FuelCell Energy(FCEL) - 2024 Q3 - Quarterly Results

Revenue Performance - Revenue for Q3 Fiscal 2024 was $23.7 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 $23.7 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 $62,806 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, down 25% from $(8.2) million in the prior year[1][3][8]. - Loss from operations decreased by 19% to $(33.6) million from $(41.4) million year-over-year[1][3][9]. - Net loss increased to $(35.1) million, compared to $(23.6) million in Q3 Fiscal 2023, which included a one-time benefit of $15.3 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) 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) 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 $90,637 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 $4,926 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 $403.3 million as of October 31, 2023[1][13]. - Cash and cash equivalents, unrestricted, as of July 31, 2024, were $159.3 million, up from $9.7 million as of October 31, 2023[27]. - Total assets as of July 31, 2024, were $948.9 million, a decrease from $955.5 million as of October 31, 2023[27]. - Current liabilities increased slightly to $66.5 million as of July 31, 2024, compared to $65.9 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 $10.1 million as of October 31, 2023[27]. Backlog and Revenue Sources - Backlog increased by approximately 12.6% to $1.20 billion from $1.06 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 $8.6 million from $4.7 million, with significant contributions from ExxonMobil-related projects[1][7]. - Product revenues were $0.3 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) 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) 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 $43,000 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].