FuelCell Energy, Inc. (FCEL) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | -27.3M | -33.94M | -22.86M | -26.83M | -29.89M | -45.71M | 5.84M | -63.36M | -37.12M | -58.27M | -15.83M | -35.75M | -35.29M | -53.38M | -24.08M | -23.38M | -16.95M | -47.75M | -9.85M | -19.42M |
| Operating CF Margin % | -76.7% | -111.16% | -41.56% | -57.4% | -79.89% | -240.62% | 11.85% | -267.4% | -165.58% | -349.09% | -70.47% | -140.15% | -92.03% | -143.98% | -61.42% | -54.24% | -103.47% | -150.19% | -70.71% | -72.42% |
| Operating CF Growth % | 8.66% | 25.76% | -491.17% | 57.65% | 19.5% | 21.55% | 136.93% | -77.22% | -5.19% | -9.16% | 34.27% | -52.91% | -108.18% | -11.77% | -144.38% | -20.38% | -56.32% | -57.52% | 19.26% | -97.03% |
| Net Income | -77.63M | -26.05M | -29.34M | -91.9M | -37.75M | -32.39M | -39.6M | -35.12M | -37.66M | -44.4M | -29.46M | -23.6M | -33.91M | -21.09M | -42.01M | -28.98M | -30.13M | -46.12M | -24.15M | -12M |
| Depreciation & Amortization | 10.84M | 10.52M | 9.82M | 9.75M | 10.89M | 9.95M | 8.8M | 9.24M | 9.55M | 8.6M | 6.72M | 6.62M | 6.63M | 5.41M | 4.91M | 5.27M | 5.33M | 5.77M | 4.95M | 4.51M |
| Stock-Based Compensation | 2.63M | 2.39M | 2.43M | 1.69M | 4.82M | 2.14M | 2.54M | 3.35M | 3M | 2.88M | 2.96M | 3.17M | 3.19M | 2.64M | 1.67M | 1.96M | 1.7M | 1.47M | 720K | 903K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 46.86M | -3.28M | -150K | 63.49M | 3.07M | -2.03M | 2.4M | 5.24M | 1K | 6.11M | -6.11M | -15.02M | 3.43M | 1.18M | 4.44M | 1.03M | 1.38M | 1.67M | 9.87M | 760K |
| Working Capital Changes | -10M | -17.52M | -5.62M | -9.87M | -10.92M | -23.38M | 31.7M | -46.07M | -12.02M | -31.46M | 10.06M | -6.92M | -14.64M | -41.51M | 6.92M | -2.66M | 4.77M | -10.54M | -1.25M | -13.6M |
| Change in Receivables | -1.46M | -9.36M | -27.08M | -19.29M | -13.83M | 1.81M | -15.66M | -6.25M | -6.49M | -2.58M | 9.98M | -8.1M | -19.43M | -3.29M | 7.17M | 3.42M | 18.72M | -20.34M | 1.26M | -6.81M |
| Change in Inventory | 64K | -2.94M | 17.93M | 9.93M | 2.21M | -14.2M | 15.65M | -15.43M | -11.06M | -18.4M | -662K | 1.73M | 13.88M | -10.27M | -5.28M | -2.76M | -17.49M | -2.53M | -7.74M | 2.6M |
| Change in Payables | 2.29M | -3.12M | 1.19M | -4.9M | 4.29M | -3.33M | 4.99M | 274K | -232K | -6.03M | 2.09M | 2.39M | -414K | -1.07M | 78K | 3.69M | 8K | 2.56M | 1.32M | -2.61M |
| Cash from Investing | -5.69M | -2.98M | -1.11M | 52.06M | 45.27M | -7.36M | -41.07M | 8.43M | -114.3M | 86.89M | -53.87M | -26.92M | -26.75M | -84.82M | -7.17M | -10.39M | -13.32M | -15.77M | -29.02M | -22.04M |
| Capital Expenditures | -1.7M | -2.98M | -1.11M | -8.87M | -5.19M | -7.37M | -10.61M | -16.97M | -13.89M | -18.09M | -28.87M | -26.84M | -26.81M | -9.85M | -7.17M | -10.39M | -13.32M | -15.77M | -29.02M | -22.04M |
| CapEx % of Revenue | 4.79% | 9.76% | 2.02% | 18.97% | 13.88% | 38.8% | 21.51% | 71.62% | 61.95% | 108.35% | 128.52% | 105.21% | 69.91% | 26.56% | 18.29% | 24.12% | 81.31% | 49.59% | 208.27% | 82.16% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -3.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -125.4M | -103.24M | -57.6M | -63.27M | -74.98M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 100M | 74.8M | 128.72M | 32.68M | 3.02M | 4.84M | 25.91M | 61.08M | 14.59M | 20.56M | 32.91M | 122.19M | -513K | -3.51M | 33.26M | 23.95M | 114.55M | 8.83M | 5.14M | 364.3M |
| Debt Issued (Net) | 100M | 20.17M | -4.02M | -4.08M | -3.31M | -3.04M | 7.19M | -3.53M | 9.97M | -2.6M | 13.8M | 39.93M | -2.24M | -2.29M | -2.34M | -2.35M | -2.33M | -2.53M | 5.12M | -2.28M |
| Equity Issued (Net) | 100.39M | 54.93M | 134.01M | 38.1M | 7.67M | 5.91M | 20.7M | 65.9M | 5.89M | 68K | 11.51M | 83.3M | 2.67M | 21K | 38.07M | 27.19M | 118.26M | 26K | 2.16M | 367.37M |
| Dividends Paid | -800K | -800K | -800K | -800K | -800K | -800K | -800K | -800K | -800K | -800K | -800K | -800K | -800K | -800K | -800K | -800K | -800K | -800K | -800K | -800K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -99.59M | 508K | -467K | -546K | -535K | 2.77M | -1.17M | -483K | -475K | 23.89M | 8.4M | -241K | -143K | -443K | -1.67M | -95K | -592K | 12.13M | -1.34M | 15K |
| Net Change in Cash | 66.95M | 37.81M | 104.94M | 57.74M | 18.69M | -48.46M | -9.3M | 6.29M | -136.91M | 49.22M | -36.85M | 59.35M | -62.7M | -141.26M | 1.41M | -9.91M | 84.12M | -54.78M | -33.81M | 322.84M |
| Free Cash Flow | -26.79M | -36.92M | -23.97M | -35.7M | -35.08M | -53.08M | -4.76M | -80.33M | -51.01M | -76.35M | -44.7M | -62.59M | -62.1M | -63.22M | -31.25M | -33.78M | -30.27M | -63.52M | -38.88M | -41.46M |
| FCF Margin % | -75.28% | -120.92% | -43.57% | -76.38% | -93.78% | -279.41% | -9.66% | -339.03% | -227.53% | -457.44% | -198.98% | -245.35% | -161.94% | -170.53% | -79.71% | -78.36% | -184.78% | -199.78% | -278.97% | -154.58% |
| FCF Growth % | 23.62% | 30.45% | -403.32% | 55.56% | 31.24% | 30.48% | 89.34% | -28.35% | 17.86% | -20.77% | -43.04% | -85.31% | -105.13% | 0.47% | 19.62% | 18.53% | -6.5% | -81.96% | -90% | -109.15% |
| FCF per Share | -0.49 | -0.77 | -0.66 | -1.46 | -1.61 | -2.59 | -0.02 | -0.16 | -0.11 | -0.17 | -0.10 | -0.15 | -0.15 | -0.16 | -0.08 | -0.09 | -0.08 | -0.17 | -0.11 | -0.12 |
| FCF Conversion (FCF/Net Income) | 0.35x | 1.43x | 0.77x | 0.29x | 0.79x | 1.57x | -0.14x | 1.94x | 1.16x | 2.94x | 0.52x | 1.47x | 1.03x | 2.87x | 0.57x | 0.79x | 0.56x | 1.18x | 0.41x | 1.62x |
| Interest Paid | 0 | 1.87M | 1.75M | 1.83M | 1.81M | 1.87M | 1.81M | 1.76M | 1.59M | 1.64M | 0 | 811K | 320K | 343K | 0 | 378K | 486K | 329K | 0 | -3.46M |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |