FuelCell Energy Reports 55% Revenue Drop

By Bobby Samwell • Thursday, March 07 15:20 • Permanent Link

FuelCell Energy, Inc. (NASDAQ: FCEL) has reported its financial results for the first quarter of fiscal 2024, ending January 31, 2024. The company's revenues for the period were $16.7 million, representing a significant decrease of 55% compared to the same period in the prior year, when revenues were reported at $37.1 million.

The first quarter of fiscal 2024 also saw a gross loss of $11.7 million, a substantial decline from the gross profit of $5.2 million reported in the first quarter of fiscal 2023. Additionally, the loss from operations increased to $(42.5) million from $(22.5) million in the comparable prior-year quarter.

The net loss attributable to common stockholders for the first quarter of fiscal 2024 was $(20.6) million, a 6% increase from the $(19.4) million reported in the first quarter of fiscal 2023. The net loss per share remained unchanged at $(0.05) for both quarters.

The company's EBITDA and adjusted EBITDA for the first quarter of fiscal 2024 also reflected significant changes, with EBITDA at $(33.9) million, compared to $(17.1) million in the first quarter of fiscal 2023, and adjusted EBITDA at $(29.1) million, down from $(14.4) million in the comparable prior-year quarter.

FuelCell Energy's financial report highlighted various factors contributing to these changes. Notably, product revenues for the three months ended January 31, 2024, were $0, a significant decrease from the $9.1 million reported for the same period in 2023. Service agreement revenues also decreased to $1.6 million from $13.9 million, and generation revenues increased by 10% to $10.5 million from $9.6 million. The company also reported a decrease in backlog by approximately 3.4%, totaling $1.03 billion as of January 31, 2024, compared to $1.06 billion in the prior year.

Moreover, the company's cash, restricted cash, and short-term investments totaled $348.8 million as of January 31, 2024, down from $403.3 million as of October 31, 2023.

Despite the challenging financial results, Mr. Jason Few, President and Chief Executive Officer of FuelCell Energy, expressed optimism about the company's future performance. He emphasized the company's focus on commercializing technologies, accelerating global sales closure pace, and making disciplined capital allocation decisions.

Today the company's shares have moved -8.2% to a price of $1.12. If you want to know more, read the company's complete 8-K report here.

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