<span item_type="fundamental" item_id="04c1ef71955791244f963d5f6edf1e08" counter_id="ST/US/FCEL" env="prod"></span><span item_type="announcement" item_id="594991076388376833" env="prod"></span><p>Revenue: As of FY2025, the actual value is USD 158.16 M, beating the estimate of USD 150.51 M.</p><p>EPS: As of FY2025, the actual value is USD -7.42, missing the estimate of USD -7.408.</p><p>EBIT: As of FY2025, the actual value is USD -190.28 M.</p><p></p><h3>Segment Revenue</h3><h4>Product Revenue</h4><ul><li>Product revenues for the year ended October 31, 2025 were $69.1 million compared to $25.7 million for the year ended October 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li></ul><h4>Service Revenue</h4><ul><li>Service agreements revenues for the year ended October 31, 2025 increased to $20.4 million from $10.0 million for the year ended October 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li></ul><h4>Generation Revenue</h4><ul><li>Generation revenues for the year ended October 31, 2025 totaled $48.0 million, a decrease of $2.0 million from $50.0 million for the year ended October 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li></ul><h4>Advanced Technologies Revenue</h4><ul><li>Advanced Technologies contract revenues decreased to $20.6 million for the year ended October 31, 2025 compared to $26.5 million for the year ended October 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li></ul><h3>Operational Metrics</h3><h4>Gross Margin</h4><ul><li>The Company’s gross margin improved to -16.7% in fiscal year 2025 from -32.0% in fiscal year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li></ul><h4>Operating Expenses</h4><ul><li>Administrative and selling expenses decreased to $60.7 million for the year ended October 31, 2025 from $64.6 million for the year ended October 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li><li>Research and development expenses decreased to $34.1 million for the year ended October 31, 2025 compared to $55.4 million for the year ended October 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li><li>Restructuring expense was $5.3 million for the year ended October 31, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li><li>Impairment expense of $65.8 million for the year ended October 31, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li></ul><h4>Net Loss</h4><ul><li>Net loss attributable to common stockholders was $191.1 million for the year ended October 31, 2025 compared to $129.2 million for the year ended October 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li></ul><h3>Cash Flow</h3><h4>Operating Cash Flow</h4><ul><li>Net cash used in operating activities was $125.3 million during fiscal year 2025 compared to $152.9 million in fiscal year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li></ul><h4>Investing Cash Flow</h4><ul><li>Net cash provided by investing activities was $88.9 million during fiscal year 2025 compared to net cash used in investing activities of $60.0 million in fiscal year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li></ul><h4>Financing Cash Flow</h4><ul><li>Net cash provided by financing activities was $169.3 million during fiscal year 2025 compared to $122.2 million in fiscal year 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li></ul><h3>Unique Metrics</h3><h4>Backlog</h4><ul><li>Service agreements backlog totaled $162.4 million as of October 31, 2025 compared to $174.2 million as of October 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li><li>Generation backlog totaled $945.2 million as of October 31, 2025 compared to $841.4 million as of October 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li><li>Product backlog totaled $66.2 million as of October 31, 2025 compared to $111.3 million as of October 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li><li>Advanced Technologies contract backlog totaled $19.5 million as of October 31, 2025 compared to $36.0 million as of October 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li></ul><h3>Outlook / Guidance</h3><ul><li>The Company expects to continue to grow its generation revenue as additional projects achieve commercial operation, but this revenue amount may also fluctuate from year to year depending on platform output, operational performance and management, and site conditions.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li><li>The Company plans to explore manufacturing and assembly opportunities in international markets such as Europe and Asia to achieve more efficient product manufacturing and supply chain operations.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li><li>Expenditures for property, plant, and equipment are expected to range between $20.0 million and $30.0 million for fiscal year 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm"></span></li></ul>

FuelCell Energy | 10-K: FY2025 Revenue Beats Estimate at USD 158.16 M