The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how renewable energy stocks fared in Q4, starting with FuelCell Energy (NASDAQ:FCEL).

Renewable energy companies are buoyed by the secular trend of green energy that is upending traditional power generation. Those who innovate and evolve with this dynamic market can win share while those who continue to rely on legacy technologies can see diminishing demand, which includes headwinds from increasing regulation against “dirty” energy. Additionally, these companies are at the whim of economic cycles, as interest rates can impact the willingness to invest in renewable energy projects.

The 17 renewable energy stocks we track reported a mixed Q4. As a group, revenues missed analysts’ consensus estimates by 4.6% while next quarter’s revenue guidance was 0.6% above.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 12.7% since the latest earnings results.

FuelCell Energy (NASDAQ:FCEL)

Founded in 1969, FuelCell Energy (NASDAQ: FCEL) is a leading manufacturer and developer of carbonate fuel cell technology for stationary power generation.

FuelCell Energy reported revenues of $19 million, up 13.8% year on year. This print fell short of analysts’ expectations by 47.6%. Overall, it was a softer quarter for the company with a significant miss of analysts’ adjusted operating income estimates.

“We’ve made measurable strides since our global restructuring was announced early in the first fiscal quarter. Our cost-saving initiatives are already yielding positive outcomes, and our commitment to uncovering and capitalizing on growth opportunities is paying off,” said Jason Few, President and Chief Executive Officer.

The stock is down 23.9% since reporting and currently trades at $4.84.

Read our full report on FuelCell Energy here, it’s free .

Best Q4: Bloom Energy (NYSE:BE)

Working in stealth mode for eight years, Bloom Energy (NYSE:BE) designs, manufactures, and markets solid oxide fuel cell systems for on-site power generation.

Bloom Energy reported revenues of $572.4 million, up 60.4% year on year, outperforming analysts’ expectations by 12.8%. The business had an incredible quarter with an impressive beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

Bloom Energy scored the biggest analyst estimates beat, fastest revenue growth, and highest full-year guidance raise among its peers. Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 4% since reporting. It currently trades at $22.09.