FuelCell Energy reported a challenging fiscal year 2024, with revenue decreasing 9% to $112.1 million. The company's gross loss widened to $35.9 million from $10.5 million in FY2023, while net loss attributable to common stockholders increased to $129.2 million from $110.8 million. Cash and cash equivalents declined to $148.1 million as of October 31, 2024. Despite financial setbacks, the company's generation operating portfolio grew to 62.8 MW, and total backlog increased 13.1% to $1.16 billion.In response to financial challenges, FuelCell Energy announced a restructuring plan in November 2024, reducing its workforce by 13%. The company is focusing on commercializing solid oxide and carbon capture technologies while expanding manufacturing capacity and reducing costs. Throughout 2023 and 2024, FuelCell Energy engaged in several financial transactions, including closing an $80.5 million term loan facility and securing additional financing for...Show More

FuelCell Energy reported a challenging fiscal year 2024, with revenue decreasing 9% to $112.1 million. The company's gross loss widened to $35.9 million from $10.5 million in FY2023, while net loss attributable to common stockholders increased to $129.2 million from $110.8 million. Cash and cash equivalents declined to $148.1 million as of October 31, 2024. Despite financial setbacks, the company's generation operating portfolio grew to 62.8 MW, and total backlog increased 13.1% to $1.16 billion.In response to financial challenges, FuelCell Energy announced a restructuring plan in November 2024, reducing its workforce by 13%. The company is focusing on commercializing solid oxide and carbon capture technologies while expanding manufacturing capacity and reducing costs. Throughout 2023 and 2024, FuelCell Energy engaged in several financial transactions, including closing an $80.5 million term loan facility and securing additional financing for specific projects.FuelCell Energy also made corporate governance updates and experienced changes in executive leadership. The company continues to collaborate with ExxonMobil Technology and Engineering Company through an amended Joint Development Agreement. While management believes current cash will be sufficient for at least 12 months, they acknowledge that additional capital raises may be needed long-term to support ongoing operations and growth initiatives.