According to a recent report by PwC, the revenues of 20 listed fuel cell companies declined from 2003 - 2004 and none of them are profitable. According to the report's co-author, John Webster, "It's unique in our experience. The sector has always shown reasonably healthy increases in revenues".

On the bright side, Distributed Energy Systems made a 450% gain in revenues.

I still think fuel  cells other than in the portable throwaway market are still some way off.