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FuelCell Energy(FCEL) - 2024 Q3 - Quarterly Results
FCELFuelCell Energy(FCEL)2024-09-05 11:30

Revenue Performance - Revenue for Q3 Fiscal 2024 was 23.7million,adecreaseof723.7 million, a decrease of 7% compared to 25.5 million in Q3 Fiscal 2023[1][3][5]. - Total revenues for the three months ended July 31, 2024, were 23.7million,adecreasefrom23.7 million, a decrease from 25.5 million in the same period of 2023, representing a decline of approximately 7%[30]. - Total revenues for the nine months ended July 31, 2024, were 62,806million,adecreasefrom62,806 million, a decrease from 100,932 million in the same period of 2023, representing a decline of approximately 37.7%[32]. Loss and Expenses - Gross loss improved to (6.2)million,down25(6.2) million, down 25% from (8.2) million in the prior year[1][3][8]. - Loss from operations decreased by 19% to (33.6)millionfrom(33.6) million from (41.4) million year-over-year[1][3][9]. - Net loss increased to (35.1)million,comparedto(35.1) million, compared to (23.6) million in Q3 Fiscal 2023, which included a one-time benefit of 15.3million[1][11].−ThenetlossattributabletocommonstockholdersforthethreemonthsendedJuly31,2024,was15.3 million[1][11]. - The net loss attributable to common stockholders for the three months ended July 31, 2024, was (33.5) million, compared to (25.1)millioninthesameperiodof2023,indicatinganincreaseinlosses[30].−GrosslossfortheninemonthsendedJuly31,2024,was(25.1) million in the same period of 2023, indicating an increase in losses[30]. - Gross loss for the nine months ended July 31, 2024, was (25,001) million, compared to a gross loss of (9,071)millionintheprioryear,indicatingasignificantincreaseinlosses[32].−Operatingexpensestotaled(9,071) million in the prior year, indicating a significant increase in losses[32]. - Operating expenses totaled 92,455 million for the nine months ended July 31, 2024, up from 90,637millionin2023,reflectingariseofapproximately290,637 million in 2023, reflecting a rise of approximately 2%[32]. - The company incurred interest expense of 7,168 million for the nine months ended July 31, 2024, compared to 4,926millioninthepreviousyear,indicatinganincreaseinfinancingcosts[32].CashandAssets−Cashandcashequivalentstotaled4,926 million in the previous year, indicating an increase in financing costs[32]. Cash and Assets - Cash and cash equivalents totaled 326.0 million as of July 31, 2024, down from 403.3millionasofOctober31,2023[1][13].−Cashandcashequivalents,unrestricted,asofJuly31,2024,were403.3 million as of October 31, 2023[1][13]. - Cash and cash equivalents, unrestricted, as of July 31, 2024, were 159.3 million, up from 9.7millionasofOctober31,2023[27].−TotalassetsasofJuly31,2024,were9.7 million as of October 31, 2023[27]. - Total assets as of July 31, 2024, were 948.9 million, a decrease from 955.5millionasofOctober31,2023[27].−Currentliabilitiesincreasedslightlyto955.5 million as of October 31, 2023[27]. - Current liabilities increased slightly to 66.5 million as of July 31, 2024, compared to 65.9millionasofOctober31,2023[27].−Thecompanyreportedacurrentportionoflong−termdebtof65.9 million as of October 31, 2023[27]. - The company reported a current portion of long-term debt of 12.2 million as of July 31, 2024, compared to 10.1millionasofOctober31,2023[27].BacklogandRevenueSources−Backlogincreasedbyapproximately12.610.1 million as of October 31, 2023[27]. Backlog and Revenue Sources - Backlog increased by approximately 12.6% to 1.20 billion from 1.06billionyear−over−year,drivenbyalong−termserviceagreementwithGyeonggiGreenEnergyCo.,Ltd.[1][15][17].−Generationrevenuesrose221.06 billion year-over-year, driven by a long-term service agreement with Gyeonggi Green Energy Co., Ltd.[1][15][17]. - Generation revenues rose 22% to 13.4 million, primarily due to the Toyota and Derby projects[1][6]. - Advanced Technologies contract revenues increased to 8.6millionfrom8.6 million from 4.7 million, with significant contributions from ExxonMobil-related projects[1][7]. - Product revenues were 0.3million,recognizedunderanewsalescontractwithAmeresco,Inc.,withnoproductrevenuesintheprioryear[1][5][6].StrategicFocus−Thecompanyaimstolowerquarterlyspendingandcashburnwhilepursuingfinancingforcommercialopportunities[1][14].−FuelCellEnergyisfocusedonadvancingsustainablecleanenergytechnologiestoaddresscriticalchallengesinenergyaccessandenvironmentalstewardship[24].−Thecompanyispositionedtoserveadiversecustomerbase,includingindustrialandcommercialbusinesses,utilities,andgovernments,withitsproprietaryfuelcelltechnology[24].AdjustedPerformanceMetrics−AdjustedEBITDAfortheninemonthsendedJuly31,2024,was0.3 million, recognized under a new sales contract with Ameresco, Inc., with no product revenues in the prior year[1][5][6]. Strategic Focus - The company aims to lower quarterly spending and cash burn while pursuing financing for commercial opportunities[1][14]. - FuelCell Energy is focused on advancing sustainable clean energy technologies to address critical challenges in energy access and environmental stewardship[24]. - The company is positioned to serve a diverse customer base, including industrial and commercial businesses, utilities, and governments, with its proprietary fuel cell technology[24]. Adjusted Performance Metrics - Adjusted EBITDA for the nine months ended July 31, 2024, was (75,768) million, worsening from (72,052)millionintheprioryear,indicatingadeclineinoperationalperformance[36].−Thecompanyreportedanetlossbeforeprovisionforincometaxesof(72,052) million in the prior year, indicating a decline in operational performance[36]. - The company reported a net loss before provision for income taxes of (117,176) million for the nine months ended July 31, 2024, compared to (78,017)millionin2023,reflectingasubstantialincreaseinlosses[32].−ResearchanddevelopmentexpensesfortheninemonthsendedJuly31,2024,were(78,017) million in 2023, reflecting a substantial increase in losses[32]. - Research and development expenses for the nine months ended July 31, 2024, were 43,796 million, slightly up from 43,000millioninthesameperiodof2023[32].−ThebasicanddilutedlosspershareattributabletocommonstockholdersfortheninemonthsendedJuly31,2024,was43,000 million in the same period of 2023[32]. - The basic and diluted loss per share attributable to common stockholders for the nine months ended July 31, 2024, was (0.19), unchanged from the same period in 2023[32]. - The company recorded a mark-to-market net loss of $5.1 million related to natural gas purchase contracts for the nine months ended July 31, 2024, with no comparable loss in the prior year[38].