Q3 25 EPS
$-0.95
BEAT +41.72%
Est. $-1.63
Q3 25 Revenue
$46.7M
MISS 3.22%
Est. $48.3M
vs S&P Since Q3 25
+286.6%
BEATING MARKET
FCEL +302.4% vs S&P +15.8%
Market Reaction
Did FCEL Beat Earnings? Q3 2025 Results
FuelCell Energy delivered a sharply mixed third fiscal quarter, posting an adjusted loss per share of $0.95 that cleared the $1.63 consensus estimate by 41.72%, even as revenue of $46.74 million came in 3.22% below the $48.30 million analysts had exp… Read more FuelCell Energy delivered a sharply mixed third fiscal quarter, posting an adjusted loss per share of $0.95 that cleared the $1.63 consensus estimate by 41.72%, even as revenue of $46.74 million came in 3.22% below the $48.30 million analysts had expected. The headline number that mattered most, however, was the year-over-year revenue jump of 97.3%, powered largely by $24.00 million in product deliveries under the Gyeonggi Green Energy long-term service agreement in Korea. Buried beneath that growth was $64.50 million in non-cash impairment charges tied to the company's decision to exit solid oxide technology, which drove the GAAP net loss to $91.90 million for the quarter. Management is channeling that strategic pivot toward carbonate fuel cells for data center power generation, citing intensifying demand from AI and cryptocurrency workloads, and targets a 30% annualized reduction in operating expenses versus fiscal 2024, with positive adjusted EBITDA as a stated goal, albeit without a committed timeline. A $1.24 billion backlog, up 4% year-over-year, offers some runway as the company works toward profitability.
Key Takeaways
- • GGE long-term service agreement drove $24 million in product revenue from delivery of eight fuel cell modules
- • 97% year-over-year revenue increase driven by product deliveries
- • June 2025 restructuring actions lowering costs and sharpening focus
- • Adjusted EBITDA improved to negative $16.4 million from negative $20.1 million year-over-year
- • R&D expenses decreased to $7.6 million from $12.8 million due to reduced solid oxide development spending
FCEL YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
FCEL Revenue by Segment
With YoY comparisons, source: SEC Filings
“In our third fiscal quarter, we delivered meaningful revenue growth while advancing execution of our long-term strategy. We improved our core carbonate platform by increasing efficiency above 50% and focused on working to expand our opportunities in distributed generation and deepen our sales pipeline by leveraging our large-scale deployments to engage prospective data center customers. The decisive restructuring actions we implemented in June are already showing results -- lowering costs, sharpening our focus on distributed power generation, and positioning us for investment in technologies and partnerships that can unlock future growth.”
— Jason Few, Q3 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% |