Fuelcell Energy (FCEL) Research & Development (2010 - 2026)
Fuelcell Energy recorded quarterly Research & Development of $7.0 million in Q1 2026, up 27.62% quarter-over-quarter from $5.5 million in Q4 2025, and down 37.16% year-over-year from $11.1 million in Q1 2025.
Fuelcell Energy's Research & Development history runs 17 years deep, the most recent figure standing at $7.0 million for Q1 2026.
- In Q1 2026, Research & Development fell 37.16% year-over-year to $7.0 million; the TTM figure through Jan 2026 stood at $30.0 million (down 42.53% YoY), while the FY2025 annual figure was $34.1 million, down 38.49% from the prior year.
- Research & Development came in at $7.0 million for Q1 2026 at Fuelcell Energy, up from $5.5 million in the prior quarter.
- In the past five years, Research & Development ranged from a high of $18.0 million in Q4 2023 to a low of $5.0 million in Q1 2022.
- A 5-year average of $11.3 million and a median of $11.6 million in 2024 frame the typical range for Research & Development.
- Across the five-year window, Research & Development jumped 248.45% in 2022 and sank 53.0% in 2025, its largest moves.
- Fuelcell Energy's Research & Development stood at $12.2 million in 2022, then jumped by 47.56% to $18.0 million in 2023, then tumbled by 35.59% to $11.6 million in 2024, then tumbled by 53.0% to $5.5 million in 2025, then climbed by 27.62% to $7.0 million in 2026.
- According to Business Quant data, Research & Development over the past three periods registered $7.0 million, $5.5 million, and $7.6 million for Q1 2026, Q4 2025, and Q3 2025 respectively.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertiv Holdings | 125.39 Bn | 122.89 Bn | 999.70 Mn | - |
| 2 | Bloom Energy | 85.22 Bn | 82.75 Bn | 225.54 Mn | 56.85 Mn |
| 3 | nVent Electric | 26.63 Bn | 26.44 Bn | 445.60 Mn | 22.70 Mn |
| 4 | Hubbell | 25.22 Bn | 24.72 Bn | 505.30 Mn | - |
| 5 | Advanced Energy Industries | 12.25 Bn | 12.25 Bn | 200.90 Mn | 62.40 Mn |
| 6 | Powell Industries | 10.16 Bn | 9.61 Bn | 87.94 Mn | 4.29 Mn |
| 7 | Acuity Inc. (De) | 8.82 Bn | 8.55 Bn | 520.40 Mn | - |
| 8 | EnerSys | 8.70 Bn | 8.26 Bn | 290.87 Mn | - |
| 9 | Plug Power | 5.25 Bn | 4.87 Bn | -21.61 Mn | 12.11 Mn |
| 10 | Fuelcell Energy | 1.21 Bn | 903.11 Mn | -5.86 Mn | 6.96 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jan 31, 2026 | 6.96 Mn |
| Oct 31, 2025 | 5.46 Mn |
| Jul 31, 2025 | 7.65 Mn |
| Apr 30, 2025 | 9.90 Mn |
| Jan 31, 2025 | 11.08 Mn |
| Oct 31, 2024 | 11.61 Mn |
| Jul 31, 2024 | 12.82 Mn |
| Apr 30, 2024 | 16.63 Mn |
| Jan 31, 2024 | 14.35 Mn |
| Oct 31, 2023 | 18.02 Mn |
| Jul 31, 2023 | 15.62 Mn |
| Apr 30, 2023 | 14.70 Mn |
| Jan 31, 2023 | 12.68 Mn |
| Oct 31, 2022 | 12.21 Mn |
| Jul 31, 2022 | 9.66 Mn |
| Apr 30, 2022 | 7.67 Mn |
| Jan 31, 2022 | 4.98 Mn |
| Oct 31, 2021 | 3.51 Mn |
| Jul 31, 2021 | 3.02 Mn |
| Apr 30, 2021 | 2.96 Mn |
| Jan 31, 2021 | 1.82 Mn |
| Oct 31, 2020 | 1.47 Mn |
| Jul 31, 2020 | 1.03 Mn |
| Apr 30, 2020 | 1.14 Mn |
| Jan 31, 2020 | 1.16 Mn |
| Oct 31, 2019 | 29.62 Mn |
| Jul 31, 2019 | 1.98 Mn |
| Apr 30, 2019 | 4.18 Mn |
| Jan 31, 2019 | 6.28 Mn |
| Jul 31, 2018 | 6.32 Mn |
| Apr 30, 2018 | 5.02 Mn |
| Jan 31, 2018 | 4.05 Mn |
| Oct 31, 2017 | 4.23 Mn |
| Jul 31, 2017 | 5.39 Mn |
| Apr 30, 2017 | 5.39 Mn |
| Jan 31, 2017 | 5.39 Mn |
| Oct 31, 2016 | 5.13 Mn |
| Jul 31, 2016 | 5.30 Mn |
| Apr 30, 2016 | 5.11 Mn |
| Jan 31, 2016 | 5.31 Mn |
| Oct 31, 2015 | 4.79 Mn |
| Jul 31, 2015 | 4.60 Mn |
| Apr 30, 2015 | 4.56 Mn |
| Jan 31, 2015 | 3.50 Mn |
| Oct 31, 2014 | 4.30 Mn |
| Jul 31, 2014 | 4.39 Mn |
| Apr 30, 2014 | 4.64 Mn |
| Jan 31, 2014 | 4.92 Mn |
| Oct 31, 2013 | 4.40 Mn |
| Jul 31, 2013 | 3.91 Mn |
| Apr 30, 2013 | 4.08 Mn |
| Jan 31, 2013 | 3.33 Mn |
| Oct 31, 2012 | 3.42 Mn |
| Jul 31, 2012 | 3.19 Mn |
| Apr 30, 2012 | 3.96 Mn |
| Jan 31, 2012 | 3.78 Mn |
| Oct 31, 2011 | 4.11 Mn |
| Jul 31, 2011 | 3.92 Mn |
| Apr 30, 2011 | 4.50 Mn |
| Jan 31, 2011 | 4.25 Mn |
| Oct 31, 2010 | 4.24 Mn |
| Jul 31, 2010 | 4.62 Mn |