<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/Flux_Dev_create_a_highly_detailed_image_of_large_scale_fuel_ce_0.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/Flux_Dev_create_a_highly_detailed_image_of_large_scale_fuel_ce_0.jpg"/></p>
<p>燃料电池能源（NASDAQ: FCEL）在 12 月 18 日上涨超过 30%，因为这家总部位于丹伯里的公司发布了超出预期的第四季度财务数据。</p>
<p>在第四季度，该公司的订单积压也增长至 11.9 亿美元，显示出其技术在 2026 年之前的强劲需求。然而，基本面仍然讲述着一个更复杂的故事。</p>
<p>FCEL 股票长期存在的结构性挑战（如下文所述）依然存在，这引发了人们的担忧，即这次反弹可能只是历史上波动性较大的股票中的又一次短暂上涨。</p>
<h2>EBITDA 亏损加重将对燃料电池能源股票施加压力</h2>
<p>尽管季度的头条数字看起来令人鼓舞，但燃料电池在 2025 财年结束时的 EBITDA 亏损约为 1.52 亿美元，实际上比去年的约 1.22 亿美元还要糟糕。</p>
<p>这表明公司并未朝着可持续盈利的方向发展——实际上，它正朝着相反的方向前进。</p>
<p>更高的投入成本、项目推进缓慢和收入确认不均继续对利润率施加压力。即使收入增长，FCEL 也未能产生缩小亏损所需的经营杠杆。</p>
<p>对于投资者来说，这表明该业务仍在努力高效扩展——而实现盈亏平衡的道路依然不确定。</p>
<p>简而言之，燃料电池能源股票仍然不具吸引力，因为这家纳斯达克上市公司在需求上升的时期未能改善其 EBITDA，这引发了对长期生存能力的合理担忧。</p>
<h2>稀释风险仍然是 FCEL 股票的一个隐患</h2>
<p>燃料电池能源有着通过股权发行而非现金流来资助运营的悠久历史。</p>
<p>这在一定程度上稀释了现有股东的权益，尽管管理层努力减少现金消耗，但公司仍消耗的现金远远超过其产生的现金，留下的融资选择很少。</p>
<p>在有限的低成本债务获取渠道和没有持续盈利的前景下，FCEL 的股权发行仍然是弥补资金缺口的最可能工具。</p>
<p>因此，在财报发布后大量购买燃料电池股票的投资者面临未来的稀释，这可能会侵蚀他们的所有权份额并限制上涨潜力。</p>
<p>在燃料电池未能展示出可行的自我融资增长路径之前，稀释风险将继续掩盖任何短期的动能。</p>
<h2>在竞争加剧的情况下，燃料电池并未处于领先地位</h2>
<p>燃料电池和氢气行业正变得越来越拥挤，燃料电池能源不再仅仅与小众同行竞争。</p>
<p>Bloom Energy、Plug Power、丰田和康明斯等更大、资本更雄厚的公司正在积极扩展其氢气和燃料电池产品组合。</p>
<p>这些公司受益于规模、更深的合作伙伴关系和更强的资产负债表——这些是燃料电池难以轻易匹敌的优势。</p>
<p>随着行业的成熟，客户越来越倾向于选择那些具有可靠性、快速部署能力和长期服务能力的供应商。</p>
<p>如果燃料电池无法在技术或财务上跟上步伐，它将面临被挤出高价值商业机会的风险。</p>
<p>在一个资本密集型行业中，赢家整合市场份额，成为最小的竞争者是一种战略负担，这进一步加大了在新年到来之际持有 FCEL 股票的风险。</p>
<p>文章《在财报强劲后，购买燃料电池能源股票值得吗？》最初发布在 Invezz 上。</p>

燃料电池能源

<p>燃料电池能源的股票在财报发布后上涨超过 30%，主要由于第四季度财务数据好于预期以及订单积压增加。然而，结构性挑战依然存在，包括 EBITDA 亏损加剧、高昂的输入成本和稀释风险。该公司在高效扩张方面面临困难，并且面临来自更大竞争对手的强烈竞争。投资者应保持谨慎，因为该股票的长期生存能力仍然不确定</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/Flux_Dev_create_a_highly_detailed_image_of_large_scale_fuel_ce_0.jpg" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/Flux_Dev_create_a_highly_detailed_image_of_large_scale_fuel_ce_0.jpg"/></p>
<p>FuelCell Energy (NASDAQ: FCEL) soared over 30% on Dec. 18 after the Danbury-headquartered firm posted better-than-expected financials for its fourth quarter.</p>
<div class="lb-trans"><p>燃料电池能源（NASDAQ: FCEL）在 12 月 18 日上涨超过 30%，因为这家总部位于丹伯里的公司发布了超出预期的第四季度财务数据。</p>
</div><p>In Q4, the company’s backlog also grew to $1.19 billion, indicating solid demand for its technology heading into 2026. However, the underlying fundamentals still narrate a more complicated story.</p>
<div class="lb-trans"><p>在第四季度，该公司的订单积压也增长至 11.9 亿美元，显示出其技术在 2026 年之前的强劲需求。然而，基本面仍然讲述着一个更复杂的故事。</p>
</div><p>FCEL shares’ long-standing structural challenges (discussed below) remain firmly in place, raising concerns that this rally may simply prove another short-lived spike in a historically volatile stock.</p>
<div class="lb-trans"><p>FCEL 股票长期存在的结构性挑战（如下文所述）依然存在，这引发了人们的担忧，即这次反弹可能只是历史上波动性较大的股票中的又一次短暂上涨。</p>
</div><h2>Worsening EBITDA loss to weigh on FuelCell Energy stock</h2>
<div class="lb-trans"><h2>EBITDA 亏损加重将对燃料电池能源股票施加压力</h2>
</div><p>While the quarterly headline figures sure look encouraging, FuelCell ended fiscal 2025 with about $152 million in EBITDA loss, which is actually worse than a tad above $122 million last year.</p>
<div class="lb-trans"><p>尽管季度的头条数字看起来令人鼓舞，但燃料电池在 2025 财年结束时的 EBITDA 亏损约为 1.52 亿美元，实际上比去年的约 1.22 亿美元还要糟糕。</p>
</div><p>This suggests the company isn’t moving toward sustainable profitability – in fact, it’s moving in the opposite direction.</p>
<div class="lb-trans"><p>这表明公司并未朝着可持续盈利的方向发展——实际上，它正朝着相反的方向前进。</p>
</div><p>Higher input costs, slow project ramp‑ups, and uneven revenue recognition continue to weigh on margins. Even with revenue growth, FCEL just isn’t generating the operating leverage required to narrow losses.</p>
<div class="lb-trans"><p>更高的投入成本、项目推进缓慢和收入确认不均继续对利润率施加压力。即使收入增长，FCEL 也未能产生缩小亏损所需的经营杠杆。</p>
</div><p>For investors, this signals that the business is still struggling to scale efficiently – and the path to breakeven remains uncertain.</p>
<div class="lb-trans"><p>对于投资者来说，这表明该业务仍在努力高效扩展——而实现盈亏平衡的道路依然不确定。</p>
</div><p>In short, FuelCell Energy stock remains unattractive as the Nasdaq-listed firm is failing to improve its EBITDA during a period of rising demand, and that raises legitimate concerns about long-term viability.</p>
<div class="lb-trans"><p>简而言之，燃料电池能源股票仍然不具吸引力，因为这家纳斯达克上市公司在需求上升的时期未能改善其 EBITDA，这引发了对长期生存能力的合理担忧。</p>
</div><h2>Dilution risk remains an overhang for FCEL shares</h2>
<div class="lb-trans"><h2>稀释风险仍然是 FCEL 股票的一个隐患</h2>
</div><p>FuelCell Energy has a long history of funding operations through equity issuance, not cash flow.</p>
<div class="lb-trans"><p>燃料电池能源有着通过股权发行而非现金流来资助运营的悠久历史。</p>
</div><p>This has diluted existing shareholders over time, and despite management’s efforts to reduce cash burn, the company still consumes far more cash than it generates, leaving few financing alternatives.</p>
<div class="lb-trans"><p>这在一定程度上稀释了现有股东的权益，尽管管理层努力减少现金消耗，但公司仍消耗的现金远远超过其产生的现金，留下的融资选择很少。</p>
</div><p>With limited access to inexpensive debt and no consistent profitability in sight, equity issuance for FCEL remains the most likely tool to bridge funding gaps.</p>
<div class="lb-trans"><p>在有限的低成本债务获取渠道和没有持续盈利的前景下，FCEL 的股权发行仍然是弥补资金缺口的最可能工具。</p>
</div><p>Therefore, investors loading up on FuelCell shares after the earnings face future dilution that could erode their ownership stake and cap upside potential.</p>
<div class="lb-trans"><p>因此，在财报发布后大量购买燃料电池股票的投资者面临未来的稀释，这可能会侵蚀他们的所有权份额并限制上涨潜力。</p>
</div><p>Until FuelCell demonstrates a credible path to self‑funding growth, dilution risk will continue to overshadow any near‑term momentum.</p>
<div class="lb-trans"><p>在燃料电池未能展示出可行的自我融资增长路径之前，稀释风险将继续掩盖任何短期的动能。</p>
</div><h2>FuelCell isn’t leading the pack amid rising competition</h2>
<div class="lb-trans"><h2>在竞争加剧的情况下，燃料电池并未处于领先地位</h2>
</div><p>The fuel‑cell and hydrogen industries are becoming increasingly crowded, and FuelCell Energy is no longer competing only with niche peers.</p>
<div class="lb-trans"><p>燃料电池和氢气行业正变得越来越拥挤，燃料电池能源不再仅仅与小众同行竞争。</p>
</div><p>Larger, better‑capitalized players such as Bloom Energy, Plug Power, Toyota, and Cummins are aggressively expanding their hydrogen and fuel‑cell portfolios.</p>
<div class="lb-trans"><p>Bloom Energy、Plug Power、丰田和康明斯等更大、资本更雄厚的公司正在积极扩展其氢气和燃料电池产品组合。</p>
</div><p>These companies benefit from scale, deeper partnerships, and stronger balance sheets – strengths that FuelCell cannot easily match.</p>
<div class="lb-trans"><p>这些公司受益于规模、更深的合作伙伴关系和更强的资产负债表——这些是燃料电池难以轻易匹敌的优势。</p>
</div><p>As the sector matures, customers are gravitating toward providers with proven reliability, faster deployment capabilities, and long‑term service capacity.</p>
<div class="lb-trans"><p>随着行业的成熟，客户越来越倾向于选择那些具有可靠性、快速部署能力和长期服务能力的供应商。</p>
</div><p>FuelCell risks being squeezed out of high‑value commercial opportunities if it cannot keep pace technologically or financially.</p>
<div class="lb-trans"><p>如果燃料电池无法在技术或财务上跟上步伐，它将面临被挤出高价值商业机会的风险。</p>
</div><p>In a capital‑intensive industry where winners consolidate market share, being the smallest competitor is a strategic liability that adds to the case against owning FCEL stock heading into the new year.</p>
<div class="lb-trans"><p>在一个资本密集型行业中，赢家整合市场份额，成为最小的竞争者是一种战略负担，这进一步加大了在新年到来之际持有 FCEL 股票的风险。</p>
</div><p>The post Is it worth buying FuelCell Energy stock into the post-earnings strength? appeared first on Invezz</p>
<div class="lb-trans"><p>文章《在财报强劲后，购买燃料电池能源股票值得吗？》最初发布在 Invezz 上。</p>
</div>

在财报发布后的强势表现中，购买燃料电池能源的股票是否值得？