Fuelcell Energy (FCEL) Research & Development (2010 - 2026)
Fuelcell Energy (FCEL) posted Research & Development of $7.7 million for Q2 2026, up 10.71% sequentially from $7.0 million in Q1 2026, and down 22.1% YoY from $9.9 million in Q2 2025.
Fuelcell Energy (FCEL) Research & Development (2010 - 2026) Analysis & Trends
Fuelcell Energy has reported Research & Development for 17 years, with the latest figure at $7.7 million in Q2 2026.
- Quarterly Research & Development fell 22.1% year-over-year to $7.7 million in Q2 2026, while the trailing twelve-month figure through Apr 2026 was $27.8 million (down 38.83% YoY) and the FY2025 annual result came in at $34.1 million, down 38.49% from the prior year.
- Research & Development rose to $7.7 million in Q2 2026 per FCEL's latest filing, from $7.0 million in the prior quarter.
- Over five years, Research & Development peaked at $18.0 million in Q4 2023 and troughed at $5.0 million in Q1 2022.
- A 5-year average of $11.1 million and a median of $11.3 million in 2024 frame the typical range for Research & Development.
- The sharpest annual moves came in 2022 and 2025: Research & Development surged 248.45% in 2022, then slumped 53.0% in 2025.
- Over 5 years, Research & Development stood at $12.2 million in 2022, then surged by 47.56% to $18.0 million in 2023, then plunged by 35.59% to $11.6 million in 2024, then plunged by 53.0% to $5.5 million in 2025, then soared by 41.29% to $7.7 million in 2026.
- According to Business Quant data, Research & Development over the past three periods registered $7.7 million, $7.0 million, and $5.5 million for Q2 2026, Q1 2026, and Q4 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertiv Holdings | 100.83 Bn | 97.72 Bn | 1.23 Bn | - |
| 2 | Bloom Energy | 57.56 Bn | 54.89 Bn | 355.57 Mn | 58.87 Mn |
| 3 | Hubbell | 24.89 Bn | 24.50 Bn | 613.00 Mn | - |
| 4 | nVent Electric | 24.60 Bn | 24.35 Bn | 558.00 Mn | 24.50 Mn |
| 5 | Advanced Energy Industries | 11.11 Bn | 9.69 Bn | 236.10 Mn | 65.00 Mn |
| 6 | Acuity Inc. (De) | 10.38 Bn | 9.97 Bn | 606.40 Mn | - |
| 7 | Powell Industries | 7.20 Bn | 6.57 Bn | 95.30 Mn | 4.30 Mn |
| 8 | EnerSys | 6.92 Bn | 6.39 Bn | 313.36 Mn | - |
| 9 | Plug Power | 3.17 Bn | 2.85 Bn | -1.68 Mn | 13.42 Mn |
| 10 | Fuelcell Energy | 1.05 Bn | 675.77 Mn | -12.93 Mn | 7.71 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| 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 |
| Jul 31, 2021 | 3.02 Mn |