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FuelCell Energy Reports First Quarter of Fiscal 2025 Results
FCELFuelCell Energy(FCEL) GlobeNewswire·2025-03-11 11:30

Financial Performance - Total revenues for the first quarter of fiscal 2025 were 19.0million,representinga1419.0 million, representing a 14% increase compared to 16.7 million in the same quarter of fiscal 2024 [3][4][5] - Gross loss decreased to (5.2)millionfrom(5.2) million from (11.7) million, a reduction of 56% year-over-year, primarily due to lower generation costs and a derivative gain of 1.8million[3][6]−Lossfromoperationsimprovedto1.8 million [3][6] - Loss from operations improved to (32.9) million, down 23% from (42.5)millionintheprioryear[3][5]−Netlossforthequarterwas(42.5) million in the prior year [3][5] - Net loss for the quarter was (32.4) million, a 27% improvement from (44.4)millioninthesamequarterlastyear[3][8]−AdjustedEBITDAwas(44.4) million in the same quarter last year [3][8] - Adjusted EBITDA was (21.1) million, compared to (29.1)millioninthefirstquarteroffiscal2024,reflectinga28(29.1) million in the first quarter of fiscal 2024, reflecting a 28% improvement [3][8] Operational Updates - The company has made significant strides in its global restructuring, which is expected to reduce operating costs by approximately 15% in fiscal year 2025 compared to fiscal year 2024 [2][12] - Operating expenses decreased to 27.6 million from 30.8million,withadministrativeandsellingexpensesdownto30.8 million, with administrative and selling expenses down to 15.0 million from 16.4million[7][8]−Thecompanyisfocusingoncapturinggrowthopportunitiesinthedatacentermarketthroughpartnershipsandjointdevelopmentagreements,includingacollaborationwithDiversifiedEnergyCo.PLCandTESIAC[2][11]BacklogandFutureProspects−Totalbacklogincreasedbyapproximately2816.4 million [7][8] - The company is focusing on capturing growth opportunities in the data center market through partnerships and joint development agreements, including a collaboration with Diversified Energy Co. PLC and TESIAC [2][11] Backlog and Future Prospects - Total backlog increased by approximately 28% to 1.31 billion as of January 31, 2025, compared to 1.03billionayearearlier,drivenbynewagreementsincludingalong−termserviceagreementwithGGE[15][16]−Thebacklogincludessignificantcontributionsfromgenerationandserviceagreements,withgenerationbacklogreflectingfuturerevenueunderlong−termpowerpurchaseagreements[17]−Thecompanyanticipatesthatthefirstquarteroffiscal2025willbethelowpointforquarterlyrevenueforthefiscalyear,withexpectationsofincreasedproductionandmoduleshipmentsinsubsequentquarters[2][4]CashPosition−AsofJanuary31,2025,thecompanyhadcash,restrictedcash,andshort−terminvestmentstotaling1.03 billion a year earlier, driven by new agreements including a long-term service agreement with GGE [15][16] - The backlog includes significant contributions from generation and service agreements, with generation backlog reflecting future revenue under long-term power purchase agreements [17] - The company anticipates that the first quarter of fiscal 2025 will be the low point for quarterly revenue for the fiscal year, with expectations of increased production and module shipments in subsequent quarters [2][4] Cash Position - As of January 31, 2025, the company had cash, restricted cash, and short-term investments totaling 270.7 million, down from 318.0millionasofOctober31,2024[13][14]−Unrestrictedcashandcashequivalentswere318.0 million as of October 31, 2024 [13][14] - Unrestricted cash and cash equivalents were 98.1 million, with short-term investments at $110.3 million [13][14]