Summary by Futu AI
On September 5, 2024, FuelCell Energy, Inc. reported its financial results for the third quarter ended July 31, 2024. The company announced a revenue of $23.7 million, a decrease from the previous year's $25.5 million. The gross loss improved to $(6.2) million from $(8.2) million, and the loss from operations decreased to $(33.6) million from $(41.4) million. The net loss per share was $(0.07), compared to $(0.06) in the previous year, which included a one-time debt extinguishment benefit. FuelCell Energy highlighted its focus on cost management and advancing its Powerhouse strategy, with a growing backlog that reached $1.20 billion, up 12.6% from the previous year. The company's cash position, including unrestricted cash and cash equivalents, short-term investments, and restricted cash and cash equivalents, totaled $326.0 million as of July 31, 2024. The earnings call on the same day discussed these results and business highlights, including the company's efforts to preserve balance sheet strength and execute growth objectives.
