<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>燃料電池能源（NASDAQ: FCEL）在 12 月 18 日上漲超過 30%，因為這家總部位於丹伯裏的公司發佈了超出預期的第四季度財務數據。</p>
<p>在第四季度，該公司的訂單積壓也增長至 11.9 億美元，顯示出其技術在 2026 年之前的強勁需求。然而，基本面仍然講述着一個更復雜的故事。</p>
<p>FCEL 股票長期存在的結構性挑戰（如下文所述）依然存在，這引發了人們的擔憂，即這次反彈可能只是歷史上波動性較大的股票中的又一次短暫上漲。</p>
<h2>EBITDA 虧損加重將對燃料電池能源股票施加壓力</h2>
<p>儘管季度的頭條數字看起來令人鼓舞，但燃料電池在 2025 財年結束時的 EBITDA 虧損約為 1.52 億美元，實際上比去年的約 1.22 億美元還要糟糕。</p>
<p>這表明公司並未朝着可持續盈利的方向發展——實際上，它正朝着相反的方向前進。</p>
<p>更高的投入成本、項目推進緩慢和收入確認不均繼續對利潤率施加壓力。即使收入增長，FCEL 也未能產生縮小虧損所需的經營槓桿。</p>
<p>對於投資者來説，這表明該業務仍在努力高效擴展——而實現盈虧平衡的道路依然不確定。</p>
<p>簡而言之，燃料電池能源股票仍然不具吸引力，因為這家納斯達克上市公司在需求上升的時期未能改善其 EBITDA，這引發了對長期生存能力的合理擔憂。</p>
<h2>稀釋風險仍然是 FCEL 股票的一個隱患</h2>
<p>燃料電池能源有着通過股權發行而非現金流來資助運營的悠久歷史。</p>
<p>這在一定程度上稀釋了現有股東的權益，儘管管理層努力減少現金消耗，但公司仍消耗的現金遠遠超過其產生的現金，留下的融資選擇很少。</p>
<p>在有限的低成本債務獲取渠道和沒有持續盈利的前景下，FCEL 的股權發行仍然是彌補資金缺口的最可能工具。</p>
<p>因此，在財報發佈後大量購買燃料電池股票的投資者面臨未來的稀釋，這可能會侵蝕他們的所有權份額並限制上漲潛力。</p>
<p>在燃料電池未能展示出可行的自我融資增長路徑之前，稀釋風險將繼續掩蓋任何短期的動能。</p>
<h2>在競爭加劇的情況下，燃料電池並未處於領先地位</h2>
<p>燃料電池和氫氣行業正變得越來越擁擠，燃料電池能源不再僅僅與小眾同行競爭。</p>
<p>Bloom Energy、Plug Power、豐田和康明斯等更大、資本更雄厚的公司正在積極擴展其氫氣和燃料電池產品組合。</p>
<p>這些公司受益於規模、更深的合作伙伴關係和更強的資產負債表——這些是燃料電池難以輕易匹敵的優勢。</p>
<p>隨着行業的成熟，客户越來越傾向於選擇那些具有可靠性、快速部署能力和長期服務能力的供應商。</p>
<p>如果燃料電池無法在技術或財務上跟上步伐，它將面臨被擠出高價值商業機會的風險。</p>
<p>在一個資本密集型行業中，贏家整合市場份額，成為最小的競爭者是一種戰略負擔，這進一步加大了在新年到來之際持有 FCEL 股票的風險。</p>
<p>文章《在財報強勁後，購買燃料電池能源股票值得嗎？》最初發布在 Invezz 上。</p>

燃料電池能源

<p>燃料電池能源的股票在財報發佈後上漲超過 30%，主要由於第四季度財務數據好於預期以及訂單積壓增加。然而，結構性挑戰依然存在，包括 EBITDA 虧損加劇、高昂的輸入成本和稀釋風險。該公司在高效擴張方面面臨困難，並且面臨來自更大競爭對手的強烈競爭。投資者應保持謹慎，因為該股票的長期生存能力仍然不確定</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>燃料電池能源（NASDAQ: FCEL）在 12 月 18 日上漲超過 30%，因為這家總部位於丹伯裏的公司發佈了超出預期的第四季度財務數據。</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，該公司的訂單積壓也增長至 11.9 億美元，顯示出其技術在 2026 年之前的強勁需求。然而，基本面仍然講述着一個更復雜的故事。</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 股票長期存在的結構性挑戰（如下文所述）依然存在，這引發了人們的擔憂，即這次反彈可能只是歷史上波動性較大的股票中的又一次短暫上漲。</p>
</div><h2>Worsening EBITDA loss to weigh on FuelCell Energy stock</h2>
<div class="lb-trans"><h2>EBITDA 虧損加重將對燃料電池能源股票施加壓力</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>儘管季度的頭條數字看起來令人鼓舞，但燃料電池在 2025 財年結束時的 EBITDA 虧損約為 1.52 億美元，實際上比去年的約 1.22 億美元還要糟糕。</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>這表明公司並未朝着可持續盈利的方向發展——實際上，它正朝着相反的方向前進。</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、項目推進緩慢和收入確認不均繼續對利潤率施加壓力。即使收入增長，FCEL 也未能產生縮小虧損所需的經營槓桿。</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>對於投資者來説，這表明該業務仍在努力高效擴展——而實現盈虧平衡的道路依然不確定。</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>簡而言之，燃料電池能源股票仍然不具吸引力，因為這家納斯達克上市公司在需求上升的時期未能改善其 EBITDA，這引發了對長期生存能力的合理擔憂。</p>
</div><h2>Dilution risk remains an overhang for FCEL shares</h2>
<div class="lb-trans"><h2>稀釋風險仍然是 FCEL 股票的一個隱患</h2>
</div><p>FuelCell Energy has a long history of funding operations through equity issuance, not cash flow.</p>
<div class="lb-trans"><p>燃料電池能源有着通過股權發行而非現金流來資助運營的悠久歷史。</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>這在一定程度上稀釋了現有股東的權益，儘管管理層努力減少現金消耗，但公司仍消耗的現金遠遠超過其產生的現金，留下的融資選擇很少。</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>在有限的低成本債務獲取渠道和沒有持續盈利的前景下，FCEL 的股權發行仍然是彌補資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，在財報發佈後大量購買燃料電池股票的投資者面臨未來的稀釋，這可能會侵蝕他們的所有權份額並限制上漲潛力。</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>在燃料電池未能展示出可行的自我融資增長路徑之前，稀釋風險將繼續掩蓋任何短期的動能。</p>
</div><h2>FuelCell isn’t leading the pack amid rising competition</h2>
<div class="lb-trans"><h2>在競爭加劇的情況下，燃料電池並未處於領先地位</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>燃料電池和氫氣行業正變得越來越擁擠，燃料電池能源不再僅僅與小眾同行競爭。</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、豐田和康明斯等更大、資本更雄厚的公司正在積極擴展其氫氣和燃料電池產品組合。</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>這些公司受益於規模、更深的合作伙伴關係和更強的資產負債表——這些是燃料電池難以輕易匹敵的優勢。</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>隨着行業的成熟，客户越來越傾向於選擇那些具有可靠性、快速部署能力和長期服務能力的供應商。</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>如果燃料電池無法在技術或財務上跟上步伐，它將面臨被擠出高價值商業機會的風險。</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>在一個資本密集型行業中，贏家整合市場份額，成為最小的競爭者是一種戰略負擔，這進一步加大了在新年到來之際持有 FCEL 股票的風險。</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《在財報強勁後，購買燃料電池能源股票值得嗎？》最初發布在 Invezz 上。</p>
</div>

在財報發佈後的強勢表現中，購買燃料電池能源的股票是否值得？