Thu, Sep 5, 11:36 AM (131 days ago)
For the third quarter ending July 31, 2024, FuelCell Energy, Inc. reported revenues of $23.7 million, a decline of 7% from $25.5 million in the same period last year. The gross loss improved to $6.2 million from $8.2 million, reflecting a reduction in costs of revenues to $29.9 million from $33.7 million. Operating expenses decreased to $27.4 million, leading to a reduced loss from operations of $33.6 million compared to $41.4 million in Q3 2023. For the nine months ended July 31, 2024, total revenues fell 38% to $62.8 million, with a gross loss of $25 million, significantly worse than the $9.1 million loss last year. Notably, product revenues dropped 97% due to the absence of significant module sales. The company reported a net loss of $117.2 million, up from $78.6 million in the prior year. Cash and cash equivalents decreased to $159.3 million from $250 million, with cash flows impacted by high operational costs and investments in project assets. The company anticipates future liquidity challenges unless it can increase project completion efficiency and secure additional financing.