FuelCell Energy(FCEL) - 2025 Q2 - Quarterly Results

Revenue Performance - Revenue for the second quarter of fiscal 2025 was $37.4 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 $37.406 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, 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 $13.0 million, compared to no product revenues in the prior year[9] - Product revenues reached $13.027 million, while service revenues increased to $8.144 million, compared to $1.369 million in the previous year[36] - Product revenues reached $13,099,000 in the first half of 2025, while service revenues increased to $9,992,000, compared to $2,986,000 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) million in the same quarter last year[4] - The gross loss for the quarter was $9.438 million, compared to a gross loss of $7.074 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 $57,910,000 in 2024, leading to a gross loss of $14,642,000[37] - Operating expenses decreased to $26.4 million from $34.3 million, reflecting a reduction in administrative and selling expenses due to restructuring actions[12] - Operating expenses totaled $26.372 million, down from $34.287 million in the prior year, indicating a reduction of approximately 23%[36] - Operating expenses decreased to $54,019,000 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), a decrease of approximately 18% from $(2.18) in the prior year[4] - The net loss attributable to common stockholders for the quarter was $38.849 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, compared to $53,533,000 in 2024, reflecting an increase in losses[37] - Loss per share attributable to common stockholders improved to $(3.22) in the first half of 2025 from $(3.55) in 2024[37] Cash and Assets - Cash and cash equivalents totaled $240.0 million as of April 30, 2025, down from $318.0 million as of October 31, 2024[21] - Cash and cash equivalents decreased to $116.061 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 $883.843 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 $1,542,000 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) 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) 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 $4,613,000 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]