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Side-by-side financial comparison of Arena Group Holdings, Inc. (AREN) and FUELCELL ENERGY INC (FCEL). Click either name above to swap in a different company.
FUELCELL ENERGY INC is the larger business by last-quarter revenue ($55.0M vs $28.2M, roughly 1.9× Arena Group Holdings, Inc.). Arena Group Holdings, Inc. runs the higher net margin — 18.9% vs -54.3%, a 73.2% gap on every dollar of revenue. On growth, FUELCELL ENERGY INC posted the faster year-over-year revenue change (11.5% vs -22.0%). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs -1.2%).
Arena Racing Company, also called ARC Racing and Leisure Group is a UK private company, created in 2012 by the merger of Arena Leisure and Northern Racing. It owns and operates 16 racecourses in Great Britain, accounting for 39% of British racing fixtures. It also operates hotels at Wolverhampton Racecourse, Lingfield Park Racecourse and Doncaster Racecourse and golf courses at Lingfield, Southwell and Newcastle.
FuelCell Energy, Inc. is a publicly traded fuel cell company headquartered in Danbury, Connecticut. It designs, manufactures, operates and services power plants based on molten carbonate fuel cells.
AREN vs FCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.2M | $55.0M |
| Net Profit | $5.3M | $-29.9M |
| Gross Margin | 43.6% | -12.1% |
| Operating Margin | 26.6% | -51.5% |
| Net Margin | 18.9% | -54.3% |
| Revenue YoY | -22.0% | 11.5% |
| Net Profit YoY | -22.5% | 27.9% |
| EPS (diluted) | $0.12 | $-0.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $28.2M | $55.0M | ||
| Q3 25 | $29.8M | $46.7M | ||
| Q2 25 | $45.0M | $37.4M | ||
| Q1 25 | $31.8M | $19.0M | ||
| Q4 24 | $36.2M | $49.3M | ||
| Q3 24 | $33.6M | $23.7M | ||
| Q2 24 | $27.2M | $22.4M | ||
| Q1 24 | $28.9M | $16.7M |
| Q4 25 | $5.3M | $-29.9M | ||
| Q3 25 | $6.9M | $-91.7M | ||
| Q2 25 | $108.6M | $-38.0M | ||
| Q1 25 | $4.0M | $-28.3M | ||
| Q4 24 | $6.9M | $-41.4M | ||
| Q3 24 | $4.0M | $-32.7M | ||
| Q2 24 | $-8.2M | $-32.1M | ||
| Q1 24 | $-103.4M | $-19.8M |
| Q4 25 | 43.6% | -12.1% | ||
| Q3 25 | 50.2% | -11.0% | ||
| Q2 25 | 56.5% | -25.2% | ||
| Q1 25 | 49.3% | -27.4% | ||
| Q4 24 | 52.6% | -22.1% | ||
| Q3 24 | 50.6% | -26.2% | ||
| Q2 24 | 39.4% | -31.6% | ||
| Q1 24 | 30.9% | -70.2% |
| Q4 25 | 26.6% | -51.5% | ||
| Q3 25 | 31.9% | -204.0% | ||
| Q2 25 | 36.5% | -95.7% | ||
| Q1 25 | 23.1% | -172.9% | ||
| Q4 24 | 28.6% | -83.2% | ||
| Q3 24 | 24.0% | -141.9% | ||
| Q2 24 | -9.5% | -184.5% | ||
| Q1 24 | -27.5% | -254.5% |
| Q4 25 | 18.9% | -54.3% | ||
| Q3 25 | 23.1% | -196.1% | ||
| Q2 25 | 241.4% | -101.7% | ||
| Q1 25 | 12.6% | -149.1% | ||
| Q4 24 | 19.0% | -84.0% | ||
| Q3 24 | 11.8% | -137.8% | ||
| Q2 24 | -30.1% | -143.4% | ||
| Q1 24 | -357.1% | -118.6% |
| Q4 25 | $0.12 | $-0.43 | ||
| Q3 25 | $0.14 | $-3.78 | ||
| Q2 25 | $2.28 | $-1.79 | ||
| Q1 25 | $0.08 | $-1.42 | ||
| Q4 24 | $1.23 | $-2.29 | ||
| Q3 24 | $0.11 | $-1.99 | ||
| Q2 24 | $-0.28 | $-2.18 | ||
| Q1 24 | $-3.91 | $-1.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $10.3M | $278.1M |
| Total DebtLower is stronger | $97.6M | $103.8M |
| Stockholders' EquityBook value | $-4.8M | $662.2M |
| Total Assets | $112.6M | $932.1M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.3M | $278.1M | ||
| Q3 25 | $12.5M | $174.7M | ||
| Q2 25 | $6.8M | $177.0M | ||
| Q1 25 | $2.9M | $208.4M | ||
| Q4 24 | $4.4M | $257.3M | ||
| Q3 24 | $5.8M | $267.2M | ||
| Q2 24 | $6.1M | $260.1M | ||
| Q1 24 | $4.0M | $297.5M |
| Q4 25 | $97.6M | $103.8M | ||
| Q3 25 | $110.5M | $106.4M | ||
| Q2 25 | $110.5M | $109.4M | ||
| Q1 25 | $110.5M | $112.3M | ||
| Q4 24 | $110.4M | $115.7M | ||
| Q3 24 | $102.4M | $112.7M | ||
| Q2 24 | $102.4M | $116.2M | ||
| Q1 24 | $102.3M | $107.2M |
| Q4 25 | $-4.8M | $662.2M | ||
| Q3 25 | $-10.4M | $556.2M | ||
| Q2 25 | $-17.3M | $609.2M | ||
| Q1 25 | $-126.1M | $635.2M | ||
| Q4 24 | $-130.3M | $656.9M | ||
| Q3 24 | $-137.5M | $675.8M | ||
| Q2 24 | $-157.2M | $639.8M | ||
| Q1 24 | $-149.6M | $663.9M |
| Q4 25 | $112.6M | $932.1M | ||
| Q3 25 | $121.4M | $830.5M | ||
| Q2 25 | $127.8M | $883.8M | ||
| Q1 25 | $114.6M | $907.5M | ||
| Q4 24 | $116.4M | $944.1M | ||
| Q3 24 | $114.2M | $948.9M | ||
| Q2 24 | $113.4M | $916.8M | ||
| Q1 24 | $120.3M | $923.2M |
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.17× | ||
| Q2 24 | — | 0.18× | ||
| Q1 24 | — | 0.16× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $13.1M | $-22.9M |
| Free Cash FlowOCF − Capex | — | $-23.9M |
| FCF MarginFCF / Revenue | — | -43.4% |
| Capex IntensityCapex / Revenue | — | 1.8% |
| Cash ConversionOCF / Net Profit | 2.46× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-143.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.1M | $-22.9M | ||
| Q3 25 | $12.2M | $-26.8M | ||
| Q2 25 | $10.3M | $-29.9M | ||
| Q1 25 | $3.7M | $-45.7M | ||
| Q4 24 | $-8.6M | $5.8M | ||
| Q3 24 | $-2.3M | $-63.4M | ||
| Q2 24 | $-3.2M | $-37.1M | ||
| Q1 24 | $-2.0M | $-58.3M |
| Q4 25 | — | $-23.9M | ||
| Q3 25 | — | $-32.1M | ||
| Q2 25 | — | $-35.2M | ||
| Q1 25 | — | $-52.8M | ||
| Q4 24 | — | $-4.7M | ||
| Q3 24 | $-2.4M | $-76.8M | ||
| Q2 24 | — | $-50.3M | ||
| Q1 24 | — | $-68.8M |
| Q4 25 | — | -43.4% | ||
| Q3 25 | — | -68.6% | ||
| Q2 25 | — | -94.0% | ||
| Q1 25 | — | -277.8% | ||
| Q4 24 | — | -9.5% | ||
| Q3 24 | -7.1% | -324.0% | ||
| Q2 24 | — | -224.5% | ||
| Q1 24 | — | -412.4% |
| Q4 25 | — | 1.8% | ||
| Q3 25 | 0.0% | 11.2% | ||
| Q2 25 | — | 14.1% | ||
| Q1 25 | — | 37.2% | ||
| Q4 24 | — | 21.4% | ||
| Q3 24 | 0.1% | 56.6% | ||
| Q2 24 | — | 58.9% | ||
| Q1 24 | — | 63.3% |
| Q4 25 | 2.46× | — | ||
| Q3 25 | 1.77× | — | ||
| Q2 25 | 0.09× | — | ||
| Q1 25 | 0.91× | — | ||
| Q4 24 | -1.25× | — | ||
| Q3 24 | -0.59× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AREN
Segment breakdown not available.
FCEL
| Other | $30.0M | 55% |
| Electricity Generation | $12.2M | 22% |
| Services | $7.3M | 13% |
| Advanced Technologies | $5.5M | 10% |
