Quick Answer
FUELCELL ENERGY INC reported R&D Expense of $34.08 million for fiscal year 2025.
FUELCELL ENERGY INC R&D Expense — Annual History
| Fiscal Year | R&D Expense | YoY Change |
|---|---|---|
| 2025 | $34.08M | -38.5% |
| 2024 | $55.40M | -9.2% |
| 2023 | $61.02M | +76.7% |
| 2022 | $34.53M | +205.2% |
| 2021 | $11.31M | +135.9% |
| 2020 | $4.80M | -65.2% |
| 2019 | $13.79M | -39.6% |
| 2018 | $22.82M | +11.9% |
| 2017 | $20.40M | -2.1% |
| 2016 | $20.85M | +19.5% |
| 2015 | $17.44M | -4.4% |
| 2014 | $18.24M | +16.1% |
| 2013 | $15.72M | +9.5% |
| 2012 | $14.35M | -14.4% |
| 2011 | $16.77M | -9.7% |
| 2010 | $18.56M | -3.1% |
| 2009 | $19.16M | — |
Quarterly R&D Expense
| Quarter Ending | R&D Expense | YoY | QoQ |
|---|---|---|---|
| January 31, 2026 | $6.96M | -37.2% | -8.9% |
| July 31, 2025 | $7.65M | -40.3% | -22.7% |
| April 30, 2025 | $9.90M | -40.5% | -10.7% |
| January 31, 2025 | $11.08M | -22.8% | -13.5% |
| July 31, 2024 | $12.82M | -18.0% | -22.9% |
| April 30, 2024 | $16.63M | +13.1% | +15.8% |
| January 31, 2024 | $14.35M | +13.2% | -8.1% |
| July 31, 2023 | $15.62M | +61.7% | +6.3% |
- FUELCELL ENERGY INC showed a decrease of -38.5% in R&D Expense compared to the prior fiscal year.
- Over the 2009–2025 period, FUELCELL ENERGY INC’s r&d expense has grown by 77.9% (from $19.16 million to $34.08 million).
- The most recent figure is from FUELCELL ENERGY INC’s fiscal year 2025 report (Form 10-K), filed with the SEC on December 18, 2025.
- All figures are sourced from SEC EDGAR XBRL filings, last verified June 17, 2026.
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