Summary by Futu AI
FuelCell Energy reported Q3 FY2024 revenues of $23.7M, down 7% YoY from $25.5M, with a net loss of $35.1M or $0.07 per share. Generation revenues increased 22% to $13.4M while Advanced Technologies revenues grew to $8.6M. The company's backlog expanded 12.6% to $1.2B, boosted by a significant contract with Gyeonggi Green Energy.The company maintained a strong liquidity position with $326M in total cash and investments as of July 31, 2024. During the quarter, FuelCell Energy raised approximately $65.9M through the sale of common stock at an average price of $0.71 per share. Operating expenses decreased to $27.4M from $33.2M in the prior year period, reflecting lower legal, consulting and R&D costs.Key operational progress included shipping the first six modules under the GGE contract, advancing the Rotterdam carbon capture project, and continuing work on the Ameresco Sacramento biogas project. The company is focused on expanding its presence in Korea while maintaining disciplined cost control and capital allocation strategies.
