Financial Data and Key Metrics Changes - In Q4 FY2025, total revenues increased to $55 million from $49.3 million in the prior year, representing a 12% increase [17] - The net loss attributable to common stockholders decreased to $30.7 million from $42.2 million in Q4 FY2024, resulting in a net loss per share of $0.85 compared to $2.21 [18][19] - For FY2025, total revenues were $158.2 million, up from $112.1 million in FY2024, marking a 41% increase [20] - The net loss attributable to common stockholders for FY2025 was $191.1 million, compared to $129.2 million in FY2024, with a net loss per share of $7.42 compared to $7.83 [21][22] - Adjusted EBITDA improved to -$74.4 million in FY2025 from -$101.1 million in FY2024, reflecting a 26% reduction [22] Business Line Data and Key Metrics Changes - Product revenues rose to $30 million from $25.4 million, primarily due to long-term service agreements with GGE [23] - Service agreement revenues increased to $7.3 million from $5.6 million, driven by the same long-term service agreement [23] - Generation revenues slightly increased to $12.2 million from $12 million, reflecting higher output from the generation operating portfolio [23] - Advanced technology contract revenues decreased to $5.5 million from $6.4 million [23] Market Data and Key Metrics Changes - The backlog increased by approximately 2.6% to $1.19 billion compared to $1.16 billion as of October 31, 2024, due to new projects and service agreements [26] - The company has established itself as a leading partner in South Korea's fuel cell energy market, with over 100 MW of power projects in backlog and another 100 MW under MOU [13] Company Strategy and Development Direction - The company is focused on scaling manufacturing capacity and aims to achieve an annualized production rate of 100 MW per year to reach positive Adjusted EBITDA [8][15] - The strategy emphasizes the data center market, driven by AI and digital infrastructure demands, with a commitment to providing clean, reliable power [6][10] - The company is building financing capacity, exemplified by a $25 million financing from Exxon for a project in Korea, which is seen as a model for future projects [9] - The company is positioned to win in emerging power markets, supported by favorable policies and its carbonate platform technology [9][10] Management's Comments on Operating Environment and Future Outlook - Management believes the demand for power is accelerating due to the growth of AI and data centers, presenting significant business opportunities [6][10] - The company is optimistic about converting its pipeline into executed contracts and backlog into revenue, emphasizing the importance of execution in FY2026 [10][28] - Management highlighted the challenges customers face, such as utility interconnections and procurement delays, which the company's technology can address effectively [11][12] Other Important Information - The company ended FY2025 with cash, restricted cash, and cash equivalents of $341.8 million, indicating a strong liquidity position [26][27] - The company plans to invest between $20 million and $30 million in capital expenditures in FY2026 to support expansion efforts [71] Q&A Session Summary Question: What is the growth outlook for 2026? - Management indicated that there are hundreds of megawatts of pricing proposals across the digital infrastructure ecosystem, suggesting opportunities will present in 2026 [30] Question: How long will it take to scale capacity to 350 MW? - Management expects that scaling to 350 MW can happen in a timeframe of less than 18 months with modest capital investment [33] Question: What is the status of data center traction and potential bottlenecks? - Management reported strong interest in their distributed generation platform and modularity, with no significant constraints in delivering power [40] Question: What are the changes in the South Korean market? - Management noted strong momentum in repowering existing installations and ongoing partnerships, indicating a positive outlook for the South Korean market [48] Question: What are the carbon capture opportunities being pursued? - Management discussed ongoing work with Exxon for carbon capture at a refinery in Rotterdam and the potential for commercial opportunities post-demonstration [44][50] Question: What are the main hurdles for securing data center customers? - Management clarified that the main issue is a shift in how data center customers procure power, not a readiness issue [56] Question: How are NIMBY issues affecting customer discussions? - Management emphasized that their technology addresses NIMBY concerns effectively, allowing for deployments close to communities without complaints [82]

Financial Data and Key Metrics Changes - In Q4 FY2025, total revenues increased to $55 million from $49.3 million in the prior year, representing a 12% increase [18] - The net loss attributable to common stockholders decreased to $30.7 million from $42.2 million in Q4 FY2024, resulting in a net loss per share of $0.85 compared to $2.21 [20][21] - For FY2025, total revenues were $158.2 million, up from $112.1 million in FY2024, a 41% increase [21] - The net loss attributable to common stockholders for FY2025 was $191.1 million compared to $129.2 million in FY2024, with a net loss per share of $7.42 compared to $7.83 [22][23] - Adjusted EBITDA improved to negative $74.4 million in FY2025 from negative $101.1 million in FY2024, reflecting a 26% reduction [23] Business Line Data and Key Metrics Changes - Product revenues in Q4 FY2025 were $30 million, up from $25.4 million in the prior year, driven by long-term service agreements [24] - Service agreement revenues increased to $7.3 million from $5.6 million, primarily due to the GGE agreement [24] - Generation revenues slightly increased to $12.2 million from $12 million, reflecting higher output from the generation portfolio [24] - Advanced technology contract revenues decreased to $5.5 million from $6.4 million [24] Market Data and Key Metrics Changes - The backlog increased by approximately 2.6% to $1.19 billion compared to $1.16 billion as of October 31, 2024, due to new projects and service agreements [27] - The company has over 100 megawatts of power projects in South Korea in its backlog, with another 100 megawatts under MOU [14] Company Strategy and Development Direction - The company is focused on scaling manufacturing capacity and aims to achieve positive Adjusted EBITDA at an annualized production rate of 100 megawatts per year [8][16] - The strategy includes leveraging partnerships, such as the $25 million financing from Exxon for projects in Korea, to support growth [9][28] - The company is committed to addressing the growing demand for clean, reliable power driven by data centers and digital infrastructure [6][10] Management's Comments on Operating Environment and Future Outlook - Management believes the demand for power is accelerating due to the growth of AI and data centers, presenting significant business opportunities [5][6] - The company is optimistic about entering FY2026 with strong momentum, focusing on converting its pipeline into executed contracts [10][18] - Management highlighted the importance of policy certainty and the investment tax credit in improving project economics and supporting long-term adoption [9][68] Other Important Information - The company ended FY2025 with cash, restricted cash, and cash equivalents of $341.8 million, providing a strong liquidity position [28] - The company plans to spend between $20 million and $30 million on capital expenditures in FY2026 to support expansion efforts [73] Q&A Session Summary Question: What is the growth outlook for 2026? - Management indicated that there are hundreds of megawatts of pricing proposals across the digital infrastructure ecosystem, with opportunities expected to materialize in 2026 [31] Question: How long will it take to scale capacity to 350 megawatts? - Management expects that scaling to 350 megawatts can happen in a timeframe of less than 18 months with modest capital investment [34] Question: What is the status of data center traction and potential bottlenecks? - Management reported strong interest in their distributed generation platform and modularity, with no significant constraints in delivering power solutions [40] Question: What is the update on ExxonMobil and carbon capture opportunities? - Management confirmed that they are set to demonstrate technology for capturing CO2 while producing power and hydrogen at Exxon's Rotterdam refinery in late 2026 [45] Question: What changes have been observed in the South Korean market? - Management noted strong momentum in repowering existing installations and ongoing partnerships, indicating a positive outlook for the South Korean market [49] Question: Are there any carbon capture opportunities with other players? - Management is engaged in discussions for carbon recovery with various industrial customers, emphasizing the low emission profile of their technology [51][52] Question: What are the main hurdles for securing data center customers? - Management clarified that the main challenge is the shift in procurement models rather than customer readiness, as data centers increasingly require on-site generation [57]

Financial Data and Key Metrics Changes - In Q4 fiscal year 2025, total revenues increased to $55 million from $49.3 million in the prior year, representing a 12% increase [17] - The net loss attributable to common stockholders decreased to $30.7 million from $42.2 million in Q4 fiscal year 2024, resulting in a net loss per share of $0.85 compared to $2.21 [18] - For the full fiscal year 2025, total revenues were $158.2 million, up from $112.1 million in the previous year, marking a 41% increase [19] - The net loss attributable to common stockholders for the year was $191.1 million, compared to $129.2 million in fiscal year 2024, with a net loss per share of $7.42 compared to $7.83 [21] Business Line Data and Key Metrics Changes - Product revenues in Q4 fiscal year 2025 were $30 million, up from $25.4 million, primarily driven by long-term service agreements with GGE [23] - Service agreement revenues increased to $7.3 million from $5.6 million, reflecting revenue recognized under the service agreement with GGE [23] - Generation revenues slightly increased to $12.2 million from $12 million, due to higher output from the generation operating portfolio [23] - Advanced technology contract revenues decreased to $5.5 million from $6.4 million [23] Market Data and Key Metrics Changes - The backlog increased by approximately 2.6% to $1.19 billion compared to $1.16 billion as of October 31, 2024, driven by new projects and service agreements [26] - The company has established itself as a leading partner in South Korea's fuel cell energy market, with over 100 megawatts of power projects in backlog and another 100 megawatts under MOU [14] Company Strategy and Development Direction - The company is focused on scaling manufacturing capacity at its Torrington facility to achieve profitability, targeting an annualized production rate of 100 megawatts [9] - The strategy emphasizes the data center market, driven by AI and digital infrastructure demands, with a commitment to providing reliable, clean power solutions [8] - The company aims to leverage financing partnerships, such as the $25 million financing from Exxon, to support growth and project development [10] Management's Comments on Operating Environment and Future Outlook - Management believes the demand for power is accelerating due to the growth of AI and data centers, presenting significant business opportunities [6] - The company is optimistic about entering fiscal year 2026 with strong momentum, driven by commercial opportunities and policy clarity [11] - Management highlighted the importance of converting the pipeline into executed contracts and backlog into revenue as key to success in fiscal year 2026 [11] Other Important Information - The company reported a gross loss of $6.6 million in Q4 fiscal year 2025, down from $10.9 million in the prior year [24] - Operating expenses decreased to $21.7 million from $30.1 million, primarily due to reduced research and development expenses [25] - The company ended the fiscal year with cash, restricted cash, and cash equivalents of $341.8 million [26] Q&A Session Summary Question: What is the growth outlook for 2026? - Management indicated that there are hundreds of megawatts of pricing proposals across the digital infrastructure ecosystem, with expectations for opportunities to materialize in 2026 [30] Question: How long will it take to scale capacity to 350 megawatts? - Management stated that scaling to 350 megawatts could be achieved in less than 18 months with modest capital investment [31] Question: What is the status of data center traction and potential bottlenecks? - Management reported strong interest in their distributed generation platform and modularity, with no significant constraints in delivering power solutions [33] Question: What are the changes seen in the South Korean market? - Management noted strong momentum in repowering existing installations and ongoing partnerships, with expectations for continued growth in the Korean market [37] Question: What are the carbon capture opportunities being pursued? - Management highlighted ongoing work with ExxonMobil for carbon capture technology and discussions with data center customers for carbon recovery solutions [39][40]

U.S. stocks were higher, with the Dow Jones index gaining more than 300 points on Thursday.Shares of FuelCell Energy Inc (NASDAQ:FCEL) rose sharply during Thursday's session after the company reported better-than-expected quarterly financial results.Revenue rose 12% year over year to $55.0 million, while net loss per share narrowed to 85 cents from $2.21. Adjusted net loss per share improved to 83 cents from $1.85. FuelCell Energy's adjusted EPS loss of 83 cents beat an estimate for a loss of $1.04, and sal ...

Financial Performance - Total revenue for fiscal year 2025 was $158.2 million, compared to $112.1 million in fiscal year 2024[31] - The net loss for fiscal year 2025 was $(191.4) million, compared to $(156.8) million in fiscal year 2024[31] - Adjusted EBITDA for fiscal year 2025 was $(74.4) million, compared to $(101.1) million in fiscal year 2024[31] - The company ended fiscal year 2025 with $341.8 million in total cash, restricted cash, and cash equivalents[10] - Backlog as of October 31, 2025, was $1.16 billion, compared to $1.19 billion as of October 31, 2024[34] Operational Highlights - The company is operating at a 41 MW per year annualized production rate as of October 31, 2025[10, 28] - The Torrington, CT factory has the potential to accommodate an estimated annualized production capacity of up to 350 MW per year with additional capital investments[10, 26] - The company commissioned 22 1.4-MW replacement fuel cell modules in fiscal year 2025 and expects to commission 14 more in fiscal year 2026 for Gyeonggi Green Energy (GGE)[39] Strategic Focus - The company is focusing on a data center strategy, leveraging AI-driven demand for new opportunities[9] - The company's systems do not require utility interconnection when operating in off-grid mode and are a durable baseload alternative[12] - The company emphasizes potential margin expansion through higher production utilization and sustained cost discipline in fiscal year 2026[10]

Clean Energy Technology - FuelCell Energy reported a continuous operational experience of 22 years in clean energy technology and stationary fuel cell manufacturing[25] - The company’s molten carbonate fuel cell systems provide large-scale, continuous clean power with ultra-low emissions and high efficiency[25] - Proven utility-scale projects are operating at capacities of 10 MW, 20 MW, and 58.8 MW, each with over seven years of continuous runtime[25] - FuelCell Energy's systems are fuel-flexible, capable of running on biofuels, renewable natural gas, or hydrogen-hydrocarbon blends[25] - The carbonate fuel cell technology has the unique capability to capture CO2 from fuel cell exhaust, which can be utilized for industrial needs or sequestered[70] - The carbonate fuel cell platform achieves an electrical efficiency of 50%, which is 25% better than gas turbines, and can exceed 80% total system efficiency when configured for combined heat and power (CHP) applications[64] - The carbonate fuel cell systems emit negligible NOx, SOx, and particulate matter, and when fueled by biogas, are considered carbon neutral, supporting sustainability goals[83] Market Opportunities and Strategy - The company targets markets including utilities, data centers, and microgrids, primarily in the U.S., Canada, EU, UK, and select Asian markets[26] - The company aims to support decarbonization goals while strengthening the grid and reducing pollution[25] - The company is focused on the commercialization of its solid oxide electrolysis technology for distributed hydrogen and the advancement of its core carbonate fuel cell technology[27] - The company targets three major market opportunities: distributed generation, carbon capture, utilization and sequestration, and distributed hydrogen[40] - The company is expanding its market presence in Europe, aiming for a 20% market share by the end of the next fiscal year[11] - The company plans to increase hydrogen/ammonia-based electricity share to 2.1% by 2030 and 7.1% by 2036[138] Financial Performance and Risks - Future financial performance is subject to risks including market acceptance of products and competition from alternative energy sources[19] - The company anticipates continued losses and negative cash flows, which may impact its financial condition[19] - The company relies on project financing, which could be adversely affected by rising interest rates or changes in tax policy[19] - Supply chain disruptions have been identified as a potential risk, which could impact project timelines and costs[11] - The company has incurred losses and anticipates continued losses and negative cash flows, which may adversely affect its financial condition[19] Restructuring and Operational Efficiency - The company is focused on restructuring plans to improve operational efficiency and achieve cost reduction targets[19] - The restructuring plans announced in November 2024 and June 2025 aim to reduce operating costs and realign resources towards core carbonate technologies[50] - The restructuring plan is projected to save the company $5 million annually, with full implementation expected by the end of Q2 2024[11] - Recent restructuring actions aim to reduce operating costs and realign resources, including workforce reductions and deferral of capital spending on solid oxide technology[50] - The company reduced its workforce by approximately 13% (75 employees) in November 2024 and by 22% (122 employees) in June 2025 due to slower-than-expected investments in clean energy[144][145] Revenue and Growth - The company reported a revenue growth of 15% year-over-year, reaching $150 million in the last quarter[11] - The company expects to achieve a revenue target of $200 million for the next fiscal year, representing a 33% increase[11] - New product launches are anticipated to contribute an additional $30 million in revenue over the next two quarters[11] - The company has secured $50 million in government contracts to support its advanced technology initiatives[11] - The company’s business model includes multiple revenue streams, with recurring revenue from power purchase agreements and service agreements[52] Technology Development and Innovation - The solid oxide electrolysis platform is under development, with plans to seek partnerships for commercialization[51] - The company has a portfolio of over 55 patents covering solid oxide cell, stack, and system technology, demonstrating its commitment to innovation[78] - The company has ceased development of the solid oxide power generation platform and is focusing on solid oxide electrolysis technology commercialization[104] - The company is focused on expanding its technology portfolio through advanced technologies programs, which include both privately and publicly funded research and development[87] Government Support and Incentives - The carbonate fuel cell technology is supported by the reinstated 30% Investment Tax Credit in the U.S. through at least 2032 and a carbon capture credit of $85 per ton, creating economic incentives for adoption[28] - The recently adopted One Big Beautiful Bill Act reinstated the 30% Investment Tax Credit for fuel cells through at least 2032, providing clear economic incentives for adoption[28] - South Korea's Clean Hydrogen Portfolio Standard (CHPS) program, launched in 2024, mandates clean hydrogen adoption and provides long-term purchase contracts[136] Manufacturing and Supply Chain - The Torrington manufacturing facility operates at a 41 MW per year annualized production rate, with a maximum capacity of 100 MW per year under current configuration[113] - The company has a global integrated supply chain for raw materials, with no sourcing from Russia[120] - The company plans to explore manufacturing opportunities in Europe and Asia to enhance supply chain operations and meet local content requirements[119] - The company maintains ISO 9001:2015 and ISO 14001:2015 certifications for its manufacturing and service facilities, emphasizing quality and environmental stewardship[115] Customer Engagement and Service - The company offers long-term service agreements (LTSAs) with terms of up to 20 years, providing a predictable revenue stream[128] - LTSAs and power purchase agreements (PPAs) include guarantees for system performance, with production commitments extending through 2042[130] - The company has developed relationships with design firms and licensed contractors to ensure efficient execution of fuel cell projects[126]

Financial Performance - Revenue for Q4 FY2025 was $55.0 million, a 12% increase from $49.3 million in Q4 FY2024[3] - Net loss attributable to common stockholders improved to $(30.7) million in Q4 FY2025, compared to $(42.2) million in Q4 FY2024, reflecting a 27% reduction[12] - Total revenues for the three months ended October 31, 2025, increased to $55,016,000 from $49,326,000 in the same period of 2024, representing an increase of 11.5%[31] - The net loss attributable to common stockholders for the three months ended October 31, 2025, was $30,668,000, compared to a net loss of $42,216,000 for the same period in 2024, a reduction of 27.5%[31] - Gross loss for the year ended October 31, 2025, was $26,408,000, an improvement from a gross loss of $35,918,000 in 2024, indicating a positive trend in cost management[33] - The company reported an EBITDA of $(18,505,000) for the three months ended October 31, 2025, compared to $(32,250,000) in the same period of 2024, indicating improved operational performance[38] - Adjusted net loss attributable to common stockholders for the year ended October 31, 2025, was $113,592,000, compared to $108,033,000 in 2024, showing a slight increase in adjusted losses[40] - The company experienced a net loss per share attributable to common stockholders of $(0.85) for the three months ended October 31, 2025, compared to $(2.21) in 2024, reflecting improved loss per share[40] Backlog and Revenue Sources - Total backlog increased by approximately 2.6% to $1.19 billion as of October 31, 2025, compared to $1.16 billion as of October 31, 2024[18] - Product revenues for Q4 FY2025 were $30.0 million, driven by a long-term service agreement with Gyeonggi Green Energy Co., Ltd.[6] - Service agreements revenues increased to $7.3 million in Q4 FY2025 from $5.6 million in Q4 FY2024[6] - Service agreements backlog totaled $162.4 million as of October 31, 2025, down from $174.2 million as of October 31, 2024[20] - Generation backlog increased to $945.2 million as of October 31, 2025, compared to $841.4 million as of October 31, 2024, with a new 20-year PPA expected to generate approximately $167.4 million in revenue[20] - Product backlog decreased to $66.2 million as of October 31, 2025, from $111.3 million as of October 31, 2024, primarily due to revenue recognition from completed commissioning of replacement modules[20] - Advanced Technologies contract backlog decreased to $19.5 million as of October 31, 2025, from $36.0 million as of October 31, 2024[20] - The company recorded a total of $31.7 million in backlog from the CGN LTSA, with $7.7 million allocated to service backlog[20] Cash and Assets - Cash and cash equivalents totaled $341.8 million as of October 31, 2025, up from $318.0 million as of October 31, 2024[15] - Cash and cash equivalents increased to $278.1 million as of October 31, 2025, compared to $148.1 million as of October 31, 2024[29] - Total current assets slightly increased to $449.8 million as of October 31, 2025, from $444.5 million as of October 31, 2024[29] - Total liabilities decreased to $201.0 million as of October 31, 2025, from $216.7 million as of October 31, 2024[29] - Stockholders' equity increased to $662.2 million as of October 31, 2025, compared to $656.9 million as of October 31, 2024[29] Operating Expenses and Cost Management - Operating expenses decreased to $21.7 million in Q4 FY2025, down from $30.1 million in Q4 FY2024, primarily due to reduced R&D expenses[8] - Research and development expenses for the three months ended October 31, 2025, were $5,456,000, down from $11,608,000 in 2024, reflecting a strategic focus on cost reduction[31] - Adjusted EBITDA improved to $(17.7) million in Q4 FY2025, compared to $(25.3) million in Q4 FY2024, indicating early benefits from cost-saving actions[13] Financing and Investments - The company closed a new round of debt financing with EXIM to support its strategy in the data center market[17] - The company recorded a non-cash impairment expense of $65,781,000 for the year ended October 31, 2025, related to prior investments in solid oxide technology[43] Commissioning and Future Expectations - The company completed commissioning of 28 replacement fuel cell modules under the GGE LTSA, with 14 more expected to be commissioned in fiscal year 2026[20] - The basic and diluted weighted average shares outstanding increased to 36,159,324 for the three months ended October 31, 2025, from 19,063,628 in 2024, indicating potential dilution for existing shareholders[31]

Fourth Quarter Fiscal 2025 Summary(All comparisons are year-over-year unless otherwise noted) Revenue of $55.0 million, compared to $49.3 million, an increase of approximately 12%Gross loss of $(6.6) million, compared to $(10.9) million, a decrease of approximately 39%Loss from operations of $(28.3) million, compared with $(41.0) million, a decrease of approximately 31%Net loss per share attributable to common stockholders was $(0.85), compared with $(2.21)Backlog of $1.19 billion, compared to $1.16 billion ...

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It's that time again — investors are prepping for this week's earnings reports which include homebuilders, several apparel companies and a big tech company. MU stock is moving. See the chart and price action here. Monday, Dec. 15The week begins with the following companies reporting after Monday's closing bell:Navan, Inc. (NASDAQ:NAVN)Ark Restaurants Corp. (NASDAQ:ARKR)Champions Oncology, Inc. (NASDAQ:CSBR)Read Next: Rivian’s AI Turn VS. Lucid’s Uber Alliance: Robotaxi Race For Second-Place   Tuesday, Dec. ...