FCELFUELCELL ENERGY INC

Electrical Industrial Apparatus

Revenue: $158M; 41% YoY
Operating margin: -121.6%; 14% YoY
EBITDA: −$152M; 24% YoY
Market cap: $897M
Employees: 424; $373K revenue each
Net debt / EBITDA: —; −$575M net debt
AI in 10-K: 1.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
7% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentYes
77% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$373K · 45th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.1 per 10K words · 36th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$897M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$531K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$70M	$130M	$123M	$112M	$158M	41%
Operating income	−$65M	−$144M	−$136M	−$158M	−$192M	21%
Net income	−$101M	−$143M	−$108M	−$126M	−$188M	49%
Operating cash flow	−$70M	−$112M	−$140M	−$153M	−$125M	18%
Capex	$6M	$21M	$39M	$48M	$19M	61%
Stock-based comp	$4M	$7M	$12M	$12M	$11M	5.7%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $742K · 2
Open-market sells, 12 mo: $211K · 4
Net: $531K

Pay vs performance

No pay-versus-performance disclosure yet.