FuelCell Energy(FCEL) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenues for the first quarter of fiscal 2025 were $19.0 million, a 14% increase from $16.7 million in the same quarter of fiscal 2024[6] - Net loss for the quarter was $(32.4) million, compared to $(44.4) million in the first quarter of fiscal 2024, a 27% reduction[11] - Loss from operations narrowed to $(32.9) million, down 23% from $(42.5) million in the prior year[11] - The net loss attributable to FuelCell Energy, Inc. for the three months ended January 31, 2025, was $28,326,000, compared to a net loss of $19,793,000 for the same period in 2024, reflecting a 43% increase in losses[31] - Adjusted EBITDA improved to $(21.1) million from $(29.1) million, reflecting a 28% year-over-year improvement[11] - Adjusted EBITDA for the three months ended January 31, 2025, was $(29,144,000), compared to $(21,073,000) for the same period in 2024, reflecting a worsening of 38.3%[36] Cost Management - The company expects to reduce operating costs by approximately 15% in fiscal year 2025 compared to fiscal year 2024 due to a global restructuring plan[13] - Research and development expenses decreased to $11.1 million from $14.4 million, primarily due to reduced spending on ongoing commercial development efforts[10] - Research and development expenses for the three months ended January 31, 2025, were $11,081,000, down from $14,353,000 in the same period of 2024, indicating a 22.5% reduction[31] - The company incurred restructuring expenses of $1,536,000 during the three months ended January 31, 2025[31] Backlog and Future Prospects - Backlog increased by approximately 28% to $1.31 billion as of January 31, 2025, compared to $1.03 billion a year earlier[18] - Product backlog reached $111.2 million, a significant increase from $0 in the same period last year[18] Asset and Liability Management - Total current assets decreased to $411,238,000 as of January 31, 2025, from $444,458,000 as of October 31, 2024, representing a decline of 7.5%[29] - Total liabilities decreased to $202,439,000 as of January 31, 2025, from $216,658,000 as of October 31, 2024, a reduction of 6.6%[29] - The company reported a cash and cash equivalents balance of $98,070,000 as of January 31, 2025, down from $148,133,000 as of October 31, 2024, a decrease of 33.8%[29] - The company’s total stockholders' equity decreased to $645,239,000 as of January 31, 2025, from $667,609,000 as of October 31, 2024, a decline of 3.4%[29] Derivative Gains and Losses - The company reported a derivative gain of $1.8 million in the first quarter of fiscal 2025, compared to a derivative loss of $(1.9) million in the prior year[7] - The Company recorded a mark-to-market net gain of ($1.8) million for the three months ended January 31, 2025, compared to a gain of $1.9 million for the same period in 2024[37] - The mark-to-market accounting change was related to natural gas purchase contracts, affecting the Generation cost of sales[37] Gross Loss - Gross loss decreased to $(5.2) million from $(11.7) million, representing a 56% improvement year-over-year[7] - The gross loss for the three months ended January 31, 2025, was $5,204,000, an improvement from a gross loss of $11,725,000 in the same period of 2024[31]