FUELCELL ENERGY INC
FCEL, FCELB · Electrical Industrial Apparatus · 67.6M shares · -29%/yr ↓ buyback · EDGAR filings ↗
Reference price $8.00 · est. market cap ~$541M — last insider sale, 2026-04-20 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Pre-profitability fuel-cell maker with deeply negative margins but a meaningful cash cushion.
Strengths
- 41% revenue growth and strong liquidity (current ratio 6.6, cash $278M, low debt) extend runway
- New EXIM project financing and GGE module replacement backlog support near-term revenue
Risks
- Negative gross margin (-16.7%) and operating margin (-122%) with continued losses and going-concern-style language
- Dependent on subsidies, project financing and bid-to-contract conversion; restructuring execution risk
Notable findings
- No interest coverageInterest coverage -18.53 (cannot cover interest)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -118.8%)
- Customer concentration~41% of revenue from one customer/distributor — 52 Table of Contents Comparison of the Years Ended October 31, 2025 and 2024 Revenues and Costs of revenues Revenues and costs of revenues for the years ended October 31, 2025 and 2024 we
- Strong balance sheetStrong balance sheet — $278M cash & investments
- Buying back stockNet buyback — share count -29%/yr over 4y
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
-16.7%
Operating margin
-121.6%
Net margin
-118.8%
Return on equity
-28.4%
Return on assets
-20.2%
ROIC
-22.4%
Revenue growth (QoQ)
16.6%
Debt / equity
0.0×
Interest coverage
-18.5×
Current ratio
6.6×
EBITDA
-$152M
Tangible book value
$658M
Cash & investments
$278M
Stock comp / revenue
7.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-08 | Achanta Shankar | Option exercise | 2.0K | — |
| 2026-05-08 | Achanta Shankar | Tax withheld | 492 | $13.70 |
| 2026-04-21 | von Althann Natica | Option exercise | 24K | — |
| 2026-04-21 | Bingham Betsy B | Option exercise | 24K | — |
| 2026-04-20 | Achanta Shankar | Sell | 2.5K | $8.00 |
| 2025-12-30 | Few Jason | Option exercise | 29K | — |
| 2025-12-30 | Few Jason | Tax withheld | 9.2K | $7.94 |
| 2025-12-30 | Dolger Joshua | Option exercise | 6.2K | — |
| 2025-12-30 | Dolger Joshua | Tax withheld | 2.0K | $7.94 |
| 2025-12-30 | Bishop Michael S. | Option exercise | 11K | — |
| 2025-12-30 | Bishop Michael S. | Tax withheld | 3.6K | $7.94 |
| 2025-12-30 | Achanta Shankar | Option exercise | 6.2K | — |
| 2025-12-30 | Achanta Shankar | Tax withheld | 1.7K | $7.94 |
| 2025-12-22 | Bingham Betsy B | Sell | 8.6K | $8.52 |
| 2025-12-11 | Bishop Michael S. | Option exercise | 4.6K | — |
| 2025-12-11 | Bishop Michael S. | Tax withheld | 1.4K | $8.75 |
| 2025-12-11 | Dolger Joshua | Option exercise | 2.5K | — |
| 2025-12-11 | Dolger Joshua | Tax withheld | 792 | $8.75 |
| 2025-12-11 | Few Jason | Option exercise | 12K | — |
| 2025-12-11 | Few Jason | Tax withheld | 3.7K | $8.75 |
| 2025-12-05 | Few Jason | Option exercise | 4.7K | — |
| 2025-12-05 | Few Jason | Tax withheld | 1.5K | $8.37 |
| 2025-12-05 | Few Jason | Option exercise | 5.1K | — |
| 2025-12-05 | Few Jason | Tax withheld | 1.6K | $8.37 |
| 2025-12-05 | Dolger Joshua | Option exercise | 813 | — |
| 2025-12-05 | Dolger Joshua | Tax withheld | 255 | $8.37 |
| 2025-12-05 | Dolger Joshua | Option exercise | 898 | — |
| 2025-12-05 | Dolger Joshua | Tax withheld | 282 | $8.37 |
| 2025-12-05 | Bishop Michael S. | Option exercise | 1.1K | — |
| 2025-12-05 | Bishop Michael S. | Tax withheld | 332 | $8.37 |
| 2025-12-05 | Bishop Michael S. | Option exercise | 1.2K | — |
| 2025-12-05 | Bishop Michael S. | Tax withheld | 366 | $8.37 |
| 2025-05-08 | Achanta Shankar | Option exercise | 2.0K | — |
| 2025-05-08 | Achanta Shankar | Tax withheld | 492 | $4.19 |
| 2025-04-15 | Bingham Betsy B | Option exercise | 3.4K | — |
| 2025-01-15 | Bingham Betsy B | Grant | 1.3K | $9.79 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (2)
- Ameresco, Inc.
- Gyeonggi Green Energy Co., Ltd.
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-24 | Material agreement3.02Reg FDOtherExhibits | filing ↗ |
| 2026-06-08 | ResultsReg FDExhibits | filing ↗ |
| 2026-05-21 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-04-06 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-03-09 | ResultsReg FDExhibits | filing ↗ |
| 2026-02-04 | Exec/director changeExhibits | filing ↗ |
| 2026-01-07 | Exec/director changeOtherExhibits | filing ↗ |
| 2025-12-30 | Material agreementExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-24 | 2026-06-22 | 0001104659-26-077042 ↗ |
| 8-K | 2026-06-08 | 2026-06-08 | 0001104659-26-071181 ↗ |
| 10-Q | 2026-06-08 | 2026-04-30 | 0001104659-26-071183 ↗ |
| 8-K | 2026-05-21 | 2026-05-19 | 0001104659-26-064902 ↗ |
| 8-K | 2026-04-06 | 2026-04-02 | 0001104659-26-039985 ↗ |
| 8-K | 2026-03-09 | 2026-03-09 | 0001104659-26-024968 ↗ |
| 10-Q | 2026-03-09 | 2026-01-31 | 0001104659-26-024970 ↗ |
| 8-K | 2026-02-04 | 2026-02-03 | 0001104659-26-010035 ↗ |
| 8-K | 2026-01-07 | 2026-01-05 | 0001104659-26-001597 ↗ |
| 8-K | 2025-12-30 | 2025-12-30 | 0001104659-25-125274 ↗ |
| 8-K | 2025-12-18 | 2025-12-18 | 0001104659-25-122295 ↗ |
| 10-K | 2025-12-18 | 2025-10-31 | 0001104659-25-122302 ↗ |