Fuelcell Energy (FCEL) Research & Development (2010 - 2026)
Fuelcell Energy (FCEL) reported Research & Development of $8.51 million for fiscal Q3 2026 (quarter ended Jul 31, 2026), up 11.3% from $7.65 million a year earlier and up 10.4% from the prior quarter.
Fuelcell Energy (FCEL) Research & Development (2010 - 2026) Analysis & Trends
Over the twelve months ended Jul 31, 2026, Fuelcell Energy's Research & Development came in at $28.64 million, down 28.8% year-over-year; for FY2025 (ended Oct 31, 2025), it was $34.08 million, down 38.5% from FY2024.
- Research & Development has a five-year compound annual growth rate of 48.0% (FY2020 to FY2025).
- By fiscal year, Research & Development came in at $55.4 million in FY2024 (-9.2%), $61.02 million in FY2023 (+76.7%), $34.53 million in FY2022 (+205.2%) and $11.32 million in FY2021 (+135.9%).
- The fiscal Q3 2026 figure ranks as the highest quarterly Research & Development since fiscal Q2 2025.
- Year over year, Research & Development gained in 1 of the last eight quarters, with an average decline of 30.0%.
- The high point for year-over-year Research & Development in five years was fiscal Q4 2022 (growth of 248.4%); the low point was fiscal Q4 2025 (a decline of 53.0%).
- Per Business Quant data, the three fiscal quarters before Q3 2026 came in at $7.71 million (Q2 2026), $6.96 million (Q1 2026) and $5.46 million (Q4 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 243.42 Bn | 203.34 Bn | 2.36 Bn | 334.00 Mn |
| 2 | Bloom Energy | 64.86 Bn | 56.65 Bn | 355.57 Mn | 58.87 Mn |
| 3 | First Solar | 18.49 Bn | 9.44 Bn | 605.00 Mn | 76.24 Mn |
| 4 | BWX Technologies | 12.47 Bn | 10.77 Bn | 202.31 Mn | 4.17 Mn |
| 5 | Nextpower | 12.04 Bn | 7.93 Bn | 335.85 Mn | 44.51 Mn |
| 6 | Generac Holdings | 11.40 Bn | 10.23 Bn | 521.81 Mn | 65.78 Mn |
| 7 | EnerSys | 6.16 Bn | 4.36 Bn | 313.36 Mn | - |
| 8 | Enphase Energy | 4.04 Bn | -817.10 Mn | 175.01 Mn | 45.66 Mn |
| 9 | Mirion Technologies | 3.66 Bn | 1.50 Bn | 133.10 Mn | 10.10 Mn |
| 10 | Fuelcell Energy | 903.66 Mn | -717.54 Mn | -24.50 Mn | 8.51 Mn |
Historic Data
| Date | Value |
|---|---|
| Jul 31, 2026 | 8.51 Mn |
| Apr 30, 2026 | 7.71 Mn |
| 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 |
Fuelcell Energy Research & Development 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=research-and-development&ticker=FCEL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "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=research-and-development&ticker=FCEL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();