FuelCell Energy Q4 Revenue Up 60.7% to $30.5M, Backlog Drops 10.8%
FuelCell Energy’s Q4 CY2025 revenue rose 60.7% to $30.53 million but missed the $42.66 million consensus, while adjusted EPS loss narrowed 23.1% to $0.52 per share. Backlog fell 10.8% to $1.17 billion as module commissioning delays and slower contracted project awards impacted visibility.
1. Q4 Financial Performance
FuelCell Energy reported Q4 CY2025 revenue of $30.53 million, up 60.7% year-over-year but 28.4% below the $42.66 million consensus. Non-GAAP loss narrowed to $0.52 per share, beating estimates by 23.1%, while adjusted EBITDA was –$17.03 million, representing a –55.8% margin.
2. Backlog Decline and Project Timing
Backlog stood at $1.17 billion, down 10.8% year-over-year as recognized revenue outpaced new firm orders. Management attributed the decline partly to timing, noting approximately $6 million of module revenue shifted into the next quarter due to commissioning delays.
3. Data Center Demand and South Korea Growth
Data center proposals doubled over the past year, now representing over 80% of the 1.5 gigawatt pipeline, positioning this sector as a key growth driver. Meanwhile, module deliveries for Goonga Green Energy and China General Nuclear in South Korea contributed significantly to quarterly sales.
4. Carbon Capture Demo and Manufacturing Scale-Up
The company is preparing to ship fuel cell modules for a carbon capture demonstration at an ExxonMobil refinery in Rotterdam, a step toward commercializing its CO2-capture technology. At the Torrington facility, plans are underway to expand production capacity from 100 megawatts to 350 megawatts annually to achieve operational leverage.