Product was the largest of Fuelcell Energy Inc’s 4 reported lines in fiscal 2025, at $69.13M — 44% of $158.16M.
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Product | $60.00M | $19.59M | $25.68M | $69.13M | ||||||
| Product Sales | — | — | — | — | ||||||
| Generation | $36.19M | $37.51M | $49.98M | $48.01M | ||||||
| Generation Revenues | — | — | — | — | ||||||
| Service & License | — | — | — | — | ||||||
| Service Agreements & License Revenues | — | — | — | — | ||||||
| Service | $12.79M | $49.08M | $9.97M | $20.40M | ||||||
| Advanced Technologies | $21.51M | $17.21M | $26.51M | $20.62M | ||||||
| Advanced Technologies Contract Revenues | — | — | — | — | ||||||
| Total | $130.48M | $123.39M | $112.13M | $158.16M |
In fiscal 2025, which ended October 31, 2025, the 4 revenue lines Fuelcell Energy Inc reported in this breakdown added up to $158.16M. That was up 41.0% from $112.13M in fiscal 2024. Product was the largest revenue line, at $69.13M or 43.7% of the total, followed by Generation ($48.01M, 30.4%) and Advanced Technologies ($20.62M, 13.0%). Together, the two largest revenue lines made up 74.1% of this total.
Compared with fiscal 2024, Product grew the fastest, rising 169.2% to $69.13M. Advanced Technologies fell the most, down 22.2% to $20.62M. Over fiscal 2022 to 2025, revenue across these revenue lines went from $130.48M to $158.16M, a compound annual growth rate of 6.6%. Product's share of the total fell from 46.0% to 43.7% over the same years.
The table also keeps 5 revenue lines that Fuelcell Energy Inc no longer reports, so earlier years can still be read on their original basis; use "Show 5 discontinued" beneath the table to see them. This breakdown covers every fiscal year from 2016 to 2025, as reported in Fuelcell Energy Inc's annual filings.
United States was the largest of Fuelcell Energy Inc’s 4 reported lines in fiscal 2025, at $82.40M — 52% of $158.16M.
| Geography | FY 2012 | FY 2015 | FY 2016 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| South Korea [Domain] | — | — | — | — | |||||||
| United States | $60.29M | $63.29M | $86.96M | $82.40M | |||||||
| South Korea | $68.34M | $58.43M | $22.84M | $75.22M | |||||||
| Europe | $1.85M | $1.67M | $1.92M | $428.00K | |||||||
| Germany | — | — | — | — | |||||||
| England | — | — | — | — | |||||||
| Switzerland | — | — | — | — | |||||||
| United Kingdom | — | — | — | — | |||||||
| Canada | — | — | $415.00K | $115.00K | |||||||
| California | — | — | — | — | |||||||
| Indonesia | — | — | — | — | |||||||
| Spain | — | — | — | — | |||||||
| Total | $130.48M | $123.39M | $112.13M | $158.16M |
In fiscal 2025, which ended October 31, 2025, the 4 regions Fuelcell Energy Inc reported in this breakdown added up to $158.16M. That was up 41.0% from $112.13M in fiscal 2024. United States was the largest region, at $82.40M or 52.1% of the total, followed by South Korea ($75.22M, 47.6%) and Europe ($428.00K, 0.3%). Together, the two largest regions made up 99.7% of this total.
Compared with fiscal 2024, South Korea grew the fastest, rising 229.4% to $75.22M. United States fell the most, down 5.2% to $82.40M.
The table also keeps 8 regions that Fuelcell Energy Inc no longer reports, so earlier years can still be read on their original basis; use "Show 8 discontinued" beneath the table to see them. This breakdown covers 11 fiscal years between 2012 and 2025, as reported in Fuelcell Energy Inc's annual filings.
Fuelcell Energy Inc (FCEL) breaks its revenue down by revenue line and region. In fiscal 2025, its largest revenue line was Product, with $69.13M or 43.7% of the total, followed by Generation at $48.01M (30.4%).
Product was Fuelcell Energy Inc's largest revenue line in fiscal 2025, with $69.13M in revenue, 43.7% of the $158.16M reported across its 4 revenue lines.
United States was Fuelcell Energy Inc's largest region in fiscal 2025, with $82.40M in revenue, 52.1% of the $158.16M reported across its 4 regions.
Of the Fuelcell Energy Inc revenue lines reported in both fiscal 2024 and fiscal 2025, and making up at least 2% of the total, Product grew the fastest, rising 169.2% from $25.68M to $69.13M.
Every figure is taken from Fuelcell Energy Inc's annual financial filings and shown as reported: each line keeps the name the company gives it, years follow its own fiscal calendar, and lines it has stopped reporting stay in the table for the years they were reported.
The breakdown by revenue line covers fiscal 2016 to 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.