Financials FuelCell Energy, Inc.

Equities

FCEL

US35952H7008

Renewable Energy Equipment & Services

Market Closed - Nasdaq Other stock markets 04:00:00 2025-06-13 pm EDT			5-day change	1st Jan Change
6.030 ^USD	-4.59%		-6.80%	-33.30%

Jun. 06	FuelCell Energy lays off 22% of workforce in restructuring plan, shares surge	RE
Jun. 06	FuelCell Energy, Inc., Q2 2025 Earnings Call, Jun 06, 2025

Projected Income Statement: FuelCell Energy, Inc.

Fiscal Period: October	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	70.87	69.58	130.5	123.4	112.1	152.7	171	218.2
Change	-	-1.81%	87.52%	-5.43%	-9.13%	36.2%	11.94%	27.63%
EBITDA ¹	-17.7	-35.71	-91.66	-102.9	-101.1	-66.16	-37.68	3.248
Change	-	-101.72%	-156.65%	-12.25%	1.72%	34.57%	43.05%	108.62%
EBIT ¹	-39.17	-64.9	-143.7	-136.1	-158.5	-123.3	-94.17	-58.6
Change	-	-65.71%	-121.45%	5.32%	-16.46%	22.22%	23.61%	37.77%
Interest Paid ¹	-15.29	-7.363	-6.394	-7.247	-9.69	-10.71	-10.93	-12
Earnings before Tax (EBT) ¹	-89.06	-101	-146.4	-107.5	-156.8	-126.6	-106	-66.6
Change	-	-13.43%	-44.93%	26.59%	-45.85%	19.23%	16.27%	37.17%
Net income ¹	-92.44	-104.3	-145.9	-110.8	-129.2	-129.8	-110	-79.07
Change	-	-12.78%	-39.97%	24.09%	-16.65%	-0.47%	15.25%	28.13%
Announcement Date	1/21/21	12/29/21	12/20/22	12/19/23	12/19/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: October	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2
Net sales ¹	18.73	17	14.88	13.95	26.82	13.94	31.8	16.38	43.1	39.2	37.07	38.35	25.51	22.46	16.69	22.42	23.7	49.33	19	37.41	48.3	47.36	52.82	53.44	56.37	59.37	67.61	68.76
Change	-	-9.23%	-12.48%	-6.21%	92.22%	-48.04%	128.17%	-48.47%	163.09%	-9.05%	-5.43%	3.44%	-33.48%	-11.95%	-25.69%	34.32%	5.69%	108.17%	-61.49%	96.9%	29.11%	-1.93%	11.52%	1.17%	5.49%	5.32%	13.88%	1.7%
EBITDA ¹	-5.638	-8.55	-7.352	-11.33	-5.173	-11.86	-13.6	-21.19	-20.77	-36.1	-14.41	-26.03	-34.77	-30.83	-29.14	-26.49	-20.13	-25.34	-21.07	-19.31	-15.37	-12.53	-12	-11.98	-11.6	-10.62	-	-
Change	-	-51.65%	14.01%	-54.09%	54.34%	-129.29%	-14.69%	-55.77%	1.98%	-73.78%	60.07%	-80.62%	-33.57%	11.34%	5.47%	9.11%	23.99%	-25.87%	16.85%	8.37%	20.39%	18.48%	4.25%	0.16%	3.21%	8.38%	-	-
EBIT ¹	-10.76	-17.12	-14.37	-17.39	-10.58	-22.55	-20.84	-28.22	-28	-42.67	-22.46	-35.86	-41.4	-36.38	-40.62	-41.36	-33.62	-41.03	-42.48	-35.81	-30.36	-27.5	-24.64	-24.69	-24.09	-22.09	-	-
Change	-	-59.1%	16.06%	-20.99%	39.13%	-113.08%	7.58%	-35.37%	0.78%	-52.39%	47.37%	-59.69%	-15.44%	12.12%	-11.66%	-1.83%	18.72%	-22.06%	-3.52%	15.7%	15.22%	9.42%	10.38%	-0.19%	2.43%	8.3%	-	-
Charge d'intérêts ¹	-4.165	-4.268	-2.545	-1.563	-1.554	-1.701	-1.428	-1.707	-1.622	-1.637	-1.512	-1.502	-1.912	-2.321	-2.338	-2.275	-2.555	-2.522	-2.607	-2.548	-2.621	-2.62	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-15.32	-18.85	-45.96	-18.92	-11.99	-24.15	-46.12	-30.13	-28.48	-41.68	-21.09	-33.91	-23.6	-29.46	-44.4	-37.66	-35.12	-39.58	-32.39	-37.66	-31.14	-28.39	-29.14	-29.19	-28.59	-28.59	-11.14	-11.14
Change	-	-23.04%	-143.81%	58.83%	36.63%	-101.43%	-90.96%	34.68%	5.45%	-46.35%	49.41%	-60.81%	30.4%	-24.82%	-50.72%	15.19%	6.73%	-12.69%	18.17%	-16.3%	17.33%	8.83%	-2.66%	-0.16%	2.06%	0%	61.04%	0%
Net income ¹	-16.13	-19.66	-46.76	-19.72	-12.8	-24.98	-41.42	-31.02	-30.21	-43.27	-19.42	-35.1	-24.28	-31.16	-20.59	-32.94	-33.46	-42.22	-29.13	-38.85	-31.3	-28	-	-	-	-	-	-
Change	-	-21.85%	-137.89%	57.83%	35.1%	-95.21%	-65.82%	25.12%	2.59%	-43.2%	55.11%	-80.74%	30.83%	-28.36%	33.92%	-59.96%	-1.58%	-26.17%	31.01%	-33.38%	19.42%	10.54%	-	-	-	-	-	-
Announcement Date	9/10/20	1/21/21	3/16/21	6/10/21	9/14/21	12/29/21	3/10/22	6/9/22	9/8/22	12/20/22	3/9/23	6/8/23	9/11/23	12/19/23	3/7/24	6/10/24	9/5/24	12/19/24	3/11/25	6/6/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: FuelCell Energy, Inc.

Fiscal Period: October	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	41.4	-343	-362	-224	-110	33.9	121	-
Change	-	-928.5%	-5.54%	38.12%	50.89%	130.68%	256.93%	-
Announcement Date	1/21/21	12/29/21	12/20/22	12/19/23	12/19/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: FuelCell Energy, Inc.

Fiscal Period: October	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	0.382	6.353	21.08	39.36	47.72	23.36	43	36
Change	-	1,563.09%	231.78%	86.71%	21.26%	-51.04%	84.05%	-16.28%
Free Cash Flow (FCF) ¹	-37.16	-76.79	-133.2	-179.6	-212.5	-144	-72.05	-52
Change	-	-106.63%	-73.52%	-34.79%	-18.29%	32.22%	49.96%	27.83%
Announcement Date	1/21/21	12/29/21	12/20/22	12/19/23	12/19/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: FuelCell Energy, Inc.

Fiscal Period: October	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-24.98%	-51.32%	-70.24%	-83.38%	-90.17%	-43.32%	-22.04%	1.49%
EBIT Margin (%)	-55.26%	-93.27%	-110.15%	-110.28%	-141.34%	-80.72%	-55.08%	-26.86%
EBT Margin (%)	-125.67%	-145.18%	-112.21%	-87.1%	-139.79%	-82.9%	-62.01%	-30.52%
Net margin (%)	-130.43%	-149.82%	-111.83%	-89.77%	-115.23%	-85%	-64.35%	-36.24%
FCF margin (%)	-52.44%	-110.36%	-102.12%	-145.55%	-189.47%	-94.29%	-42.15%	-23.83%
FCF / Net Income (%)	40.2%	73.66%	91.31%	162.15%	164.43%	110.93%	65.49%	65.76%
Profitability
ROA	-21.57%	-14.91%	-16.08%	-11.69%	-13.65%	-13.58%	-13%	-
ROE	-68.4%	-24.91%	-22%	-16.21%	-19.39%	-17.78%	-19.8%	-9.33%
Financial Health
Leverage (Debt/EBITDA)	-2.34x	-	-	-	-	-0.51x	-3.22x	-
Debt / Free cash flow	-1.11x	-	-	-	-	-0.24x	-1.68x	-
Capital Intensity
CAPEX / Current Assets (%)	0.54%	9.13%	16.15%	31.89%	42.56%	15.3%	25.15%	16.5%
CAPEX / EBITDA (%)	-2.16%	-17.79%	-23%	-38.25%	-47.2%	-35.31%	-114.12%	1,108.27%
CAPEX / FCF (%)	-1.03%	-8.27%	-15.82%	-21.91%	-22.46%	-16.22%	-59.68%	-69.23%
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	19.8	52.57	50.63	45.44	39.8	28.39	19.21	18.01
Change	-	165.46%	-3.7%	-10.25%	-12.4%	-28.67%	-32.35%	-6.22%
EPS ¹	-12.6	-9.3	-11.4	-7.8	-7.83	-5.99	-4.844	-2.864
Change	-	26.19%	-22.58%	31.58%	-0.38%	23.5%	19.14%	40.87%
Nbr of stocks (in thousands)	9,647	12,220	13,519	15,021	18,534	22,791	22,791	22,791
Announcement Date	1/21/21	12/29/21	12/20/22	12/19/23	12/19/24	-	-	-