On March 7, 2024, FuelCell Energy, Inc. reported its financial results for the first quarter of fiscal year 2024, which ended on January 31, 2024. The company, a global leader in fuel cell technology and clean energy solutions, announced revenues of $16.7 million, a significant decrease from $37.1 million in the same quarter of the previous year. The gross loss for the quarter was reported at $11.7 million, compared to a gross profit of $5.2 million in the prior year. The loss from operations widened to $42.5 million from $22.5 million, and the net loss per share remained unchanged at $(0.05). The company attributed the lower revenues to the absence of module exchanges during the quarter and the completion of a multi-year fleet upgrade in the previous fiscal year. Despite the...Show More

On March 7, 2024, FuelCell Energy, Inc. reported its financial results for the first quarter of fiscal year 2024, which ended on January 31, 2024. The company, a global leader in fuel cell technology and clean energy solutions, announced revenues of $16.7 million, a significant decrease from $37.1 million in the same quarter of the previous year. The gross loss for the quarter was reported at $11.7 million, compared to a gross profit of $5.2 million in the prior year. The loss from operations widened to $42.5 million from $22.5 million, and the net loss per share remained unchanged at $(0.05). The company attributed the lower revenues to the absence of module exchanges during the quarter and the completion of a multi-year fleet upgrade in the previous fiscal year. Despite the decline in revenue, FuelCell Energy highlighted the addition of two projects in Derby, Connecticut, to its generation operating portfolio, increasing its total to 62.8 MW. The company's CEO, Jason Few, emphasized the focus on commercializing technologies, accelerating global sales, maintaining a strong balance sheet, and expanding solid oxide manufacturing capacity. FuelCell Energy also announced a collaboration with the U.S. Department of State for a project in Ukraine, utilizing its solid oxide electrolysis technology with small modular nuclear reactors. The company's backlog decreased slightly to $1.03 billion as of January 31, 2024, from $1.06 billion the previous year. FuelCell Energy's balance sheet remains strong with total cash, restricted cash, and cash equivalents of $348.8 million as of January 31, 2024.