Carbonate fuel cell technology developer FuelCell Energy (NASDAQ: FCEL) will be reporting earnings this Monday before market hours. Here’s what investors should know.

FuelCell Energy beat analysts’ revenue expectations last quarter, reporting revenues of $55.02 million, up 11.5% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EBITDA estimates and a miss of analysts’ adjusted operating income estimates.

Is FuelCell Energy a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, the market is expecting FuelCell Energy’s revenue to grow 125% year on year, improving from the 13.8% increase it recorded in the same quarter last year.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. FuelCell Energy has missed Wall Street’s revenue estimates multiple times over the last two years.

Looking at FuelCell Energy’s peers in the renewable energy segment, some have already reported their Q4 results, giving us a hint as to what we can expect. Sunrun delivered year-on-year revenue growth of 124%, beating analysts’ expectations by 92.3%, and Bloom Energy reported revenues up 35.9%, topping estimates by 18.7%. Sunrun traded down 35.1% following the results while Bloom Energy was up 4.7%.

Read our full analysis of Sunrun’s results here and Bloom Energy’s results here.

Debates over possible tariffs and corporate tax adjustments have raised questions about economic stability in 2025. While some of the renewable energy stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 7.9% on average over the last month. FuelCell Energy is up 8.2% during the same time and is heading into earnings with an average analyst price target of $8.71 (compared to the current share price of $7.78).

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