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8-K: FuelCell Energy Reports Second Quarter of Fiscal 2024 Results Second Quarter Fiscal 2024 Summary

SEC announcement ·  Jun 10 19:38
Summary by Futu AI
On June 10, 2024, FuelCell Energy, Inc. released its financial results for the second quarter of fiscal year 2024, which ended on April 30, 2024. The company reported a decrease in revenue to $22.4 million from $38.3 million in the same period the previous year. The gross loss widened to $(7.1) million from $(6.1) million, and the loss from operations increased to $(41.4) million from $(35.9) million. Net loss per share improved slightly to $(0.07) from $(0.09). FuelCell Energy highlighted its continued focus on its Powerhouse Business Strategy, including an updated joint development agreement with ExxonMobil Technology and Engineering Company for carbon capture technology and a new partnership with Ameresco, Inc. The company also reported a 67% increase in Generation portfolio revenues and announced a significant new backlog of approximately $160 million from an agreement...Show More
On June 10, 2024, FuelCell Energy, Inc. released its financial results for the second quarter of fiscal year 2024, which ended on April 30, 2024. The company reported a decrease in revenue to $22.4 million from $38.3 million in the same period the previous year. The gross loss widened to $(7.1) million from $(6.1) million, and the loss from operations increased to $(41.4) million from $(35.9) million. Net loss per share improved slightly to $(0.07) from $(0.09). FuelCell Energy highlighted its continued focus on its Powerhouse Business Strategy, including an updated joint development agreement with ExxonMobil Technology and Engineering Company for carbon capture technology and a new partnership with Ameresco, Inc. The company also reported a 67% increase in Generation portfolio revenues and announced a significant new backlog of approximately $160 million from an agreement with Gyeonggi Green Energy Co., Ltd. for upgraded fuel cell modules and maintenance services. Cash, restricted cash, and short-term investments totaled $313.2 million as of April 30, 2024, down from $403.3 million as of October 31, 2023. The company's backlog increased by approximately 3.8% to $1.06 billion as of April 30, 2024, compared to the previous year. FuelCell Energy also conducted a conference call to discuss the quarterly results and business highlights.

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