FuelCell Energy, a global leader in fuel cell technology, reported financial results for the quarter ended January 31, 2024. Total revenues decreased by 55% to $16.7 million from $37.1 million in the prior year, primarily due to the absence of product revenues, which were $9.1 million in the previous year. Service agreements revenues also declined by 88% to $1.6 million, with no module exchanges occurring during the quarter. Generation revenues increased by 10% to $10.5 million, driven by the commencement of operations at the Toyota Project and Derby Projects. Advanced Technologies contract revenues saw a slight increase to $4.6 million. The company's gross loss widened to $11.7 million from a gross profit of $5.2 million in the prior year. Operating expenses increased to $30.8 million, leading to a loss from operations of $42.5 million...Show More

FuelCell Energy, a global leader in fuel cell technology, reported financial results for the quarter ended January 31, 2024. Total revenues decreased by 55% to $16.7 million from $37.1 million in the prior year, primarily due to the absence of product revenues, which were $9.1 million in the previous year. Service agreements revenues also declined by 88% to $1.6 million, with no module exchanges occurring during the quarter. Generation revenues increased by 10% to $10.5 million, driven by the commencement of operations at the Toyota Project and Derby Projects. Advanced Technologies contract revenues saw a slight increase to $4.6 million. The company's gross loss widened to $11.7 million from a gross profit of $5.2 million in the prior year. Operating expenses increased to $30.8 million, leading to a loss from operations of $42.5 million, compared to a loss of $22.5 million in the previous year. Interest expense rose to $2.3 million, while interest income increased to $4.1 million. Other expenses netted to $3.7 million, primarily due to a loss on an interest rate swap. The net loss for the quarter was $44.4 million, with a net loss attributable to common stockholders of $20.6 million, or $0.05 per share. The company's unrestricted cash and cash equivalents stood at $297.5 million, with an additional $51.3 million in restricted cash. FuelCell Energy's future liquidity will depend on its ability to complete projects within budget, increase cash flows from its generation portfolio, secure financing for project construction and expansion, and successfully commercialize its solid oxide, hydrogen, and carbon capture platforms.