Fuelcell Energy Inc balance sheet

At the end of fiscal 2025, Fuelcell Energy Inc had total assets of $932m, total liabilities of $201m and shareholders' equity of $662m. It held $278m in cash against $120m of debt: net cash of $158m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fuelcell Energy Inc: balance sheet, annual
Fiscal year	2009Oct 2009	2010Oct 2010	2011Oct 2011	2012Oct 2012	2013Oct 2013	2014Oct 2014	2015Oct 2015	2016Oct 2016	2017Oct 2017	2018Oct 2018	2019Oct 2019	2020Oct 2020	2021Oct 2021	2022Oct 2022	2023Oct 2023	2024Oct 2024	2025Oct 2025	LTMJul 2026
Cash and equivalents	58	11	43	47	68	84	59	84	49	39	9	150	432	458	250	148	278	658
Receivables	—	18	22	26	49	64	61	25	69	9	3	10	15	5	4	12	4	7
Inventory	—	33	40	48	56	56	66	74	74	54	55	51	67	91	84	114	86	86
Total current assets	—	102	133	141	189	217	204	202	204	130	84	234	543	580	476	444	450	833
Goodwill	—	—	—	0	4	4	4	4	4	4	4	4	4	4	4	4	—	—
Total assets	—	151	184	191	238	281	277	341	384	340	333	524	875	940	956	944	932	1,311
Accounts payable	—	10	14	12	25	23	16	18	43	23	17	10	19	28	27	23	17	16
Deferred revenue (current)	—	25	64	46	52	38	32	7	8	11	11	10	6	16	2	4	3	19
Total current liabilities	—	54	114	85	106	75	75	52	98	60	63	59	53	86	66	74	68	96
Short-term debt	—	1	5	5	7	1	7	5	28	18	22	21	10	13	10	16	16	19
Long-term debt	—	4	4	3	44	9	9	77	60	70	84	144	78	69	109	116	104	135
Total debt	0	5	9	9	54	11	16	83	88	88	106	165	88	82	119	132	120	154
Total liabilities	—	66	138	118	191	122	123	166	195	163	198	269	170	185	195	217	201	268
Shareholders' equity	31	8	−13	15	−12	100	95	114	101	82	76	195	642	684	682	657	662	975
Non-controlling interests and other (assets − liabilities − equity)	—	76	59	59	59	58	59	60	88	95	60	60	63	70	78	71	69	68
Net debt (negative = net cash)	−58	−6	−34	−38	−14	−73	−43	−1	38	49	97	15	−345	−376	−130	−16	−158	−505
Shares outstanding	—	—	—	—	—	—	—	—	—	8m	—	—	—	—	15m	20m	—	80m

US$ millions unless shown otherwise. Fiscal quarters.

Fuelcell Energy Inc: balance sheet, quarterly
Quarter	2024 Q4Oct 2024	2025 Q1Jan 2025	2025 Q2Apr 2025	2025 Q3Jul 2025	2025 Q4Oct 2025	2026 Q1Jan 2026	2026 Q2Apr 2026	2026 Q3Jul 2026
Receivables	12	9	10	10	4	6	8	7
Inventory	114	126	124	105	86	90	88	86
Total current assets	444	411	384	370	450	495	544	833
Goodwill	4	4	4	—	—	—	—	—
Total assets	944	908	884	831	932	978	1,003	1,311
Accounts payable	23	18	23	16	17	15	16	16
Deferred revenue (current)	4	5	3	5	3	4	4	19
Total current liabilities	74	65	68	69	68	62	63	96
Short-term debt	16	17	17	17	16	18	17	19
Long-term debt	116	112	109	106	104	120	117	135
Total debt	132	129	127	123	120	138	134	154
Total liabilities	217	202	205	205	201	214	215	268
Shareholders' equity	657	635	609	556	662	695	719	975
Non-controlling interests and other (assets − liabilities − equity)	71	70	70	69	69	69	69	68
Shares outstanding	20m	21m	23m	30m	46m	53m	64m	80m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Fuelcell Energy Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Fuelcell Energy Inc.