Financial Statements — FCEL
Balance Sheet
(in billions USD)| Metric | Q2
2026 | Q1
2026 | Q3
2025 | Q2
2025 | Q1
2025 | Q3
2024 | Q2
2024 | Q1
2024 | Q3
2023 | Q2
2023 | Q1
2023 | Q3
2022 | Q2
2022 | Q1
2022 | Q3
2021 | Q2
2021 | Q1
2021 |
|---|
| Cash & Equivalents | 0.37 | 0.31 | 0.17 | 0.12 | 0.10 | 0.16 | 0.16 | 0.30 | 0.30 | 0.25 | 0.32 | 0.46 | 0.47 | 0.38 | 0.47 | 0.14 | 0.18 |
| Short-term Investments | -- | -- | -- | 0.06 | 0.11 | 0.11 | 0.10 | 0.10 | 0.08 | 0.08 | 0.08 | -- | -- | -- | -- | -- | -- |
| Accounts Receivable | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 | 0.00 | 0.01 | 0.02 | 0.03 | 0.01 | 0.01 | 0.01 |
| Inventory | 0.09 | 0.09 | 0.10 | 0.12 | 0.13 | 0.13 | 0.11 | 0.10 | 0.09 | 0.09 | 0.10 | 0.08 | 0.08 | 0.07 | 0.06 | 0.06 | 0.06 |
| Total Current Assets | 0.54 | 0.49 | 0.37 | 0.38 | 0.41 | 0.46 | 0.43 | 0.45 | 0.51 | 0.45 | 0.52 | 0.58 | 0.60 | 0.51 | 0.57 | 0.25 | 0.28 |
| Property, Plant & Equipment | 0.10 | 0.10 | 0.10 | 0.14 | 0.14 | 0.12 | 0.11 | 0.10 | 0.08 | 0.07 | 0.06 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| Goodwill | -- | -- | -- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Intangible Assets | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Total Non-current Assets* | 0.46 | 0.48 | 0.46 | 0.50 | 0.50 | 0.49 | 0.49 | 0.48 | 0.43 | 0.41 | 0.37 | 0.36 | 0.35 | 0.35 | 0.31 | 0.29 | 0.27 |
| Total Assets | 1.00 | 0.98 | 0.83 | 0.88 | 0.91 | 0.95 | 0.92 | 0.92 | 0.95 | 0.86 | 0.89 | 0.94 | 0.95 | 0.85 | 0.88 | 0.54 | 0.55 |
| Accounts Payable | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.02 | 0.02 | 0.01 | 0.02 | 0.01 |
| Short-term Debt | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Total Current Liabilities | 0.06 | 0.06 | 0.07 | 0.07 | 0.06 | 0.07 | 0.06 | 0.05 | 0.06 | 0.06 | 0.07 | 0.08 | 0.08 | 0.08 | 0.04 | 0.06 | 0.05 |
| Long-term Debt | 0.12 | 0.12 | 0.11 | 0.11 | 0.11 | 0.11 | 0.12 | 0.11 | 0.10 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.07 | 0.07 | 0.08 |
| Total Non-current Liabilities* | 0.15 | 0.15 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.13 | 0.12 | 0.09 | 0.09 | 0.10 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| Total Liabilities | 0.22 | 0.21 | 0.21 | 0.21 | 0.20 | 0.20 | 0.20 | 0.18 | 0.18 | 0.15 | 0.16 | 0.18 | 0.19 | 0.18 | 0.15 | 0.17 | 0.17 |
| Retained Earnings | (1.93) | (1.85) | (1.80) | (1.71) | (1.67) | (1.60) | (1.57) | (1.54) | (1.49) | (1.46) | (1.43) | (1.37) | (1.34) | (1.31) | (1.24) | (1.23) | (1.21) |
| Total Stockholder Equity | 0.72 | 0.69 | 0.56 | 0.61 | 0.64 | 0.68 | 0.64 | 0.66 | 0.70 | 0.64 | 0.67 | 0.69 | 0.69 | 0.60 | 0.67 | 0.31 | 0.33 |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q2
2026 | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 | Q4
2022 | Q3
2022 | Q2
2022 | Q1
2022 | Q4
2021 | Q3
2021 |
|---|
| Total Revenue | 35.59 | 30.53 | 55.02 | 46.74 | 37.41 | 19.00 | 49.33 | 23.70 | 22.42 | 16.69 | 22.46 | 25.51 | 38.35 | 37.07 | 39.20 | 43.10 | 16.38 | 31.80 | 13.94 | 26.82 |
| Cost of Revenue | 48.52 | 36.39 | 61.65 | 51.88 | 46.84 | 24.20 | 60.24 | 29.90 | 29.49 | 28.42 | 23.93 | 33.73 | 44.44 | 31.84 | 54.39 | 47.28 | 23.69 | 34.69 | 22.30 | 25.72 |
| Gross Profit | (12.93) | (5.86) | (6.63) | (5.13) | (9.44) | (5.20) | (10.92) | (6.20) | (7.07) | (11.72) | (1.46) | (8.21) | (6.09) | 5.24 | (15.19) | (4.18) | (7.31) | (2.89) | (8.36) | 1.10 |
| Research & Development | 7.71 | 6.96 | 5.46 | 7.65 | 9.90 | 11.08 | 11.61 | 12.82 | 16.63 | 14.35 | 18.02 | 15.62 | 14.70 | 12.68 | 12.21 | 9.66 | 7.67 | 4.98 | 3.51 | 3.02 |
| Selling, General & Admin | 14.71 | 13.47 | 15.18 | 14.07 | 16.47 | 15.03 | 15.95 | 14.60 | 17.66 | 16.40 | 16.89 | 17.56 | 15.07 | 15.01 | 15.26 | 14.16 | 13.23 | 36.97 | 10.68 | 8.66 |
| Total Operating Expenses | 64.98 | 20.43 | 21.69 | 90.23 | 26.37 | 27.65 | 30.12 | 27.42 | 34.29 | 30.75 | 34.91 | 33.18 | 29.77 | 27.69 | 27.48 | 23.82 | 20.91 | 41.95 | 14.19 | 11.69 |
| Operating Income | (77.91) | (26.29) | (28.32) | (95.36) | (35.81) | (32.85) | (41.03) | (33.62) | (41.36) | (42.48) | (36.38) | (41.39) | (35.86) | (22.45) | (42.67) | (28.00) | (28.22) | (44.84) | (22.55) | (10.58) |
| Interest Expense | 2.86 | 2.76 | 2.68 | 2.55 | 2.55 | 2.61 | 2.52 | 2.56 | 2.28 | 2.34 | 2.32 | 1.91 | 1.50 | 1.51 | 1.64 | 1.62 | 1.71 | 1.43 | 1.70 | 1.55 |
| Pretax Income | (77.68) | (26.05) | (29.33) | (91.86) | (37.66) | (32.39) | (39.58) | (35.12) | (37.66) | (44.40) | (29.46) | (23.60) | (33.91) | (20.51) | (41.68) | (28.48) | (30.13) | (46.12) | (24.15) | (11.99) |
| Tax Provision | (0.05) | -- | 0.01 | 0.04 | 0.08 | -- | 0.02 | 0.00 | -- | -- | 0.00 | 0.00 | 0.00 | 0.58 | 0.33 | 0.49 | -- | -- | -0.00 | 0.01 |
| Net Income | (77.91) | (22.86) | (29.87) | (91.66) | (38.05) | (28.33) | (41.42) | (32.66) | (32.14) | (19.79) | (30.36) | (24.28) | (34.30) | (18.62) | (42.47) | (29.41) | (30.22) | (40.62) | (24.18) | (12.00) |
| Basic EPS | (1.45) | (0.49) | (0.43) | (3.78) | (1.79) | (1.42) | (7.64) | (0.07) | (0.07) | (0.05) | (0.06) | (0.06) | (0.09) | (0.05) | (0.11) | (0.08) | (0.08) | (0.11) | (0.06) | (0.04) |
| Diluted EPS | (1.45) | (0.49) | (0.43) | (3.78) | (1.79) | (1.42) | (7.64) | (0.07) | (0.07) | (0.05) | (0.06) | (0.06) | (0.09) | (0.05) | (0.11) | (0.08) | (0.08) | (0.11) | (0.06) | (0.04) |
Cash Flow Statement
(in millions USD)| Metric | Q2
2026 | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 | Q4
2022 | Q3
2022 | Q2
2022 | Q1
2022 | Q4
2021 | Q3
2021 |
|---|
| Operating Cash Flow | (27.30) | (33.94) | (22.86) | (26.83) | (29.88) | (45.71) | 5.85 | (63.36) | (37.12) | (58.27) | (15.83) | (35.75) | (35.29) | (53.38) | (24.08) | (23.38) | (16.95) | (47.75) | (9.85) | (19.42) |
| Capital Expenditures | 1.70 | 0.77 | 1.01 | 5.25 | 5.28 | 7.06 | 10.55 | 13.40 | 13.21 | 10.57 | 11.25 | 11.20 | 9.14 | 7.77 | 5.29 | 5.40 | 5.06 | 5.33 | 3.45 | 1.95 |
| Free Cash Flow* | (29.00) | (34.71) | (23.88) | (32.08) | (35.17) | (52.77) | (4.70) | (76.76) | (50.33) | (68.83) | (27.08) | (46.95) | (44.43) | (61.14) | (29.37) | (28.78) | (22.02) | (53.08) | (13.30) | (21.37) |
| Investing Cash Flow | (5.69) | (2.98) | (1.11) | 52.06 | 45.27 | (7.35) | (41.07) | 8.43 | (114.30) | 86.89 | (53.87) | (26.92) | (26.75) | (84.82) | (7.17) | (10.39) | (13.32) | (15.77) | (29.02) | (22.04) |
| Financing Cash Flow | 94.28 | 74.80 | 128.73 | 32.68 | 3.03 | 4.84 | 25.91 | 61.08 | 14.59 | 20.56 | 32.91 | 122.19 | (0.51) | (3.51) | 33.26 | 23.95 | 114.55 | 8.83 | 5.14 | 364.30 |
* Derived from reported values
