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Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and IOVANCE BIOTHERAPEUTICS, INC. (IOVA). Click either name above to swap in a different company.
IOVANCE BIOTHERAPEUTICS, INC. is the larger business by last-quarter revenue ($86.8M vs $55.0M, roughly 1.6× FUELCELL ENERGY INC). On growth, IOVANCE BIOTHERAPEUTICS, INC. posted the faster year-over-year revenue change (17.7% vs 11.5%). FUELCELL ENERGY INC produced more free cash flow last quarter ($-23.9M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs 81.6%).
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.
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
FCEL vs IOVA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $86.8M |
| Net Profit | $-29.9M | — |
| Gross Margin | -12.1% | 67.4% |
| Operating Margin | -51.5% | -84.7% |
| Net Margin | -54.3% | — |
| Revenue YoY | 11.5% | 17.7% |
| Net Profit YoY | 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 | $55.0M | $86.8M | ||
| Q3 25 | $46.7M | $67.5M | ||
| Q2 25 | $37.4M | $60.0M | ||
| Q1 25 | $19.0M | $49.3M | ||
| Q4 24 | $49.3M | $73.7M | ||
| Q3 24 | $23.7M | $58.6M | ||
| Q2 24 | $22.4M | $31.1M | ||
| Q1 24 | $16.7M | $715.0K |
| Q4 25 | $-29.9M | — | ||
| Q3 25 | $-91.7M | $-91.3M | ||
| Q2 25 | $-38.0M | $-111.7M | ||
| Q1 25 | $-28.3M | $-116.2M | ||
| Q4 24 | $-41.4M | — | ||
| Q3 24 | $-32.7M | $-83.5M | ||
| Q2 24 | $-32.1M | $-97.1M | ||
| Q1 24 | $-19.8M | $-113.0M |
| Q4 25 | -12.1% | 67.4% | ||
| Q3 25 | -11.0% | 43.0% | ||
| Q2 25 | -25.2% | 5.5% | ||
| Q1 25 | -27.4% | -0.8% | ||
| Q4 24 | -22.1% | 68.7% | ||
| Q3 24 | -26.2% | 46.2% | ||
| Q2 24 | -31.6% | -0.8% | ||
| Q1 24 | -70.2% | — |
| Q4 25 | -51.5% | -84.7% | ||
| Q3 25 | -204.0% | -140.7% | ||
| Q2 25 | -95.7% | -189.8% | ||
| Q1 25 | -172.9% | -245.8% | ||
| Q4 24 | -83.2% | -117.5% | ||
| Q3 24 | -141.9% | -152.1% | ||
| Q2 24 | -184.5% | -327.6% | ||
| Q1 24 | -254.5% | -16464.6% |
| Q4 25 | -54.3% | — | ||
| Q3 25 | -196.1% | -135.3% | ||
| Q2 25 | -101.7% | -186.2% | ||
| Q1 25 | -149.1% | -235.5% | ||
| Q4 24 | -84.0% | — | ||
| Q3 24 | -137.8% | -142.7% | ||
| Q2 24 | -143.4% | -312.2% | ||
| Q1 24 | -118.6% | -15800.8% |
| Q4 25 | $-0.43 | — | ||
| Q3 25 | $-3.78 | — | ||
| Q2 25 | $-1.79 | $-0.33 | ||
| Q1 25 | $-1.42 | $-0.36 | ||
| Q4 24 | $-2.29 | $-0.24 | ||
| Q3 24 | $-1.99 | $-0.28 | ||
| Q2 24 | $-2.18 | $-0.34 | ||
| Q1 24 | $-1.37 | $-0.42 |
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 | $297.0M |
| Total DebtLower is stronger | $103.8M | — |
| Stockholders' EquityBook value | $662.2M | $698.6M |
| Total Assets | $932.1M | $913.2M |
| Debt / EquityLower = less leverage | 0.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | $297.0M | ||
| Q3 25 | $174.7M | $300.8M | ||
| Q2 25 | $177.0M | $301.2M | ||
| Q1 25 | $208.4M | $359.7M | ||
| Q4 24 | $257.3M | $323.8M | ||
| Q3 24 | $267.2M | $397.5M | ||
| Q2 24 | $260.1M | $412.5M | ||
| Q1 24 | $297.5M | $356.2M |
| 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 | $698.6M | ||
| Q3 25 | $556.2M | $702.3M | ||
| Q2 25 | $609.2M | $698.5M | ||
| Q1 25 | $635.2M | $767.9M | ||
| Q4 24 | $656.9M | $710.4M | ||
| Q3 24 | $675.8M | $773.5M | ||
| Q2 24 | $639.8M | $768.5M | ||
| Q1 24 | $663.9M | $680.0M |
| Q4 25 | $932.1M | $913.2M | ||
| Q3 25 | $830.5M | $904.9M | ||
| Q2 25 | $883.8M | $907.4M | ||
| Q1 25 | $907.5M | $966.7M | ||
| Q4 24 | $944.1M | $910.4M | ||
| Q3 24 | $948.9M | $991.1M | ||
| Q2 24 | $916.8M | $964.3M | ||
| Q1 24 | $923.2M | $869.8M |
| 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 | $-52.6M |
| Free Cash FlowOCF − Capex | $-23.9M | $-61.9M |
| FCF MarginFCF / Revenue | -43.4% | -71.3% |
| Capex IntensityCapex / Revenue | 1.8% | 10.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | $-336.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $-52.6M | ||
| Q3 25 | $-26.8M | $-78.7M | ||
| Q2 25 | $-29.9M | $-67.4M | ||
| Q1 25 | $-45.7M | $-103.7M | ||
| Q4 24 | $5.8M | $-73.3M | ||
| Q3 24 | $-63.4M | $-59.0M | ||
| Q2 24 | $-37.1M | $-98.4M | ||
| Q1 24 | $-58.3M | $-122.3M |
| Q4 25 | $-23.9M | $-61.9M | ||
| Q3 25 | $-32.1M | $-89.5M | ||
| Q2 25 | $-35.2M | $-74.9M | ||
| Q1 25 | $-52.8M | $-109.9M | ||
| Q4 24 | $-4.7M | $-77.5M | ||
| Q3 24 | $-76.8M | $-61.3M | ||
| Q2 24 | $-50.3M | $-98.9M | ||
| Q1 24 | $-68.8M | $-126.5M |
| Q4 25 | -43.4% | -71.3% | ||
| Q3 25 | -68.6% | -132.7% | ||
| Q2 25 | -94.0% | -124.9% | ||
| Q1 25 | -277.8% | -222.8% | ||
| Q4 24 | -9.5% | -105.1% | ||
| Q3 24 | -324.0% | -104.6% | ||
| Q2 24 | -224.5% | -317.9% | ||
| Q1 24 | -412.4% | -17685.3% |
| Q4 25 | 1.8% | 10.7% | ||
| Q3 25 | 11.2% | 16.1% | ||
| Q2 25 | 14.1% | 12.4% | ||
| Q1 25 | 37.2% | 12.6% | ||
| Q4 24 | 21.4% | 5.7% | ||
| Q3 24 | 56.6% | 3.9% | ||
| Q2 24 | 58.9% | 1.4% | ||
| Q1 24 | 63.3% | 583.4% |
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% |
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
