FuelCell Energy, a leader in clean energy solutions, reported financial results for the quarter ended April 30, 2024. Total revenues decreased by 42% to $22.4 million compared to $38.3 million in the same period last year, while costs of revenues dropped by 34% to $29.5 million. The company experienced a gross loss of $7.1 million, a 16% increase from the previous year's $6.1 million. The decrease in revenue was attributed to no product revenues and a significant reduction in service agreement revenues due to the absence of module exchanges. Generation revenues, however, increased by 67% to $14.1 million, driven by the commencement of operations at the Toyota Project and Derby Projects. Advanced Technologies contract revenues saw an 86% increase to $6.9 million, with higher revenues recognized under government and other contracts. Administrative and...Show More

FuelCell Energy, a leader in clean energy solutions, reported financial results for the quarter ended April 30, 2024. Total revenues decreased by 42% to $22.4 million compared to $38.3 million in the same period last year, while costs of revenues dropped by 34% to $29.5 million. The company experienced a gross loss of $7.1 million, a 16% increase from the previous year's $6.1 million. The decrease in revenue was attributed to no product revenues and a significant reduction in service agreement revenues due to the absence of module exchanges. Generation revenues, however, increased by 67% to $14.1 million, driven by the commencement of operations at the Toyota Project and Derby Projects. Advanced Technologies contract revenues saw an 86% increase to $6.9 million, with higher revenues recognized under government and other contracts. Administrative and selling expenses rose to $17.7 million, and research and development expenses increased to $16.6 million. The company's net loss attributable to common stockholders was $32.9 million, or $0.07 per share, a slight improvement from the previous year's $35.1 million, or $0.09 per share. FuelCell Energy's liquidity position includes $158.8 million in unrestricted cash and cash equivalents, with a total cash decrease of $87.7 million for the six-month period. The company continues to invest in product development, including solid oxide platforms, and has entered into a long-term service agreement with Gyeonggi Green Energy Co., Ltd. for a 58.8 MW fuel cell power platform in Korea.