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Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and ImmunityBio, Inc. (IBRX). Click either name above to swap in a different company.
FUELCELL ENERGY INC is the larger business by last-quarter revenue ($55.0M vs $38.3M, roughly 1.4× ImmunityBio, Inc.). FUELCELL ENERGY INC runs the higher net margin — -54.3% vs -161.8%, a 107.5% gap on every dollar of revenue. On growth, ImmunityBio, Inc. posted the faster year-over-year revenue change (407.0% vs 11.5%). FUELCELL ENERGY INC produced more free cash flow last quarter ($-23.9M vs $-71.3M).
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.
ImmunityBio, Inc. is a clinical-stage biotechnology company focused on developing next-generation immunotherapies and vaccine candidates targeting multiple cancer types and infectious diseases. It operates mainly in the U.S. market, with core R&D segments including cell therapy, antibody therapeutics, and targeted vaccine platforms designed to enhance patient treatment outcomes.
FCEL vs IBRX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $38.3M |
| Net Profit | $-29.9M | $-61.9M |
| Gross Margin | -12.1% | 99.0% |
| Operating Margin | -51.5% | -169.0% |
| Net Margin | -54.3% | -161.8% |
| Revenue YoY | 11.5% | 407.0% |
| Net Profit YoY | 27.9% | -4.7% |
| EPS (diluted) | $-0.43 | $-0.06 |
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 | $55.0M | $38.3M | ||
| Q3 25 | $46.7M | $32.1M | ||
| Q2 25 | $37.4M | $26.4M | ||
| Q1 25 | $19.0M | $16.5M | ||
| Q4 24 | $49.3M | $7.6M | ||
| Q3 24 | $23.7M | $6.1M | ||
| Q2 24 | $22.4M | — | ||
| Q1 24 | $16.7M | — |
| Q4 25 | $-29.9M | $-61.9M | ||
| Q3 25 | $-91.7M | $-67.3M | ||
| Q2 25 | $-38.0M | $-92.6M | ||
| Q1 25 | $-28.3M | $-129.6M | ||
| Q4 24 | $-41.4M | $-59.2M | ||
| Q3 24 | $-32.7M | $-85.7M | ||
| Q2 24 | $-32.1M | — | ||
| Q1 24 | $-19.8M | — |
| Q4 25 | -12.1% | 99.0% | ||
| Q3 25 | -11.0% | 99.4% | ||
| Q2 25 | -25.2% | 99.5% | ||
| Q1 25 | -27.4% | 99.6% | ||
| Q4 24 | -22.1% | — | ||
| Q3 24 | -26.2% | — | ||
| Q2 24 | -31.6% | — | ||
| Q1 24 | -70.2% | — |
| Q4 25 | -51.5% | -169.0% | ||
| Q3 25 | -204.0% | -173.5% | ||
| Q2 25 | -95.7% | -269.8% | ||
| Q1 25 | -172.9% | -390.1% | ||
| Q4 24 | -83.2% | -919.0% | ||
| Q3 24 | -141.9% | -1314.3% | ||
| Q2 24 | -184.5% | — | ||
| Q1 24 | -254.5% | — |
| Q4 25 | -54.3% | -161.8% | ||
| Q3 25 | -196.1% | -209.8% | ||
| Q2 25 | -101.7% | -350.3% | ||
| Q1 25 | -149.1% | -784.9% | ||
| Q4 24 | -84.0% | -783.4% | ||
| Q3 24 | -137.8% | -1404.0% | ||
| Q2 24 | -143.4% | — | ||
| Q1 24 | -118.6% | — |
| Q4 25 | $-0.43 | $-0.06 | ||
| Q3 25 | $-3.78 | $-0.07 | ||
| Q2 25 | $-1.79 | $-0.10 | ||
| Q1 25 | $-1.42 | $-0.15 | ||
| Q4 24 | $-2.29 | $-0.08 | ||
| Q3 24 | $-1.99 | $-0.14 | ||
| 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 | $278.1M | $242.8M |
| Total DebtLower is stronger | $103.8M | — |
| Stockholders' EquityBook value | $662.2M | $-500.5M |
| Total Assets | $932.1M | $501.9M |
| Debt / EquityLower = less leverage | 0.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | $242.8M | ||
| Q3 25 | $174.7M | $257.8M | ||
| Q2 25 | $177.0M | $153.7M | ||
| Q1 25 | $208.4M | $61.6M | ||
| Q4 24 | $257.3M | $149.8M | ||
| Q3 24 | $267.2M | $130.4M | ||
| Q2 24 | $260.1M | — | ||
| Q1 24 | $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 | $662.2M | $-500.5M | ||
| Q3 25 | $556.2M | $-524.3M | ||
| Q2 25 | $609.2M | $-570.7M | ||
| Q1 25 | $635.2M | $-591.4M | ||
| Q4 24 | $656.9M | $-489.1M | ||
| Q3 24 | $675.8M | $-745.1M | ||
| Q2 24 | $639.8M | — | ||
| Q1 24 | $663.9M | — |
| Q4 25 | $932.1M | $501.9M | ||
| Q3 25 | $830.5M | $519.0M | ||
| Q2 25 | $883.8M | $402.1M | ||
| Q1 25 | $907.5M | $303.8M | ||
| Q4 24 | $944.1M | $382.9M | ||
| Q3 24 | $948.9M | $364.6M | ||
| Q2 24 | $916.8M | — | ||
| Q1 24 | $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 | $-70.4M |
| Free Cash FlowOCF − Capex | $-23.9M | $-71.3M |
| FCF MarginFCF / Revenue | -43.4% | -186.2% |
| Capex IntensityCapex / Revenue | 1.8% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | $-308.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $-70.4M | ||
| Q3 25 | $-26.8M | $-68.9M | ||
| Q2 25 | $-29.9M | $-79.7M | ||
| Q1 25 | $-45.7M | $-85.9M | ||
| Q4 24 | $5.8M | $-85.1M | ||
| Q3 24 | $-63.4M | $-98.8M | ||
| Q2 24 | $-37.1M | — | ||
| Q1 24 | $-58.3M | — |
| Q4 25 | $-23.9M | $-71.3M | ||
| Q3 25 | $-32.1M | $-69.6M | ||
| Q2 25 | $-35.2M | $-80.8M | ||
| Q1 25 | $-52.8M | $-87.0M | ||
| Q4 24 | $-4.7M | $-87.3M | ||
| Q3 24 | $-76.8M | $-101.6M | ||
| Q2 24 | $-50.3M | — | ||
| Q1 24 | $-68.8M | — |
| Q4 25 | -43.4% | -186.2% | ||
| Q3 25 | -68.6% | -217.2% | ||
| Q2 25 | -94.0% | -305.9% | ||
| Q1 25 | -277.8% | -526.9% | ||
| Q4 24 | -9.5% | -1155.4% | ||
| Q3 24 | -324.0% | -1663.2% | ||
| Q2 24 | -224.5% | — | ||
| Q1 24 | -412.4% | — |
| Q4 25 | 1.8% | 2.4% | ||
| Q3 25 | 11.2% | 2.3% | ||
| Q2 25 | 14.1% | 4.1% | ||
| Q1 25 | 37.2% | 6.8% | ||
| Q4 24 | 21.4% | 28.0% | ||
| Q3 24 | 56.6% | 45.7% | ||
| Q2 24 | 58.9% | — | ||
| Q1 24 | 63.3% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FCEL
| Other | $30.0M | 55% |
| Electricity Generation | $12.2M | 22% |
| Services | $7.3M | 13% |
| Advanced Technologies | $5.5M | 10% |
IBRX
Segment breakdown not available.
