Q2 25 EPS
$-1.79
MISS 29.26%
Est. $-1.38
Q2 25 Revenue
$37.4M
BEAT +15.39%
Est. $32.4M
vs S&P Since Q2 25
+165.1%
BEATING MARKET
FCEL +191.1% vs S&P +26.0%
Market Reaction
Did FCEL Beat Earnings? Q2 2025 Results
FuelCell Energy delivered a split-verdict quarter for Q2 fiscal 2025, posting revenue of $37.41 million, a 66.8% year-over-year gain that cleared the $32.42 million consensus by 15.39%, yet falling well short on the bottom line with a loss of $1.79 p… Read more FuelCell Energy delivered a split-verdict quarter for Q2 fiscal 2025, posting revenue of $37.41 million, a 66.8% year-over-year gain that cleared the $32.42 million consensus by 15.39%, yet falling well short on the bottom line with a loss of $1.79 per share against an estimated loss of $1.38, a miss of 29.26%. The revenue surge was powered primarily by $13.03 million in product revenue tied to its Korea repowering project with GGE, where four modules were commissioned during the quarter, compared to zero product revenue in the year-ago period. Gross loss nonetheless widened to $9.44 million as margin pressure from service agreements weighed on results. The more consequential news may be the company's second restructuring in seven months, cutting roughly 22% of its workforce and targeting a 30% reduction in annualized operating expenses, including an exit from most solid oxide R&D. Shares surged nearly 40% on the announcements, as management reiterated that positive Adjusted EBITDA remains achievable once the Torrington facility reaches approximately 100 MW of annualized production, against current output of roughly 31 MW.
Key Takeaways
- • Product revenue of $13.0 million from Korea GGE repowering module deliveries (four modules commissioned in Q2)
- • Service agreements revenue increase driven by three module replacements under United Illuminating long-term service agreement
- • Operating expenses decreased to $26.4 million from $34.3 million due to Fall 2024 restructuring actions
- • R&D expenses reduced to $9.9 million from $16.6 million reflecting decreased solid oxide platform spending
- • Generation revenue decreased due to lower power output from maintenance activities
FCEL YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
FCEL Revenue by Segment
With YoY comparisons, source: SEC Filings
“In our second fiscal quarter, we delivered sequential revenue growth and continued executing on the disciplined cost management strategy we initiated in late 2024, in recognition of the changing energy landscape. Additionally, today we are reiterating our focused strategy that prioritizes advancement of our carbonate platform with the goal of meeting accelerating market demand driven by AI data centers, our distributed power generation solutions, and our carbon recovery and utilization applications.”
— Jason Few, Q2 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% |