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Apr 30, 2025
FuelCell Energy Q2 2025 Earnings Report
FuelCell Energy reported a higher revenue and a narrower net loss compared to the prior year period.
Key Takeaways
FuelCell Energy increased its revenue by 67% year-over-year in Q2 2025 while narrowing its net loss. The company initiated a global restructuring plan to cut costs and sharpen focus on its carbonate platform. Despite continued losses, adjusted EBITDA improved significantly.
Revenue grew to $37.4 million from $22.4 million in Q2 2024, driven by product and service growth.
Net loss narrowed to $37.7 million from $37.7 million in the prior year quarter.
A global restructuring plan was announced, including a 22% workforce reduction.
Backlog rose to $1.26 billion, supported by new agreements in Korea and Hartford, CT.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
FuelCell Energy expects to achieve positive adjusted EBITDA in the future by cutting costs and prioritizing its carbonate platform. Near-term production may decline due to realigned operations.
Positive Outlook
- Focused strategy on carbonate platform targeting AI data centers and microgrids.
- New long-term contracts including the GGE agreement and Hartford project.
- Addition of a Chief Commercial Officer to boost go-to-market efforts.
- Significant year-over-year improvement in adjusted EBITDA.
- Continued support from partnerships like Dedicated Power Partners.
Challenges Ahead
- Solid oxide R&D paused, potentially delaying tech diversification.
- Net loss still remains significant despite cost-cutting.
- Short-term production may decline due to restructuring.
- Cash burn remains high with a drop in unrestricted cash.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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