Fuelcell Energy (FCEL) Operating Expenses (2010 - 2026)
Fuelcell Energy (FCEL) recorded Operating Expenses of $22.16 million in fiscal Q3 2026 (quarter ended Jul 31, 2026), down 75.4% from $90.23 million a year earlier and down 65.9% from the prior quarter.
Fuelcell Energy (FCEL) Operating Expenses (2010 - 2026) Analysis & Trends
On a TTM basis, Fuelcell Energy's Operating Expenses came in at $129.27 million as of Jul 31, 2026, down 25.9% year-over-year; for FY2025 (ended Oct 31, 2025), it came in at $165.94 million, up 35.4% from FY2024.
- Annual Operating Expenses has a five-year compound annual growth rate of 39.5% (FY2020 to FY2025).
- Across earlier fiscal years, Operating Expenses came in at $122.57 million in FY2024 (-2.4%), $125.55 million in FY2023 (+10.0%), $114.15 million in FY2022 (+131.7%) and $49.26 million in FY2021 (+56.7%).
- Quarterly Operating Expenses has ranged from $14.19 million in fiscal Q4 2021 to $90.23 million in fiscal Q3 2025 over the past five years.
- On a year-over-year basis, Operating Expenses rose in two of the last eight quarters, with growth averaging 24.9%.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 290.0% in fiscal Q1 2022, against a decline of 75.4% in fiscal Q3 2026 at the low end.
- Per Business Quant, the preceding three fiscal quarters came in at $64.98 million (Q2 2026), $20.43 million (Q1 2026) and $21.69 million (Q4 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 243.42 Bn | 203.34 Bn | 2.36 Bn | 1.71 Bn |
| 2 | Bloom Energy | 64.86 Bn | 56.65 Bn | 355.57 Mn | 173.34 Mn |
| 3 | First Solar | 18.49 Bn | 9.44 Bn | 605.00 Mn | 154.62 Mn |
| 4 | BWX Technologies | 12.47 Bn | 10.77 Bn | 202.31 Mn | 811.92 Mn |
| 5 | Nextpower | 12.04 Bn | 7.93 Bn | 335.85 Mn | 144.95 Mn |
| 6 | Generac Holdings | 11.40 Bn | 10.23 Bn | 521.81 Mn | 311.38 Mn |
| 7 | EnerSys | 6.16 Bn | 4.36 Bn | 313.36 Mn | 151.24 Mn |
| 8 | Enphase Energy | 4.04 Bn | -817.10 Mn | 175.01 Mn | 123.50 Mn |
| 9 | Mirion Technologies | 3.66 Bn | 1.50 Bn | 133.10 Mn | 115.20 Mn |
| 10 | Fuelcell Energy | 903.66 Mn | -717.54 Mn | -24.50 Mn | 22.16 Mn |
Historic Data
| Date | Value |
|---|---|
| Jul 31, 2026 | 22.16 Mn |
| Apr 30, 2026 | 64.98 Mn |
| Jan 31, 2026 | 20.43 Mn |
| Oct 31, 2025 | 21.69 Mn |
| Jul 31, 2025 | 90.23 Mn |
| Apr 30, 2025 | 26.37 Mn |
| Jan 31, 2025 | 27.65 Mn |
| Oct 31, 2024 | 30.12 Mn |
| Jul 31, 2024 | 27.42 Mn |
| Apr 30, 2024 | 34.29 Mn |
| Jan 31, 2024 | 30.75 Mn |
| Oct 31, 2023 | 34.91 Mn |
| Jul 31, 2023 | 33.18 Mn |
| Apr 30, 2023 | 29.77 Mn |
| Jan 31, 2023 | 27.69 Mn |
| Oct 31, 2022 | 27.48 Mn |
| Jul 31, 2022 | 23.82 Mn |
| Apr 30, 2022 | 20.91 Mn |
| Jan 31, 2022 | 41.95 Mn |
| Oct 31, 2021 | 14.19 Mn |
Fuelcell Energy Operating Expenses 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=operating-expenses&ticker=FCEL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=FCEL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();