Fuelcell Energy (FCEL) Cost of Revenue (2010 - 2026)
Fuelcell Energy's Cost of Revenue was $57.5 million in fiscal Q3 2026 (quarter ended Jul 31, 2026), up 10.8% from $51.88 million a year earlier and up 18.5% from the prior quarter.
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Analysis
Fuelcell Energy (FCEL) Cost of Revenue (2010 - 2026) Analysis & Trends
On a trailing twelve-month basis, Fuelcell Energy's Cost of Revenue was $204.06 million through Jul 31, 2026, up 11.4% year-over-year; for FY2025 (ended Oct 31, 2025), it was $184.57 million, up 24.7% from FY2024.
- Cost of Revenue shows a five-year compound annual growth rate of 18.6% (FY2020 to FY2025).
- In earlier fiscal years, Cost of Revenue was $148.05 million in FY2024 (+10.5%), $133.93 million in FY2023 (-16.3%), $160.06 million in FY2022 (+87.8%) and $85.22 million in FY2021 (+8.4%).
- Quarterly Cost of Revenue has moved between $22.3 million (fiscal Q4 2021) and $61.65 million (fiscal Q4 2025) over five years.
- Compared with a year earlier, Cost of Revenue has increased for six straight quarters, with growth averaging 42.1% over the last eight quarters.
- The best year-over-year quarter for Cost of Revenue over five years was fiscal Q4 2024 (growth of 151.8%); the worst was fiscal Q4 2023 (a decline of 56.0%).
- Per Business Quant data, FCEL's Cost of Revenue in the three fiscal quarters before Q3 2026 was $48.52 million (Q2 2026), $36.39 million (Q1 2026) and $61.65 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 267.57 Bn | 228.65 Bn | 2.36 Bn | 8.74 Bn |
| 2 | Bloom Energy | 82.19 Bn | 74.01 Bn | 355.57 Mn | 709.79 Mn |
| 3 | First Solar | 19.11 Bn | 10.06 Bn | 605.00 Mn | 451.19 Mn |
| 4 | Generac Holdings | 13.27 Bn | 12.10 Bn | 521.81 Mn | 651.70 Mn |
| 5 | BWX Technologies | 13.18 Bn | 11.48 Bn | 202.31 Mn | 699.32 Mn |
| 6 | Nextpower | 13.06 Bn | 8.95 Bn | 335.85 Mn | 599.32 Mn |
| 7 | EnerSys | 6.53 Bn | 4.72 Bn | 313.36 Mn | 622.28 Mn |
| 8 | Enphase Energy | 4.34 Bn | -523.91 Mn | 175.01 Mn | 116.84 Mn |
| 9 | Mirion Technologies | 4.06 Bn | 1.95 Bn | 133.10 Mn | 133.70 Mn |
| 10 | Fuelcell Energy | 1.44 Bn | -171.84 Mn | -24.50 Mn | 57.50 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jul 31, 2026 | 57.50 Mn |
| Apr 30, 2026 | 48.52 Mn |
| Jan 31, 2026 | 36.39 Mn |
| Oct 31, 2025 | 61.65 Mn |
| Jul 31, 2025 | 51.88 Mn |
| Apr 30, 2025 | 46.84 Mn |
| Jan 31, 2025 | 24.20 Mn |
| Oct 31, 2024 | 60.24 Mn |
| Jul 31, 2024 | 29.90 Mn |
| Apr 30, 2024 | 29.49 Mn |
| Jan 31, 2024 | 28.42 Mn |
| Oct 31, 2023 | 23.93 Mn |
| Jul 31, 2023 | 33.73 Mn |
| Apr 30, 2023 | 44.44 Mn |
| Jan 31, 2023 | 31.84 Mn |
| Oct 31, 2022 | 54.39 Mn |
| Jul 31, 2022 | 47.28 Mn |
| Apr 30, 2022 | 23.69 Mn |
| Jan 31, 2022 | 34.69 Mn |
| Oct 31, 2021 | 22.30 Mn |
API Access
Fuelcell Energy Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=FCEL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "FCEL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=FCEL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();