🔒FuelCell Energy posts 4Q revenue growth, details restructuring and layoffs in annual report

Danbury-based FuelCell Energy Inc. on Thursday reported higher fourth-quarter revenue and improved operating results while also detailing significant workforce reductions and cost-cutting measures disclosed in its fiscal 2025 annual report. The fuel cell manufacturer said revenue for the quarter ended Oct. 31 rose about 12% to $55 million, compared with the year-ago period. The company’s net loss narrowed to $30.7 million, or 85 cents per share, from $42.2 million, or $2.21 per share, a year earlier. For the full fiscal year, FuelCell Energy reported revenue of $158.2 million, a 41% increase from the prior year, as the company continued to expand service and generation revenues under long-term agreements. “We believe that our fourth quarter performance and ongoing cost reductions have positioned us well to meet the accelerating demand for electricity and data center projects in the U.S. and internationally,” President and Chief Executive Officer Jason Few said in the earnings release. He said FuelCell Energy has refocused its sales and marketing efforts toward data center customers, emphasizing product efficiencies and integrated thermal management to serve energy-intensive computing facilities. Management also highlighted a strengthened liquidity position, with unrestricted cash and equivalents of $278.1 million at year-end and additional financing support from the Export-Import Bank of the United States. FuelCell Energy has been building its project pipeline in part through long-term power purchase agreements. In its quarterly earnings report, the company disclosed a 20-year contract to build and operate a 7.4-megawatt fuel cell power plant in Hartford, under utility agreements with Eversource and United Illuminating. The deal is expected to contribute $167.4 million to its future generation backlog, the company said. FuelCell also cited growth in service and generation revenues from existing long-term service agreements, particularly in Korea, where the company continues to commission and service fuel cell modules under a multi-year contract.

Workforce changes

Alongside its earnings release, FuelCell Energy filed its annual report, which provided additional detail on two rounds of global restructuring and layoffs carried out over the past year as the company moved to reduce expenses amid slower-than-expected investment in clean-energy markets. From October 2023 to October 2025, the company reduced its workforce by about 28% to 424 employees. In November 2024, FuelCell Energy reduced its workforce by about 13%, or 75 employees, following an earlier 4% reduction in September 2024. A second restructuring announced in June 2025 eliminated 122 employees, or about 22% of the workforce at the time, across operations in the U.S., Canada and Germany. Beyond workforce reductions, the June restructuring included cuts to discretionary spending, the curtailment of most development work on solid oxide technology, and changes at the company’s Torrington manufacturing facility, where production was adjusted to align with contracted demand rather than forecasted volumes. FuelCell Energy said the actions were intended to lower operating costs and refocus resources on its core carbonate fuel cell technology.