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Side-by-side financial comparison of FUELCELL ENERGY INC (FCEL) and Microvast Holdings, Inc. (MVST). Click either name above to swap in a different company.
Microvast Holdings, Inc. is the larger business by last-quarter revenue ($96.4M vs $55.0M, roughly 1.8× FUELCELL ENERGY INC). Microvast Holdings, Inc. runs the higher net margin — 17.2% vs -54.3%, a 71.4% gap on every dollar of revenue. On growth, FUELCELL ENERGY INC posted the faster year-over-year revenue change (11.5% vs -15.0%). Microvast Holdings, Inc. produced more free cash flow last quarter ($15.8M vs $-23.9M). Over the past eight quarters, FUELCELL ENERGY INC's revenue compounded faster (81.6% CAGR vs 8.9%).
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.
Microvast Holdings, Inc. is a battery technology company headquartered in Stafford, Texas, and publicly traded on the NASDAQ Stock Exchange. It designs, develops and manufactures battery components and systems primarily for electric commercial vehicles and utility-scale energy storage systems (ESS). Microvast has manufacturing facilities in the United States, China, and Germany.
FCEL vs MVST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.0M | $96.4M |
| Net Profit | $-29.9M | $16.5M |
| Gross Margin | -12.1% | 1.0% |
| Operating Margin | -51.5% | -42.7% |
| Net Margin | -54.3% | 17.2% |
| Revenue YoY | 11.5% | -15.0% |
| Net Profit YoY | 27.9% | 120.1% |
| EPS (diluted) | $-0.43 | $0.19 |
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 | $96.4M | ||
| Q3 25 | $46.7M | $123.3M | ||
| Q2 25 | $37.4M | $91.3M | ||
| Q1 25 | $19.0M | $116.5M | ||
| Q4 24 | $49.3M | $113.4M | ||
| Q3 24 | $23.7M | $101.4M | ||
| Q2 24 | $22.4M | $83.7M | ||
| Q1 24 | $16.7M | $81.4M |
| Q4 25 | $-29.9M | $16.5M | ||
| Q3 25 | $-91.7M | $-1.5M | ||
| Q2 25 | $-38.0M | $-106.1M | ||
| Q1 25 | $-28.3M | $61.8M | ||
| Q4 24 | $-41.4M | $-82.3M | ||
| Q3 24 | $-32.7M | $13.2M | ||
| Q2 24 | $-32.1M | $-101.6M | ||
| Q1 24 | $-19.8M | $-24.8M |
| Q4 25 | -12.1% | 1.0% | ||
| Q3 25 | -11.0% | 37.6% | ||
| Q2 25 | -25.2% | 34.7% | ||
| Q1 25 | -27.4% | 36.9% | ||
| Q4 24 | -22.1% | 36.6% | ||
| Q3 24 | -26.2% | 33.2% | ||
| Q2 24 | -31.6% | 32.5% | ||
| Q1 24 | -70.2% | 21.2% |
| Q4 25 | -51.5% | -42.7% | ||
| Q3 25 | -204.0% | 10.5% | ||
| Q2 25 | -95.7% | 17.8% | ||
| Q1 25 | -172.9% | 16.3% | ||
| Q4 24 | -83.2% | -1.2% | ||
| Q3 24 | -141.9% | 7.1% | ||
| Q2 24 | -184.5% | -118.0% | ||
| Q1 24 | -254.5% | -28.4% |
| Q4 25 | -54.3% | 17.2% | ||
| Q3 25 | -196.1% | -1.2% | ||
| Q2 25 | -101.7% | -116.1% | ||
| Q1 25 | -149.1% | 53.0% | ||
| Q4 24 | -84.0% | -72.6% | ||
| Q3 24 | -137.8% | 13.1% | ||
| Q2 24 | -143.4% | -121.4% | ||
| Q1 24 | -118.6% | -30.5% |
| Q4 25 | $-0.43 | $0.19 | ||
| Q3 25 | $-3.78 | $0.00 | ||
| Q2 25 | $-1.79 | $-0.33 | ||
| Q1 25 | $-1.42 | $0.05 | ||
| Q4 24 | $-2.29 | $-0.24 | ||
| Q3 24 | $-1.99 | $0.03 | ||
| Q2 24 | $-2.18 | $-0.32 | ||
| Q1 24 | $-1.37 | $-0.08 |
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 | $105.0M |
| Total DebtLower is stronger | $103.8M | $13.2M |
| Stockholders' EquityBook value | $662.2M | $410.5M |
| Total Assets | $932.1M | $1.0B |
| Debt / EquityLower = less leverage | 0.16× | 0.03× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $278.1M | $105.0M | ||
| Q3 25 | $174.7M | $90.7M | ||
| Q2 25 | $177.0M | $99.7M | ||
| Q1 25 | $208.4M | $90.9M | ||
| Q4 24 | $257.3M | $73.0M | ||
| Q3 24 | $267.2M | $63.6M | ||
| Q2 24 | $260.1M | $68.2M | ||
| Q1 24 | $297.5M | $39.5M |
| Q4 25 | $103.8M | $13.2M | ||
| Q3 25 | $106.4M | $34.4M | ||
| Q2 25 | $109.4M | $34.2M | ||
| Q1 25 | $112.3M | $41.3M | ||
| Q4 24 | $115.7M | $41.1M | ||
| Q3 24 | $112.7M | $53.4M | ||
| Q2 24 | $116.2M | $34.2M | ||
| Q1 24 | $107.2M | $43.0M |
| Q4 25 | $662.2M | $410.5M | ||
| Q3 25 | $556.2M | $358.1M | ||
| Q2 25 | $609.2M | $356.1M | ||
| Q1 25 | $635.2M | $454.2M | ||
| Q4 24 | $656.9M | $387.9M | ||
| Q3 24 | $675.8M | $486.1M | ||
| Q2 24 | $639.8M | $455.0M | ||
| Q1 24 | $663.9M | $546.1M |
| Q4 25 | $932.1M | $1.0B | ||
| Q3 25 | $830.5M | $1.0B | ||
| Q2 25 | $883.8M | $1.0B | ||
| Q1 25 | $907.5M | $982.9M | ||
| Q4 24 | $944.1M | $951.9M | ||
| Q3 24 | $948.9M | $997.9M | ||
| Q2 24 | $916.8M | $961.4M | ||
| Q1 24 | $923.2M | $1.0B |
| Q4 25 | 0.16× | 0.03× | ||
| Q3 25 | 0.19× | 0.10× | ||
| Q2 25 | 0.18× | 0.10× | ||
| Q1 25 | 0.18× | 0.09× | ||
| Q4 24 | 0.18× | 0.11× | ||
| Q3 24 | 0.17× | 0.11× | ||
| Q2 24 | 0.18× | 0.08× | ||
| Q1 24 | 0.16× | 0.08× |
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 | $16.4M |
| Free Cash FlowOCF − Capex | $-23.9M | $15.8M |
| FCF MarginFCF / Revenue | -43.4% | 16.4% |
| Capex IntensityCapex / Revenue | 1.8% | 0.7% |
| Cash ConversionOCF / Net Profit | — | 0.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-143.9M | $56.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.9M | $16.4M | ||
| Q3 25 | $-26.8M | $15.2M | ||
| Q2 25 | $-29.9M | $37.2M | ||
| Q1 25 | $-45.7M | $7.2M | ||
| Q4 24 | $5.8M | $6.1M | ||
| Q3 24 | $-63.4M | $-5.4M | ||
| Q2 24 | $-37.1M | $111.0K | ||
| Q1 24 | $-58.3M | $2.0M |
| Q4 25 | $-23.9M | $15.8M | ||
| Q3 25 | $-32.1M | $1.2M | ||
| Q2 25 | $-35.2M | $34.3M | ||
| Q1 25 | $-52.8M | $4.8M | ||
| Q4 24 | $-4.7M | $5.7M | ||
| Q3 24 | $-76.8M | $-19.6M | ||
| Q2 24 | $-50.3M | $-2.8M | ||
| Q1 24 | $-68.8M | $-8.2M |
| Q4 25 | -43.4% | 16.4% | ||
| Q3 25 | -68.6% | 1.0% | ||
| Q2 25 | -94.0% | 37.5% | ||
| Q1 25 | -277.8% | 4.1% | ||
| Q4 24 | -9.5% | 5.1% | ||
| Q3 24 | -324.0% | -19.3% | ||
| Q2 24 | -224.5% | -3.4% | ||
| Q1 24 | -412.4% | -10.1% |
| Q4 25 | 1.8% | 0.7% | ||
| Q3 25 | 11.2% | 11.3% | ||
| Q2 25 | 14.1% | 3.1% | ||
| Q1 25 | 37.2% | 2.0% | ||
| Q4 24 | 21.4% | 0.3% | ||
| Q3 24 | 56.6% | 14.0% | ||
| Q2 24 | 58.9% | 3.5% | ||
| Q1 24 | 63.3% | 12.6% |
| Q4 25 | — | 0.99× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.41× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
MVST
| Europe | $35.1M | 36% |
| CN | $32.5M | 34% |
| US | $21.5M | 22% |
| Other | $7.2M | 8% |
