Energy’s 10-Q, filed June 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is FuelCell Energy's R&D?: FuelCell Energy (FCEL) reported R&D of $7.71M in Q1 2026.
How has FuelCell Energy's R&D changed year-over-year?: FuelCell Energy's R&D decreased by 22.1% year-over-year, from $9.9M to $7.71M.
What is the long-term trend for FuelCell Energy's R&D?: Over 4 years (2021 to 2025), FuelCell Energy's R&D has grown at a 31.7% compound annual growth rate (CAGR), from $11.32M to $34.08M.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.