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Side-by-side financial comparison of Canopy Growth Corp (CGC) 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 $54.4M, roughly 1.0× Canopy Growth Corp). FUELCELL ENERGY INC runs the higher net margin — -54.3% vs -84.0%, a 29.7% gap on every dollar of revenue. On growth, FUELCELL ENERGY INC posted the faster year-over-year revenue change (11.5% vs -0.3%). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs 1.2%).
Canopy Growth Corporation, formerly Tweed Marijuana Inc., is a cannabis company based in Smiths Falls, Ontario.
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.
CGC vs FCEL — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $54.4M | $55.0M |
| Net Profit | $-45.7M | $-29.9M |
| Gross Margin | 28.8% | -12.1% |
| Operating Margin | -35.3% | -51.5% |
| Net Margin | -84.0% | -54.3% |
| Revenue YoY | -0.3% | 11.5% |
| Net Profit YoY | 48.6% | 27.9% |
| EPS (diluted) | — | $-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 | $54.4M | $55.0M | ||
| Q3 25 | $48.7M | $46.7M | ||
| Q2 25 | $52.7M | $37.4M | ||
| Q1 25 | $47.5M | $19.0M | ||
| Q4 24 | $54.6M | $49.3M | ||
| Q3 24 | $46.0M | $23.7M | ||
| Q2 24 | $48.3M | $22.4M | ||
| Q1 24 | $53.1M | $16.7M |
| Q4 25 | $-45.7M | $-29.9M | ||
| Q3 25 | $-1.2M | $-91.7M | ||
| Q2 25 | $-30.3M | $-38.0M | ||
| Q1 25 | — | $-28.3M | ||
| Q4 24 | $-89.0M | $-41.4M | ||
| Q3 24 | $-93.7M | $-32.7M | ||
| Q2 24 | $-92.8M | $-32.1M | ||
| Q1 24 | — | $-19.8M |
| Q4 25 | 28.8% | -12.1% | ||
| Q3 25 | 32.8% | -11.0% | ||
| Q2 25 | 25.0% | -25.2% | ||
| Q1 25 | 16.2% | -27.4% | ||
| Q4 24 | 32.2% | -22.1% | ||
| Q3 24 | 34.7% | -26.2% | ||
| Q2 24 | 34.8% | -31.6% | ||
| Q1 24 | 21.3% | -70.2% |
| Q4 25 | -35.3% | -51.5% | ||
| Q3 25 | -25.3% | -204.0% | ||
| Q2 25 | -31.4% | -95.7% | ||
| Q1 25 | — | -172.9% | ||
| Q4 24 | -31.9% | -83.2% | ||
| Q3 24 | -72.9% | -141.9% | ||
| Q2 24 | -44.0% | -184.5% | ||
| Q1 24 | — | -254.5% |
| Q4 25 | -84.0% | -54.3% | ||
| Q3 25 | -2.5% | -196.1% | ||
| Q2 25 | -57.6% | -101.7% | ||
| Q1 25 | — | -149.1% | ||
| Q4 24 | -163.0% | -84.0% | ||
| Q3 24 | -203.7% | -137.8% | ||
| Q2 24 | -192.0% | -143.4% | ||
| Q1 24 | — | -118.6% |
| Q4 25 | — | $-0.43 | ||
| Q3 25 | — | $-3.78 | ||
| Q2 25 | — | $-1.79 | ||
| Q1 25 | — | $-1.42 | ||
| Q4 24 | — | $-2.29 | ||
| Q3 24 | — | $-1.99 | ||
| Q2 24 | — | $-2.18 | ||
| Q1 24 | — | $-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 | $271.1M | $278.1M |
| Total DebtLower is stronger | — | $103.8M |
| Stockholders' EquityBook value | $553.5M | $662.2M |
| Total Assets | $807.5M | $932.1M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $271.1M | $278.1M | ||
| Q3 25 | $217.6M | $174.7M | ||
| Q2 25 | $104.8M | $177.0M | ||
| Q1 25 | $96.0M | $208.4M | ||
| Q4 24 | $130.2M | $257.3M | ||
| Q3 24 | $168.8M | $267.2M | ||
| Q2 24 | $142.3M | $260.1M | ||
| Q1 24 | $148.5M | $297.5M |
| Q4 25 | — | $103.8M | ||
| Q3 25 | — | $106.4M | ||
| Q2 25 | — | $109.4M | ||
| Q1 25 | — | $112.3M | ||
| Q4 24 | — | $115.7M | ||
| Q3 24 | — | $112.7M | ||
| Q2 24 | — | $116.2M | ||
| Q1 24 | — | $107.2M |
| Q4 25 | $553.5M | $662.2M | ||
| Q3 25 | $537.3M | $556.2M | ||
| Q2 25 | $357.0M | $609.2M | ||
| Q1 25 | $355.7M | $635.2M | ||
| Q4 24 | $431.8M | $656.9M | ||
| Q3 24 | $372.1M | $675.8M | ||
| Q2 24 | $389.0M | $639.8M | ||
| Q1 24 | $365.3M | $663.9M |
| Q4 25 | $807.5M | $932.1M | ||
| Q3 25 | $781.0M | $830.5M | ||
| Q2 25 | $660.4M | $883.8M | ||
| Q1 25 | $669.9M | $907.5M | ||
| Q4 24 | $849.9M | $944.1M | ||
| Q3 24 | $899.6M | $948.9M | ||
| Q2 24 | $938.9M | $916.8M | ||
| Q1 24 | $949.2M | $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 | — | $-22.9M |
| Free Cash FlowOCF − Capex | — | $-23.9M |
| FCF MarginFCF / Revenue | — | -43.4% |
| Capex IntensityCapex / Revenue | — | 1.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-143.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-22.9M | ||
| Q3 25 | — | $-26.8M | ||
| Q2 25 | $-7.5M | $-29.9M | ||
| Q1 25 | $-121.0M | $-45.7M | ||
| Q4 24 | — | $5.8M | ||
| Q3 24 | — | $-63.4M | ||
| Q2 24 | $-37.8M | $-37.1M | ||
| Q1 24 | $-205.8M | $-58.3M |
| Q4 25 | — | $-23.9M | ||
| Q3 25 | — | $-32.1M | ||
| Q2 25 | $-8.5M | $-35.2M | ||
| Q1 25 | $-128.9M | $-52.8M | ||
| Q4 24 | — | $-4.7M | ||
| Q3 24 | — | $-76.8M | ||
| Q2 24 | $-40.7M | $-50.3M | ||
| Q1 24 | $-208.3M | $-68.8M |
| Q4 25 | — | -43.4% | ||
| Q3 25 | — | -68.6% | ||
| Q2 25 | -16.1% | -94.0% | ||
| Q1 25 | -271.5% | -277.8% | ||
| Q4 24 | — | -9.5% | ||
| Q3 24 | — | -324.0% | ||
| Q2 24 | -84.1% | -224.5% | ||
| Q1 24 | -392.1% | -412.4% |
| Q4 25 | — | 1.8% | ||
| Q3 25 | — | 11.2% | ||
| Q2 25 | 1.8% | 14.1% | ||
| Q1 25 | 16.6% | 37.2% | ||
| Q4 24 | — | 21.4% | ||
| Q3 24 | — | 56.6% | ||
| Q2 24 | 5.9% | 58.9% | ||
| Q1 24 | 4.7% | 63.3% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CGC
| Other | $24.0M | 44% |
| Canadian Adult Use Cannabis | $22.9M | 42% |
| International Markets Cannabis | $6.2M | 11% |
| Other Geographical Area | $1.2M | 2% |
FCEL
| Other | $30.0M | 55% |
| Electricity Generation | $12.2M | 22% |
| Services | $7.3M | 13% |
| Advanced Technologies | $5.5M | 10% |
