# FuelCell Energy, Inc. (FCEL)

> Source: Nexqual · https://nexqual.com/FCEL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, FuelCell Energy, Inc. (FCEL), nexqual.com/FCEL" · informational, not investment advice.

**Price:** USD 11.58 (-12.27% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 13.2 · day 11.49–13.1 · 52w 5.71–37.88 · market cap $926M · NGM

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $154M, net income -$175M (-113.6% margin), free cash flow -$101M (SEC filings).
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $138K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $742K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.73 on a 1–5 scale) (11 analysts), mean target USD 21.1 (range 8–32).
- Total return with dividends: 1Y +49.0% vs S&P 500 +14.9%; 5Y -94.7% vs S&P 500 +80.3%.
- Next earnings: 2026-09-02, EPS estimate USD -0.35, revenue estimate $46.5M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $69.6M | $130M | $123M | $112M | $158M | $154M |
| Gross profit | -$15.6M | -$29.6M | -$10.5M | -$35.9M | -$26.4M | — |
| Operating income | -$64.9M | -$144M | -$136M | -$158M | -$192M | -$179M |
| Net income | -$101M | -$143M | -$108M | -$126M | -$188M | -$175M |
| EPS (diluted) | -$9.30 | -$11.43 | -$7.92 | -$7.83 | -$7.42 | — |
| Free cash flow | -$76.8M | -$133M | -$180M | -$201M | -$144M | -$101M |
| Gross margin | -22.5% | -22.7% | -8.5% | -32.0% | -16.7% | — |
| Operating margin | -93.3% | -110.1% | -110.3% | -141.3% | -121.6% | -116.3% |
| Net margin | -145.2% | -109.4% | -87.2% | -112.4% | -118.8% | -113.6% |
| Revenue growth | -1.8% | +87.5% | -5.4% | -9.1% | +41.0% | — |
| Cash + short-term investments | $432M | $458M | $354M | $257M | — | — |
| Total debt | $87.7M | $82.4M | $119M | $132M | $120M | — |
Fiscal years end Oct. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/S 6.0x · P/B 0.9x · FCF yield -10.92% · Earnings yield -18.91%

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-06 | Achanta Shankar | EVP, Chf. Product &Tech Ofc. | 2,500 | $46K | 95.5% | Yes (adopted January 5, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-06 | Achanta Shankar | EVP, Chf. Product &Tech Ofc. | 2,500 | $72K | 48.8% | Yes (adopted January 5, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-20 | Achanta Shankar | EVP, Chf. Product &Tech Ofc. | 2,500 | $20K | 41.1% | Yes (adopted January 5, 2026) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $742K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-14 | Livingston Iii Homer John | Director | 16,404 | $247K | 15.05 | Too little history (no open-market trades in 2023–2025) |
| 2026-07-16 | Livingston Iii Homer John | Director | 26,343 | $495K | 18.79 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Hold (mean 2.73 on a 1–5 scale), 11 analysts; mean target USD 21.1 (low 8, high 32).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-29 | Oppenheimer | Initiated | Outperform | $24 |
| 2026-09-24 | Barclays | Initiated | Equal-Weight | $20 |
| 2026-09-15 | Citigroup | Initiated | Neutral | $19 |
| 2026-09-08 | Jefferies | Target lowered | Buy | $24 → $20 |
| 2026-09-03 | Canaccord Genuity | Maintained | Buy | $30 |
| 2026-07-14 | UBS | Upgrade | Neutral → Buy | $22 → $27 |
| 2026-06-29 | B. Riley Securities | Upgrade | Neutral → Buy | $13 → $32 |
| 2026-06-26 | UBS | Target raised | Neutral | $7.25 → $22 |
| 2026-06-26 | Jefferies | Upgrade | Hold → Buy | $16 → $24 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +49.0% | -94.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +49.2% | -44.4% |
| Volatility (annualized) | 130.7% | 93.2% |
| Max drawdown | -67.8% (Jun 2026→Oct 2026) | -98.9% (Nov 2021→Apr 2025) |

## Peers (Electrical Equipment & Parts)
AMPX (Amprius Technologies, Inc.) USD 7.91 -4.81% · FOIL (Londian Wason New Energy Tech I) USD 17.32 -0.17% · ENR (Energizer Holdings, Inc.) USD 23.43 +2.94% · ADSE (ADS-TEC ENERGY PLC) USD 9.55 +0.53% · TE (T1 Energy Inc.) USD 2.31 -2.94% · KE (Kimball Electronics, Inc.) USD 25.01 -5.57%

## More
Full page: https://nexqual.com/FCEL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FCEL's own 10-K filed 2025-12-18 (https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | POSCO Energy | "We depend on POSCO Energy and EMTEC to also protect our intellectual property rights, but we cannot assure you that POSCO Energy or EMTEC will do so." |
| Partner | ExxonMobil (XOM) | "This collaboration has progressed from lab testing to preparation for real-world deployment with ExxonMobil subsidiaries, with a pilot project expected to be completed and commissioned in calendar year 2026 at Esso Neder…" |
| Partner | Renewable Energy Investors | "Under this partnership flip structure, after the fifth anniversary following achievement of commercial operations, we have an option to acquire all of the equity interests that REI holds in the Yaphank Partnership starti…" |

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $18.0M | 54.5% | -30.8% |
| Electricity Generation | $8.8M | 26.7% | -28.8% |
| Advanced Technologies | $3.8M | 11.4% | -28.1% |
| Service | $2.4M | 7.3% | -22.6% |
| Total revenue | $33.0M | 100% | — |

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| South Korea | $20.4M | 61.7% | -23.9% |
| United States | $12.5M | 37.9% | -37.1% |
| Europe | $134,000 | 0.4% | +22.9% |
| Total revenue | $33.0M | 100% | — |

## Customer concentration

Period ended 2025-10-31: 46%, 15%, 7%, 6%, 5%, 2%, 1% of revenue from unnamed direct customers (10-K, filed 2025-12-18).

## Company outlook (8-K filed 2026-09-02)

- "We expect to begin delivery of the initial phase (Phase 0) consisting of 30 MW of generation capacity in the fourth quarter of fiscal year 2026."
- "The planned deployment is expected to consist of six 12.5 MW FuelCell Energy Block systems, providing a modular, scalable power architecture designed to support the planned data center's power requirements."
- "Formalized in a memorandum of understanding, Siemens will design and supply electrical balance of plant (EBOP) systems for FuelCell Energy installations, supporting faster, lower-cost deployment of fuel cells to 100+ MW commercial projects."
- "This was primarily due to lower product revenue resulting from fewer module deliveries to customers in Korea compared to the comparable prior year quarter and lower generation revenue due to lower operating output from plants in our generation portfolio, including the 7.4 MW Groton Project at the U.S."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $-0.35 | $-0.39 | -11.7% | $46.5M | 6 |
| Next quarter (ends 2027-01-31) | $-0.24 | $-0.41 | -42.7% | $55.3M | 4 |
| Current fiscal year (ends 2026-10-31) | $-2.17 | $-1.78 | +21.8% | $145.5M | 4 |
| Next fiscal year (ends 2027-10-31) | $-1.02 | $-1.30 | -21.4% | $242.2M | 6 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 103.8% | ±13.6% |
| 2026-11-06 | 14 | 101.1% | ±16.7% |
| 2026-11-13 | 21 | 103.8% | ±20.9% |
| 2026-11-20 | 28 | 100.9% | ±23.1% |
| 2026-11-27 | 35 | 99.4% | ±25.3% |
| 2026-12-04 | 42 | 99.2% | ±27.7% |
| 2026-12-18 | 56 | 100.2% | ±31.9% |
| 2027-01-15 | 84 | 101.7% | ±39.1% |