FuelCell Energy (FCEL) Revenue & Revenue Breakdown

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FuelCell Energy Revenue Highlights

Latest Revenue (Y)

$112.13M

Latest Revenue (Q)

$46.74M

Main Segment (Y)

Electricity, Generation

Main Geography (Y)

UNITED STATES

FuelCell Energy Revenue by Period

FuelCell Energy Revenue by Year

Date	Revenue	Change
2024-10-31	$112.13M	-9.13%
2023-10-31	$123.39M	-5.43%
2022-10-31	$130.48M	87.52%
2021-10-31	$69.58M	-1.81%
2020-10-31	$70.87M	16.66%
2019-10-31	$60.75M	-32.07%
2018-10-31	$89.44M	-6.51%
2017-10-31	$95.67M	-11.63%
2016-10-31	$108.25M	-33.62%
2015-10-31	$163.08M	-9.55%
2014-10-31	$180.29M	-3.92%
2013-10-31	$187.66M	55.60%
2012-10-31	$120.60M	-1.60%
2011-10-31	$122.57M	75.66%
2010-10-31	$69.78M	-20.72%
2009-10-31	$88.02M	-12.63%
2008-10-31	$100.73M	108.85%
2007-10-31	$48.23M	44.90%
2006-10-31	$33.29M	9.61%
2005-10-31	$30.37M	-3.24%
2004-10-31	$31.39M	-7.11%
2003-10-31	$33.79M	-18.05%
2002-10-31	$41.23M	57.50%
2001-10-31	$26.18M	26.38%
2000-10-31	$20.71M	3.58%
1999-10-31	$20.00M	-17.70%
1998-10-31	$24.30M	-2.02%
1997-10-31	$24.80M	-15.65%
1996-10-31	$29.40M	-13.53%
1995-10-31	$34.00M	12.96%
1994-10-31	$30.10M	35.59%
1993-10-31	$22.20M	-

FuelCell Energy generated $112.13M in revenue during NA 2024, up -9.13% compared to the previous quarter, and up 184.57% compared to the same period a year ago.

FuelCell Energy Revenue by Quarter

Date	Revenue	Change
2025-07-31	$46.74M	24.96%
2025-04-30	$37.41M	96.90%
2025-01-31	$19.00M	-61.49%
2024-10-31	$49.33M	108.17%
2024-07-31	$23.70M	5.69%
2024-04-30	$22.42M	34.32%
2024-01-31	$16.69M	-25.69%
2023-10-31	$22.46M	-11.95%
2023-07-31	$25.51M	-33.48%
2023-04-30	$38.35M	3.44%
2023-01-31	$37.07M	-5.43%
2022-10-31	$39.20M	-9.05%
2022-07-31	$43.10M	163.09%
2022-04-30	$16.38M	-48.47%
2022-01-31	$31.80M	128.17%
2021-10-31	$13.94M	-48.04%
2021-07-31	$26.82M	92.22%
2021-04-30	$13.95M	-6.21%
2021-01-31	$14.88M	-12.48%
2020-10-31	$17.00M	-9.23%
2020-07-31	$18.73M	-0.81%
2020-04-30	$18.88M	16.08%
2020-01-31	$16.26M	47.31%
2019-10-31	$11.04M	-51.39%
2019-07-31	$22.71M	146.44%
2019-04-30	$9.22M	-48.18%
2019-01-31	$17.78M	-0.56%
2018-10-31	$17.88M	47.68%
2018-07-31	$12.11M	-41.86%
2018-04-30	$20.83M	-46.05%
2018-01-31	$38.61M	-19.37%
2017-10-31	$47.89M	362.34%
2017-07-31	$10.36M	-49.27%
2017-04-30	$20.42M	20.09%
2017-01-31	$17.00M	-30.53%
2016-10-31	$24.47M	12.70%
2016-07-31	$21.72M	-24.02%
2016-04-30	$28.58M	-14.64%
2016-01-31	$33.48M	-34.92%
2015-10-31	$51.45M	24.41%
2015-07-31	$41.36M	44.60%
2015-04-30	$28.60M	-31.37%
2015-01-31	$41.67M	-23.41%
2014-10-31	$54.41M	26.02%
2014-07-31	$43.18M	12.81%
2014-04-30	$38.27M	-13.86%
2014-01-31	$44.43M	-19.44%
2013-10-31	$55.16M	2.70%
2013-07-31	$53.71M	26.56%
2013-04-30	$42.44M	16.72%
2013-01-31	$36.36M	2.65%
2012-10-31	$35.42M	19.29%
2012-07-31	$29.69M	22.94%
2012-04-30	$24.15M	-22.92%
2012-01-31	$31.34M	-9.75%
2011-10-31	$34.72M	11.43%
2011-07-31	$31.16M	8.92%
2011-04-30	$28.61M	1.88%
2011-01-31	$28.08M	42.53%
2010-10-31	$19.70M	4.39%
2010-07-31	$18.87M	13.78%
2010-04-30	$16.59M	13.49%
2010-01-31	$14.62M	-28.40%
2009-10-31	$20.41M	-11.32%
2009-07-31	$23.02M	0.67%
2009-04-30	$22.86M	5.25%
2009-01-31	$21.72M	-16.99%
2008-10-31	$26.17M	-6.22%
2008-07-31	$27.90M	-11.82%
2008-04-30	$31.64M	110.69%
2008-01-31	$15.02M	-

FuelCell Energy generated $46.74M in revenue during Q3 2025, up 24.96% compared to the previous quarter, and up 208.49% compared to the same period a year ago.

FuelCell Energy Revenue Breakdown

FuelCell Energy Revenue Breakdown by Product

Annual Revenue by Product

Product/Service	Oct 24	Oct 22	Oct 20	Oct 19	Oct 18
Service	$9.97M	-	-	-	-
Product	$111.30M	$9.10M	$481.00K	-	-
Electricity, Generation	$172.40M	-	-	-	-
Advanced Technologies	$26.51M	$25.80M	$19.62M	$14.02M	-
License And Service	-	-	$25.13M	$26.62M	-
Electricity Generation	-	-	$19.94M	$14.03M	$7.17M

FuelCell Energy's latest annual revenue breakdown by segment (product or service), as of Oct 24: Electricity, Generation (53.84%), Product (34.76%), Advanced Technologies (8.28%), and Service (3.11%).

Quarterly Revenue by Product

Product/Service	Jul 25	Apr 25	Jan 25	Oct 24	Jul 24	Apr 24	Jan 24	Jul 22	Apr 22	Jan 22	Jul 21	Apr 21	Jan 21	Oct 20	Jul 20	Apr 20	Jan 20	Oct 19	Jul 19	Apr 19
Advanced Technologies	$7.10M	$7.90M	$9.40M	-	$10.90M	$14.20M	$18.30M	$6.25M	$7.11M	$5.07M	$6.42M	$6.89M	$7.28M	$5.21M	$4.33M	$5.77M	$4.99M	-	-	-
Electricity, Generation	$378.90M	$383.00M	$385.00M	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Product	$96.20M	$98.20M	$111.20M	-	$136.70M	$12.30M	-	$38.30M	$60.20M	$60.20M	-	-	-	-	-	-	-	-	-	-
Service	$3.13M	$8.14M	$1.85M	$7.19M	$1.41M	$1.37M	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Generation	-	-	-	-	$396.40M	$335.30M	$346.00M	-	-	-	-	-	-	-	-	-	-	-	-	-
Electricity Generation	-	-	-	-	-	-	-	-	-	-	$6.23M	$6.18M	$4.89M	$5.15M	$4.72M	$4.63M	$5.44M	$5.47M	$5.45M	$1.63M
License And Service	-	-	-	-	-	-	-	-	-	-	$14.34M	$660.00K	$4.91M	$5.44M	$7.11M	$6.97M	$5.61M	$752.00K	$11.50M	$2.60M

FuelCell Energy's latest quarterly revenue breakdown by segment (product or service), as of Jul 25: Electricity, Generation (78.07%), Product (19.82%), Advanced Technologies (1.46%), and Service (0.64%).

FuelCell Energy Revenue Breakdown by Country

Annual Revenue by Country

Country	Oct 24	Oct 20	Oct 19	Oct 18
UNITED STATES	$86.96M	$67.75M	$56.21M	$50.95M
CANADA	$415.00K	$23.00K	-	-
Europe	$1.92M	-	-	-
KOREA, REPUBLIC OF	$22.84M	$2.06M	$2.69M	$36.28M
GERMANY	-	$414.00K	$359.00K	$1.79M
SWITZERLAND	-	$623.00K	-	-

FuelCell Energy's latest annual revenue breakdown by geography, as of Oct 24: UNITED STATES (77.55%), KOREA, REPUBLIC OF (20.37%), Europe (1.71%), and CANADA (0.37%).

Quarterly Revenue by Country

Country	Jul 22	Apr 22	Jan 22	Jul 21	Apr 21	Jan 21	Oct 20	Jul 20	Apr 20	Jan 20	Oct 19	Jul 19	Apr 19	Jan 19	Oct 18	Jul 18
Product	$38.30M	$60.20M	$60.20M	-	-	-	-	-	-	-	-	-	-	-	-	-
Advanced Technologies	-	-	-	$6.25M	$7.11M	$5.07M	$6.42M	$6.89M	$7.28M	$5.21M	$4.33M	$5.77M	$4.99M	$4.53M	$3.71M	$3.54M
Electricity Generation	-	-	-	$6.23M	$6.18M	$4.89M	$5.15M	$4.72M	$4.63M	$5.44M	$5.47M	$5.45M	$1.63M	$1.48M	$1.84M	$1.70M
License And Service	-	-	-	$14.34M	$660.00K	$4.91M	$5.44M	$7.11M	$6.97M	$5.61M	$752.00K	$11.50M	$2.60M	$11.77M	-	-

FuelCell Energy's latest quarterly revenue breakdown by geography, as of Jul 22: Product (100.00%).

FuelCell Energy Peer Comparison by Revenue

Ticker	Company	Last Year Revenue	Last Quarter Revenue
ALTG	Alta Equipment Group	$1.88B	$422.60M
RGP	Resources Connection	$551.33M	$120.23M
MVST	Microvast	$379.80M	$123.29M
POWW	Outdoor	$145.06M	$11.98M
BLNK	Blink Charging	$126.20M	$27.03M
FCEL	FuelCell Energy	$112.13M	$46.74M
SKYX	SKYX Platforms	$86.28M	$23.89M
DFLI	Dragonfly Energy	$50.65M	$15.97M
NVX	Novonix	$8.05M	$4.17M
NEOV	NeoVolta	-	-
VWAV	VisionWave	-	-

FCEL Revenue FAQ

What is FuelCell Energy’s yearly revenue?

FuelCell Energy's yearly revenue for 2024 was $112.13M, representing a decrease of -9.13% compared to 2023. The company's yearly revenue for 2023 was $123.39M, representing a decrease of -5.43% compared to 2022. FCEL's yearly revenue for 2022 was $130.48M, representing an increase of 87.52% compared to 2021.

What is FuelCell Energy’s quarterly revenue?

FuelCell Energy's quarterly revenue for Q3 2025 was $46.74M, a 24.96% increase from the previous quarter (Q2 2025), and a 97.27% increase year-over-year (Q3 2024). The company's quarterly revenue for Q2 2025 was $37.41M, a 96.90% increase from the previous quarter (Q1 2025), and a 66.84% increase year-over-year (Q2 2024). FCEL's quarterly revenue for Q1 2025 was $19M, a -61.49% decrease from the previous quarter (Q4 2024), and a 13.82% increase year-over-year (Q1 2024).

What is FuelCell Energy’s revenue growth rate?

FuelCell Energy's revenue growth rate for the last 3 years (2022-2024) was -14.06%, and for the last 5 years (2020-2024) was 58.22%.

What are FuelCell Energy’s revenue streams?

FuelCell Energy's revenue streams in t 24 are Service, Product, Electricity, Generation, and Advanced Technologies. Service generated $9.97M in revenue, accounting 3.11% of the company's total revenue Product generated $111.3M in revenue, accounting 34.76% of the company's total revenue, up 1123.08% year-over-year. Electricity, Generation generated $172.4M in revenue, accounting 53.84% of the company's total revenue Advanced Technologies generated $26.51M in revenue, accounting 8.28% of the company's total revenue, up 2.78% year-over-year.

What is FuelCell Energy’s main source of revenue?

For the fiscal year ending Oct 24, the largest source of revenue of FuelCell Energy was Electricity, Generation. This segment made a revenue of $172.4M, representing 53.84% of the company's total revenue.