Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $108M | $95.7M | $89.4M | $60.8M | $70.9M | $69.6M | $130M | $123M | $112M | $158M |
| Revenue growth | — | -11.6% | -6.5% | -32.1% | 16.7% | -1.8% | 87.5% | -5.4% | -9.1% | 41.0% |
| Gross profit | -$357K | $2.73M | $3.09M | -$21.3M | -$7.72M | — | — | — | — | — |
| Gross margin | -0.3% | 2.9% | 3.5% | -35.0% | -10.9% | — | — | — | — | — |
| Operating income | -$46.4M | -$44.9M | -$44.6M | -$66.9M | -$39.2M | -$64.9M | -$144M | -$136M | -$158M | -$192M |
| Operating margin | -42.8% | -47.0% | -49.9% | -110.2% | -55.3% | -93.3% | -110.1% | -110.3% | -141.3% | -121.6% |
| Net income | -$51.0M | -$53.9M | -$47.3M | -$77.6M | -$89.1M | -$101M | -$143M | -$108M | -$126M | -$188M |
| Net margin | -47.1% | -56.3% | -52.9% | -127.7% | -125.7% | -145.2% | -109.4% | -87.2% | -112.4% | -118.8% |
| EPS (diluted) | -$1.82 | -$13.73 | -$9.01 | -$1.82 | -$0.42 | -$0.31 | -$11.43 | -$7.92 | -$7.83 | -$7.42 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$46.6M | -$71.8M | $16.3M | -$30.6M | -$36.8M | -$70.4M | -$112M | -$140M | -$153M | -$125M |
| Capital expenditures | $7.73M | $12.4M | $10.0M | $2.15M | $382K | $6.35M | $21.1M | $39.4M | $47.7M | $18.6M |
| Free cash flow | -$54.3M | -$84.2M | $6.29M | -$32.7M | -$37.2M | -$76.8M | -$133M | -$180M | -$201M | -$144M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $84.2M | $49.3M | $39.3M | $9.43M | $150M | $432M | $458M | $250M | $148M | $278M |
| Total assets | $341M | $384M | $340M | $333M | $524M | $875M | $940M | $956M | $944M | $932M |
| Total liabilities | $166M | $195M | $163M | $198M | $269M | $170M | $185M | $195M | $217M | $201M |
| Long-term debt | $77.9M | — | — | — | — | — | — | — | — | — |
| Shareholders' equity | $114M | $101M | $82.2M | $75.7M | $195M | $642M | $684M | $682M | $657M | $662M |
| Retained earnings | -$890M | -$944M | -$991M | $0.00 | -$1.16B | -$1.27B | -$1.41B | -$1.52B | -$1.64B | -$1.83B |
| Shares (wtd avg diluted) | 29.8M | 4.16M | 6.90M | 55.1M | 222M | 335M | 12.8M | 14.0M | 16.5M | 25.7M |
Every figure is extracted from FUELCELL ENERGY INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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