FuelCell Energy Inc Stock Research

Market Summary

USD3.09+0.05

Market Closed

1.64%

FCEL Alerts

Big jump in Earnings (Y/Y)
Losses in recent quarter

FCEL Stock Price

FCEL RSI Chart

FCEL Valuation

Market Cap

1.3B

Price/Earnings (Trailing)

-10.39

Price/Sales (Trailing)

9.23

EV/EBITDA

-9.78

Price/Free Cashflow

-10.64

FCEL Price/Sales (Trailing)

FCEL Profitability

EBT Margin

-88.98%

Return on Equity

-17.87%

Return on Assets

-13.53%

Free Cashflow Yield

-9.4%

FCEL Fundamentals

FCEL Revenue

Revenue (TTM)

135.8M

Revenue Y/Y

16.6%

Revenue Q/Q

-5.43%

FCEL Earnings

Earnings (TTM)

-120.7M

Earnings Y/Y

54.16%

Earnings Q/Q

56.15%

Price Action

52 Week Range

2.477.04

(Low)(High)

Last 7 days

-7.9%

Last 30 days

-12.1%

Last 90 days

-18.1%

Trailing 12 Months

-48.2%

FCEL Financial Health

Current Ratio

7.94

Debt/Equity

0.11

Debt/Cashflow

-1.52

FCEL Investor Care

Shares Dilution (1Y)

10.65%

Diluted EPS (TTM)

-0.32

Peers (Alternatives to FuelCell Energy)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
ETN	65.4B	20.8B	-8.63%	7.74%	26.56	3.15	5.73%	14.83%
EMR	46.8B	18.5B	-6.78%	-11.52%	10.03	2.53	7.53%	69.43%
AME	31.2B	6.2B	-8.11%	3.76%	26.89	5.07	10.89%	17.12%
HUBB	13.0B	4.9B	-4.48%	28.51%	23.77	2.62	17.97%	43.13%
MID-CAP
GNRC	7.3B	4.6B	-7.17%	-60.46%	18.29	1.6	22.14%	-27.43%
PLUG	6.8B	701.4M	-23.72%	-48.90%	-9.42	9.72	39.63%	-57.41%
AYI	6.1B	4.1B	-3.18%	0.72%	16.42	1.5	13.43%	11.07%
ATKR	5.3B	3.9B	-9.70%	29.32%	6.05	1.37	19.93%	24.65%
SMALL-CAP
VICR	1.9B	399.1M	-34.43%	-40.36%	73.92	4.71	11.05%	-55.06%
FCEL	1.3B	135.8M	-12.14%	-48.21%	-10.39	9.23	56.94%	-26.12%
CBAT	86.3M	-	-14.92%	-9.36%	8.05	0.59	320.62%	-77.67%
ULBI	67.3M	119.5M	-0.49%	-26.23%	-65.57	0.56	15.48%	-134.14%
SUNW	54.1M	140.0M	-19.17%	-48.68%	-1.56	0.39	46.04%	-92.40%
WATT	41.2M	897.5K	-30.87%	-47.57%	-1.39	45.9	44.44%	25.13%
POLA	17.6M	14.3M	-21.12%	-65.86%	-4.6	1.23	-3.39%	30.11%

Financials for FuelCell Energy

Income Statement (Last 12 Months)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Revenue	4.0%	135,762,000	130,484,000	105,218,000	88,934,000	86,503,000
Operating Expenses	-12.5%	99,892,000	114,149,000	100,862,000	88,730,000	80,457,000
S&GA Expenses	-27.6%	57,664,000	79,620,000	75,041,000	69,545,000	65,981,000
R&D Expenses	22.3%	42,228,000	34,529,000	25,821,000	19,185,000	14,476,000
EBITDA	21.3%	-93,415,000	-118,745,000	-101,103,000	-85,435,000	-
EBITDA Margin	24.4%	-0.69	-0.91	-0.96	-0.96	-
Earnings Before Taxes	17.5%	-120,801,000	-146,413,000	-128,881,000	-112,388,000	-101,183,000
EBT Margin	20.7%	-0.89	-1.12	-1.22	-1.26	-
Interest Expenses	1.3%	6,478,000	6,394,000	6,458,000	6,390,000	6,246,000
Net Income	15.4%	-120,720,000	-142,722,000	-124,436,000	-107,019,000	-95,719,000
Net Income Margin	18.7%	-0.89	-1.09	-1.18	-1.20	-
Free Cahsflow	-5.0%	-117,790,000	-112,167,000	-97,941,000	-93,983,000	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Assets	-5.0%	892	940	944	946	855
Current Assets	-9.5%	525	580	580	595	509
Cash Equivalents	-25.8%	340	458	456	468	377
Inventory	11.3%	101	91.00	81.00	83.00	65.00
Net PPE	8.9%	63.00	58.00	53.00	45.00	41.00
Goodwill	0%	4.00	4.00	4.00	4.00	4.00
Liabilities	-15.2%	157	185	185	186	183
Current Liabilities	-23.0%	66.00	86.00	81.00	80.00	75.00
Long Term Debt	-1.6%	74.00	75.00	77.00	-	-
Shareholder's Equity	-1.3%	675	684	690	698	597
Retained Earnings	-1.3%	-1,426	-1,407	-1,365	-1,336	-1,305
Additional Paid-In Capital	0.1%	2,096	2,094	2,057	2,028	1,909
Shares Outstanding	0.0%	406	406	394	387	367
Minority Interest	6.5%	8.00	7.00	7.00	6.00	-5.50

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Cashflow From Operations	-5.0%	-117	-112	-97.94	-93.98	-87.87
Share Based Compensation	15.6%	8.00	7.00	6.00	5.00	4.00
Cashflow From Investing	-148.0%	-115	-46.65	-68.50	-80.15	-84.40
Cashflow From Financing	-6.8%	168	181	152	493	368

Risks for FCEL

What is the probability of a big loss on FCEL?

100%

Probability that FuelCell Energy stock will be more than 20% underwater in next one year

100%

Probability that FuelCell Energy stock will be more than 30% underwater in next one year.

95.4%

Probability that FuelCell Energy stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does FCEL drawdown profile look like?

Y-axis is the maximum loss one would have experienced if FuelCell Energy was unfortunately bought at previous high price.

Drawdowns

Returns for FCEL

Cumulative Returns on FCEL

-32.0%

10-Year Cumulative Returns

-38.0%

7-Year Cumulative Returns

-32.4%

5-Year Cumulative Returns

38.3%

3-Year Cumulative Returns

What are the long-term rolling returns for FCEL?

FIve years rolling returns for FuelCell Energy.

Annualized Returns

Which funds bought or sold FCEL recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	added	6.37	-6,208	34,792	-%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-0.05	-29,042	127,958	-%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-6.57	-	-	-%
2023-02-28	Voya Investment Management LLC	unchanged	-	-92,923	409,077	-%
2023-02-27	Parallax Volatility Advisers, L.P.	reduced	-67.07	-155,770	57,230	-%
2023-02-24	NATIXIS	unchanged	-	-25,964	94,036	-%
2023-02-21	MACQUARIE GROUP LTD	sold off	-100	-50,000	-	-%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	added	780	5,116	6,116	-%
2023-02-17	Coppell Advisory Solutions Corp.	new	-	334	334	-%
2023-02-16	SkyView Investment Advisors, LLC	new	-	64,000	64,000	0.02%

Latest Funds Activity

Are funds buying FCEL calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own FCEL

No. of Funds

FuelCell Energy News

Schedule 13G FIlings of FuelCell Energy

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	9.43%	38,273,473	SC 13G/A
Jan 24, 2023	blackrock inc.	9.5%	38,346,213	SC 13G/A
May 09, 2022	blackrock inc.	10.4%	37,989,638	SC 13G/A
Mar 09, 2022	vanguard group inc	10.00%	36,667,184	SC 13G/A
Feb 10, 2022	vanguard group inc	8.81%	32,316,818	SC 13G
Feb 01, 2022	blackrock inc.	8.9%	32,625,987	SC 13G/A
May 07, 2021	blackrock inc.	10.4%	33,587,739	SC 13G/A
Feb 22, 2021	rosen lawrence i	4.04%	13,009,490	SC 13G/A
Feb 16, 2021	cvi investments, inc.	-	129,167	SC 13G/A
Feb 02, 2021	blackrock inc.	6.6%	21,193,130	SC 13G

FCEL Fair Value

FuelCell Energy fair value in different scenarios

The table shows the Fair Value estimates for FuelCell Energy for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	0.47 -84.79%	0.49 -84.14%	0.54 -82.52%	0.62 -79.94%	0.75 -75.73%
Current Inflation	0.47 -84.79%	0.49 -84.14%	0.53 -82.85%	0.61 -80.26%	0.71 -77.02%
Very High Inflation	0.47 -84.79%	0.49 -84.14%	0.53 -82.85%	0.59 -80.91%	0.68 -77.99%

Historical FuelCell Energy Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of FuelCell Energy

View All Filings

Date Filed	Form Type	Document
Mar 09, 2023	10-Q	Quarterly Report
Mar 09, 2023	8-K	Current Report
Feb 23, 2023	8-K	Current Report
Feb 17, 2023	ARS	ARS
Feb 17, 2023	DEF 14A	DEF 14A
Feb 17, 2023	DEFA14A	DEFA14A
Feb 09, 2023	SC 13G/A	Major Ownership Report
Jan 30, 2023	PRE 14A	PRE 14A
Jan 24, 2023	SC 13G/A	Major Ownership Report
Jan 18, 2023	4	Insider Trading

Latest Insider Trading transactions for FCEL

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2022-12-12	Leo Anthony	sold (taxes)	-5,125	3.47	-1,477	evp & chief technology officer
2022-12-12	Dolger Joshua	sold (taxes)	-7,575	3.47	-2,183	general counsel & corp sec
2022-12-12	Few Jason	sold (taxes)	-33,502	3.47	-9,655	ceo
2022-12-12	Lisowski Michael	acquired	-	-	6,521	evp & chief operating officer
2022-12-12	Feasel Mark	acquired	-	-	6,521	evp & ch. commercial officer
2022-12-12	Feasel Mark	sold (taxes)	-5,510	3.47	-1,588	evp & ch. commercial officer
2022-12-12	Lisowski Michael	sold (taxes)	-10,486	3.47	-3,022	evp & chief operating officer
2022-12-12	Bishop Michael S.	sold (taxes)	-10,486	3.47	-3,022	evp & cfo
2022-12-12	Dolger Joshua	acquired	-	-	4,710	general counsel & corp sec

About FuelCell Energy

Jason B. Few

www.fuelcellenergy.com

380

FuelCell Energy, Inc., together with its subsidiaries, designs, manufactures, sells, installs, operates, and services stationary fuel cell power plants for distributed baseload power generation. It offers SureSource1500, a 1.4-megawatt (MW) platform; SureSource 3000, a 2.8 MW platform; SureSource 4000, a 3.7 MW platform; SureSource 250, a 250- kilowatt (kW) platform; SureSource 400, a 400-kW platform; and SureSource Hydrogen, a 2.3 MW platform that is designed to produce up to 1,200 kilograms of hydrogen per day for multi-megawatt utility, microgrid, and distributed hydrogen applications, as well as on-site heat and chilling applications. It also provides SureSource Capture system that separates and concentrates carbon dioxide from the flue gases of natural gas, biomass, or coal-fired power plants, as well as industrial facilities; solid oxide fuel cell/solid oxide electrolysis cell stack technology. The company's SureSource power plants generate clean electricity, usable heat, water, and hydrogen. In addition, it provides engineering, procurement, and construction services; project financing services; and real-time monitoring and remote operation, online support system, preventative maintenance, parts and supplies, on-site and classroom training, and power plant refurbishment/recycling services, as well as technical services in the areas of plant operation and performance, and fuel processing. It serves various markets, including utilities and independent power producers, industrial and process applications, education and health care, data centers and communication, wastewater treatment, government, microgrids, food and beverage, and commercial and hospitality. The company primarily operates in the United States, South Korea, England, Germany, and Switzerland. FuelCell Energy, Inc. was founded in 1969 and is headquartered in Danbury, Connecticut.

FCEL Income Statement

2023-01-31

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jan. 31, 2023	Oct. 31, 2022
Revenues:
Total revenues	$ 37,073	$ 31,795
Total costs of revenues
Total costs of revenues	31,836	34,690
Gross profit (loss)	5,237	(2,895)
Operating expenses:
Administrative and selling expenses	15,009	36,965
Research and development expenses	12,683	4,984
Total costs and expenses	27,692	41,949
Loss from operations	(22,455)	(44,844)
Interest expense	(1,512)	(1,428)
Interest income	3,410	10
Other income, net	49	142
Loss before provision for income taxes	(20,508)	(46,120)
Provision for income taxes	(578)
Net loss	(21,086)	(46,120)
Net loss attributable to noncontrolling interests	(2,464)	(5,496)
Net loss attributable to FuelCell Energy, Inc.	(18,622)	(40,624)
Series B preferred stock dividends	(800)	(800)
Net loss attributable to common stockholders	$ (19,422)	$ (41,424)
Loss per share basic and diluted:
Net loss per share attributable to common stockholders, basic	$ (0.05)	$ (0.11)
Net loss per share attributable to common stockholders, diluted	$ (0.05)	$ (0.11)
Basic weighted average shares outstanding	405,803,753	366,734,739
Diluted weighted average shares outstanding	405,803,753	366,734,739
Net loss	$ (21,086)	$ (46,120)
Other comprehensive loss:
Foreign currency translation adjustments	447	(91)
Total comprehensive loss	(20,639)	(46,211)
Comprehensive loss attributable to noncontrolling interests	(2,464)	(5,496)
Comprehensive loss attributable to FuelCell Energy, Inc.	(18,175)	(40,715)
Series B Preferred Stock
Operating expenses:
Series B preferred stock dividends	(800)
Product
Revenues:
Total revenues	9,095	18,000
Total costs of revenues
Total costs of revenues	1,029	18,207
Service
Revenues:
Total revenues	13,882	2,167
Total costs of revenues
Total costs of revenues	10,945	2,372
Generation
Revenues:
Total revenues	9,557	7,496
Total costs of revenues
Total costs of revenues	16,602	10,722
Advanced Technologies
Revenues:
Total revenues	4,539	4,132
Total costs of revenues
Total costs of revenues	$ 3,260	$ 3,389

FCEL Balance Sheet

2023-01-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2023	Oct. 31, 2022
Current assets:
Cash and cash equivalents, unrestricted	$ 315,168	$ 458,055
Restricted cash and cash equivalents - short-term	4,456	4,423
Investments - short-term	75,652
Accounts receivable, net	3,213	4,885
Unbilled receivables	13,711	11,019
Inventories	101,176	90,909
Other current assets	11,545	10,989
Total current assets	524,921	580,280
Restricted cash and cash equivalents - long-term	20,155	18,566
Inventories - long-term	7,549	7,549
Project assets, net	229,914	232,886
Property, plant and equipment, net	63,338	58,137
Operating lease right-of-use assets, net	8,997	7,189
Goodwill	4,075	4,075
Intangible assets, net	17,049	17,373
Other assets	16,385	13,662
Total assets (1)	892,383	939,717
Current liabilities:
Current portion of long-term debt	13,249	13,198
Current portion of operating lease liabilities	557	650
Accounts payable	24,590	28,196
Accrued liabilities	20,313	27,415
Deferred revenue	7,366	16,341
Total current liabilities	66,075	85,800
Long-term deferred revenue and customer deposits		9,095
Long-term operating lease liabilities	9,503	7,575
Long-term debt and other liabilities	81,575	82,863
Total liabilities (1)	157,153	185,333
Redeemable noncontrolling interest		3,030
Stockholders' equity:
Common stock ($0.0001 par value); 500,000,000 shares authorized as of January 31, 2023 and October 31, 2022; 405,732,053 and 405,562,988 shares issued and outstanding as of January 31, 2023 and October 31, 2022, respectively	41	41
Additional paid-in capital	2,095,667	2,094,076
Accumulated deficit	(1,426,595)	(1,407,973)
Accumulated other comprehensive loss	(1,305)	(1,752)
Treasury stock, Common, at cost (163,943 and 142,837 shares as of January 31, 2023 and October 31, 2022, respectively)	(923)	(855)
Deferred compensation	923	855
Total stockholder's equity	667,808	684,392
Noncontrolling interests	7,565	7,105
Total equity	675,373	691,497
Total liabilities, redeemable Series B preferred stock, redeemable noncontrolling interest and total equity	892,383	939,717
Series B Preferred Stock
Current liabilities:
Redeemable Series B preferred stock (liquidation preference of $64,020 as of January 31, 2023 and October 31, 2022)	$ 59,857	$ 59,857