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FuelCell Energy(FCEL) - 2025 Q2 - Quarterly Results
FCELFuelCell Energy(FCEL)2025-06-06 11:35

Revenue Performance - Revenue for the second quarter of fiscal 2025 was 37.4million,anincreaseofapproximately6737.4 million, an increase of approximately 67% compared to 22.4 million in the prior year[4] - Total revenues for the three months ended April 30, 2025, were 37.406million,asignificantincreasefrom37.406 million, a significant increase from 22.420 million in the same period of 2024, representing a growth of 67%[36] - Total revenues for the six months ended April 30, 2025, increased to 56,403,000,comparedto56,403,000, compared to 39,111,000 for the same period in 2024, representing a growth of 44%[37] Product and Service Revenues - Product revenues for the second quarter were 13.0million,comparedtonoproductrevenuesintheprioryear[9]−Productrevenuesreached13.0 million, compared to no product revenues in the prior year[9] - Product revenues reached 13.027 million, while service revenues increased to 8.144million,comparedto8.144 million, compared to 1.369 million in the previous year[36] - Product revenues reached 13,099,000inthefirsthalfof2025,whileservicerevenuesincreasedto13,099,000 in the first half of 2025, while service revenues increased to 9,992,000, compared to 2,986,000in2024[37]GrossLossandOperatingExpenses−Thecompanyreportedagrosslossof2,986,000 in 2024[37] Gross Loss and Operating Expenses - The company reported a gross loss of (9.4) million, which is an increase of approximately 33% from (7.1)millioninthesamequarterlastyear[4]−Thegrosslossforthequarterwas(7.1) million in the same quarter last year[4] - The gross loss for the quarter was 9.438 million, compared to a gross loss of 7.074millioninthesamequarterof2024[36]−Totalcostsofrevenuesroseto7.074 million in the same quarter of 2024[36] - Total costs of revenues rose to 71,045,000 in the first half of 2025, up from 57,910,000in2024,leadingtoagrosslossof57,910,000 in 2024, leading to a gross loss of 14,642,000[37] - Operating expenses decreased to 26.4millionfrom26.4 million from 34.3 million, reflecting a reduction in administrative and selling expenses due to restructuring actions[12] - Operating expenses totaled 26.372million,downfrom26.372 million, down from 34.287 million in the prior year, indicating a reduction of approximately 23%[36] - Operating expenses decreased to 54,019,000inthefirsthalfof2025from54,019,000 in the first half of 2025 from 65,040,000 in 2024, primarily due to lower research and development expenses[37] Net Loss and Loss Per Share - Net loss per share improved to (1.79),adecreaseofapproximately18(1.79), a decrease of approximately 18% from (2.18) in the prior year[4] - The net loss attributable to common stockholders for the quarter was 38.849million,comparedtoanetlossof38.849 million, compared to a net loss of 32.940 million in the same period last year[36] - The net loss attributable to common stockholders for the six months ended April 30, 2025, was 67,975,000,comparedto67,975,000, compared to 53,533,000 in 2024, reflecting an increase in losses[37] - Loss per share attributable to common stockholders improved to (3.22)inthefirsthalfof2025from(3.22) in the first half of 2025 from (3.55) in 2024[37] Cash and Assets - Cash and cash equivalents totaled 240.0millionasofApril30,2025,downfrom240.0 million as of April 30, 2025, down from 318.0 million as of October 31, 2024[21] - Cash and cash equivalents decreased to 116.061millionasofApril30,2025,downfrom116.061 million as of April 30, 2025, down from 148.133 million as of October 31, 2024[34] - Total assets as of April 30, 2025, were 883.843million,adecreasefrom883.843 million, a decrease from 944.124 million as of October 31, 2024[34] Restructuring and Workforce Reduction - The company announced a restructuring plan aimed at reducing operating expenses by 30% on an annualized basis compared to fiscal year 2024[4] - The company has reduced its workforce by approximately 22% as part of its global restructuring plan[17] - The company reported a restructuring expense of 1,542,000forthefirsthalfof2025,whichwasnotpresentinthesameperiodof2024[37]AdjustedEBITDAandOperationalEfficiency−AdjustedEBITDAimprovedto1,542,000 for the first half of 2025, which was not present in the same period of 2024[37] Adjusted EBITDA and Operational Efficiency - Adjusted EBITDA improved to (19.3) million from (26.5)millioninthesamequarterlastyear[15]−AdjustedEBITDAforthesixmonthsendedApril30,2025,was(26.5) million in the same quarter last year[15] - Adjusted EBITDA for the six months ended April 30, 2025, was (40,383,000), compared to (55,633,000)in2024,indicatingareductioninoperationallosses[42]−ThecompanyplanstoincreaseitsannualizedproductionrateatitsTorringtonmanufacturingfacilityinthefuture,aimingforimprovedoperationalefficiency[28]InterestExpenseandDepreciation−Interestexpenseincreasedto(55,633,000) in 2024, indicating a reduction in operational losses[42] - The company plans to increase its annualized production rate at its Torrington manufacturing facility in the future, aiming for improved operational efficiency[28] Interest Expense and Depreciation - Interest expense increased to 5,155,000 in the first half of 2025 from 4,613,000in2024,indicatinghigherborrowingcosts[37]−DepreciationandamortizationforthesixmonthsendedApril30,2025,totaled4,613,000 in 2024, indicating higher borrowing costs[37] - Depreciation and amortization for the six months ended April 30, 2025, totaled 20,836,000, compared to $18,151,000 in 2024, reflecting increased asset utilization[42] Focus on Sustainable Energy - FuelCell Energy is focused on advancing sustainable clean energy technologies to address critical challenges in energy access and environmental stewardship[31]