Summary by Moomoo AI
FuelCell Energy reported fiscal year 2024 revenue of $112.1M, marking a 9% YoY decline, while net loss expanded to $156.8M, up 45% from $108.1M in the previous year. The company maintained a strong backlog of $1.16B and total remaining performance obligations of $682.3M, with cash and equivalents standing at $148.1M at year-end.The company implemented significant strategic initiatives, including a global restructuring that reduced workforce by 17% and completed a 1-for-30 reverse stock split in November 2024. Notable developments included extending the Joint Development Agreement with ExxonMobil Technology through March 31, 2024, and expanding lease arrangements for Versa Power Systems.Management strengthened corporate governance by implementing new Insider Trading and Compensation Recovery policies while securing multiple credit agreements with Connecticut Green Bank and Liberty Bank. The company also enhanced its financial reporting with iXBRL implementation and maintained various security agreements to ensure financial stability.
