Mon, Jun 10, 11:42 AM (89 days ago)
FuelCell Energy, Inc.'s quarterly report for the period ending April 30, 2024, indicates a decline in financial performance compared to the previous year. Revenues decreased by 42% to $22.4 million, driven by significant drops in service agreements revenue due to no module exchanges occurring in the quarter. Generation revenues rose by 67% to $14.1 million, primarily from new projects, while Advanced Technologies revenue increased by 86% to $6.9 million. Costs of revenues decreased 34% to $29.5 million, but the gross loss widened to $7.1 million. Operating expenses increased by 15%, leading to a higher loss from operations of $41.4 million. Cash and cash equivalents dropped to $158.8 million from $250.0 million at the fiscal year-end, partly due to capital expenditures and project asset investments. The company raised $5.9 million through stock sales and received $13.0 million in new loans. Future liquidity depends on completing current projects, increasing cash flows, obtaining financing, and accessing capital markets. The company is expanding its generation portfolio and has entered into new service agreements and projects to drive future revenue.