Product was Fuelcell Energy’s largest product and service line in fiscal 2025, bringing in $69.13M of $158.16M (44%).
| 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 |
Fuelcell Energy brought in $158.16M from its four product and service lines in fiscal 2025, the year ended October 31, 2025. That was up 41.0% from $112.13M in fiscal 2024. Product was the largest at $69.13M (43.7%), ahead of Generation at $48.01M (30.4%) and Advanced Technologies at $20.62M (13.0%). The remaining line, Service, brought in $20.40M.
Compared with fiscal 2024, Product grew fastest, up 169.2% to $69.13M, while Advanced Technologies fell the most, down 22.2% to $20.62M. From fiscal 2022 to 2025, combined revenue from these lines grew 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%.
United States was Fuelcell Energy’s largest region in fiscal 2025, bringing in $82.40M of $158.16M (52%).
| 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 |
Fuelcell Energy brought in $158.16M from its four regions in fiscal 2025, the year ended October 31, 2025. That was up 41.0% from $112.13M in fiscal 2024. United States was the largest at $82.40M (52.1%), ahead of South Korea at $75.22M (47.6%) and Europe at $428.00K (0.3%). The remaining region, Canada, brought in $115.00K.
Compared with fiscal 2024, South Korea grew 229.4% to $75.22M, while United States fell 5.2% to $82.40M.
Fuelcell Energy (FCEL) reports its revenue by product and service and by geography. In fiscal 2025, Product was its largest product and service line, bringing in $69.13M (43.7% of the total), followed by Generation at $48.01M (30.4%).
Product was Fuelcell Energy's largest product and service line in fiscal 2025, bringing in $69.13M, or 43.7% of the $158.16M total across its four product and service lines.
United States was Fuelcell Energy's largest region in fiscal 2025, bringing in $82.40M, or 52.1% of the $158.16M total across its four regions.
Among Fuelcell Energy's product and service lines that make up at least 2% of revenue, Product grew fastest in fiscal 2025, up 169.2% from $25.68M to $69.13M.
Every figure comes from Fuelcell Energy's annual financial filings, as reported. Each line keeps the name Fuelcell Energy gives it, and years follow its fiscal calendar.
Fuelcell Energy's revenue by product and service goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.