Q1 25 EPS
$-1.42
MISS 4.98%
Est. $-1.35
Q1 25 Revenue
$19.0M
MISS 43.28%
Est. $33.5M
vs S&P Since Q1 25
+197.9%
BEATING MARKET
FCEL +233.7% vs S&P +35.7%
Market Reaction
Did FCEL Beat Earnings? Q1 2025 Results
FuelCell Energy delivered a bruising first quarter for fiscal 2025, missing Wall Street expectations on both the top and bottom lines as investors sent shares tumbling nearly 12% in pre-market trading. Revenue came in at $19.00 million, a 13.8% impro… Read more FuelCell Energy delivered a bruising first quarter for fiscal 2025, missing Wall Street expectations on both the top and bottom lines as investors sent shares tumbling nearly 12% in pre-market trading. Revenue came in at $19.00 million, a 13.8% improvement over the year-ago period but a steep 43.28% short of the $33.49 million consensus, while the loss per share of $1.42 missed the $1.35 estimate by 4.98%. The shortfall traced most directly to delayed module shipments under the GGE Korea long-term service agreement, which weighed heavily on product revenue and pushed unrestricted cash down to $98.07 million from $148.13 million at fiscal year-end. Still, the underlying cost story showed progress; gross loss narrowed to $5.20 million from $11.72 million a year earlier, and adjusted EBITDA improved to negative $21.07 million from negative $29.14 million. CEO Jason Few framed the quarter as the revenue trough for fiscal 2025, pointing to anticipated Korea shipments and a $1.31 billion backlog, up 28% year-over-year, as the foundation for improvement ahead.
Key Takeaways
- • Derby Fuel Cell Project and SCEF project contributed $1.7 million incremental generation revenue
- • Advanced Technologies revenue growth driven by Esso Rotterdam project ($3.5M) and ExxonMobil JDA ($1.2M)
- • Derivative gain of $1.8 million on natural gas contracts improved gross loss
- • Restructuring reduced administrative and selling expenses from $16.4M to $15.0M
- • R&D expenses decreased from $14.4M to $11.1M due to reduced solid oxide development spending
FCEL YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
FCEL Revenue by Segment
With YoY comparisons, source: SEC Filings
“We've made measurable strides since our global restructuring was announced early in the first fiscal quarter. Our cost-saving initiatives are already yielding positive outcomes, and our commitment to uncovering and capitalizing on growth opportunities is paying off. Compared to the first quarter of last fiscal year, our revenue has grown while our expenses have declined, significantly narrowing our operating losses and accelerating our journey towards profitability. Looking ahead, we expect this quarter will be the low-water mark for our quarterly revenue for fiscal year 2025 based on our expected production and module shipment schedule, especially as it relates to our module deliveries to our customers in Korea.”
— Jason Few, Q1 2025 Earnings Press Release
FCEL Earnings Trends
FCEL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
FCEL EPS Trend
Earnings per share: estimate vs actual
FCEL Revenue Trend
Quarterly revenue: estimate vs actual
FCEL Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $-0.44 | $-0.53 | -21.84% | $35.6M | -12.15% |
| Q1 26 BEAT | $-0.68 | $-0.49 | +27.54% | $30.5M | -27.68% |
| Q4 25 BEAT FY | $-1.03 | $-0.85 | +17.36% | $55.0M | +16.50% |
| FY Full Year | $-5.00 | $-7.42 | -48.26% | $158.2M | +5.08% |
| Q3 25 BEAT | $-1.63 | $-0.95 | +41.72% | $46.7M | -3.22% |
| Q2 25 MISS | $-1.38 | $-1.79 | -29.26% | $37.4M | +15.39% |
| Q1 25 MISS | $-1.35 | $-1.42 | -4.98% | $19.0M | -43.28% |