FuelCell Energy Reports First Quarter of Fiscal 2025 Results
FuelCell Energy (NASDAQ: FCEL) reported Q1 fiscal 2025 results with revenue of $19.0 million, up 14% from $16.7 million in Q1 2024. The company posted a gross loss of $(5.2) million, improved from $(11.7) million year-over-year, while operating loss narrowed to $(32.9) million from $(42.5) million.
Key revenue segments included: Generation revenues at $11.3 million (up from $10.5 million), Advanced Technologies at $5.7 million (up from $4.6 million), and Service agreements at $1.8 million (up from $1.6 million). The company's backlog increased 28% to $1.31 billion from $1.03 billion year-over-year.
A global restructuring announced in November 2024 aims to reduce operating costs by 15% in fiscal 2025, including a 13% workforce reduction. Cash position stood at $270.7 million as of January 31, 2025, compared to $318.0 million at October 31, 2024.
FuelCell Energy (NASDAQ: FCEL) ha riportato i risultati del primo trimestre fiscale 2025 con un fatturato di 19,0 milioni di dollari, in aumento del 14% rispetto ai 16,7 milioni di dollari del primo trimestre 2024. L'azienda ha registrato una perdita lorda di $(5,2) milioni, migliorata rispetto ai $(11,7) milioni dell'anno precedente, mentre la perdita operativa si è ridotta a $(32,9) milioni dai $(42,5) milioni.
I principali segmenti di fatturato hanno incluso: ricavi da generazione a 11,3 milioni di dollari (in aumento rispetto ai 10,5 milioni), tecnologie avanzate a 5,7 milioni di dollari (in aumento rispetto ai 4,6 milioni) e contratti di servizio a 1,8 milioni di dollari (in aumento rispetto ai 1,6 milioni). L'azienda ha visto il proprio portafoglio ordini aumentare del 28% a 1,31 miliardi di dollari rispetto a 1,03 miliardi di dollari dell'anno precedente.
Una ristrutturazione globale annunciata nel novembre 2024 mira a ridurre i costi operativi del 15% nel fiscale 2025, inclusa una riduzione della forza lavoro del 13%. La posizione di cassa era di 270,7 milioni di dollari al 31 gennaio 2025, rispetto ai 318,0 milioni di dollari del 31 ottobre 2024.
FuelCell Energy (NASDAQ: FCEL) informó los resultados del primer trimestre fiscal 2025 con ingresos de 19,0 millones de dólares, un aumento del 14% desde los 16,7 millones de dólares en el primer trimestre de 2024. La empresa reportó una pérdida bruta de $(5,2) millones, mejorando desde $(11,7) millones en comparación interanual, mientras que la pérdida operativa se redujo a $(32,9) millones desde $(42,5) millones.
Los segmentos clave de ingresos incluyeron: ingresos por generación de 11,3 millones de dólares (aumento desde 10,5 millones), tecnologías avanzadas de 5,7 millones de dólares (aumento desde 4,6 millones) y acuerdos de servicio de 1,8 millones de dólares (aumento desde 1,6 millones). La cartera de pedidos de la empresa aumentó un 28% a 1,31 mil millones de dólares desde 1,03 mil millones de dólares interanualmente.
Una reestructuración global anunciada en noviembre de 2024 tiene como objetivo reducir los costos operativos en un 15% en el fiscal 2025, incluida una reducción del 13% en la fuerza laboral. La posición de efectivo se situó en 270,7 millones de dólares al 31 de enero de 2025, en comparación con 318,0 millones de dólares al 31 de octubre de 2024.
퓨얼셀 에너지 (NASDAQ: FCEL)는 2025 회계연도 1분기 결과로 1,900만 달러의 매출을 보고했으며, 이는 2024년 1분기 1,670만 달러에서 14% 증가한 수치입니다. 회사는 520만 달러의 총손실을 기록했으며, 이는 전년 대비 1,170만 달러에서 개선된 수치입니다. 운영 손실은 4250만 달러에서 3290만 달러로 축소되었습니다.
주요 매출 세그먼트에는: 발전 수익이 1,130만 달러(1,050만 달러에서 증가), 첨단 기술이 570만 달러(460만 달러에서 증가), 서비스 계약이 180만 달러(160만 달러에서 증가) 포함됩니다. 회사의 백로그는 전년 대비 28% 증가하여 13억 1,000만 달러에 달했습니다.
2024년 11월 발표된 글로벌 구조조정은 2025 회계연도에 운영 비용을 15% 줄이는 것을 목표로 하며, 13%의 인력 감축이 포함됩니다. 2025년 1월 31일 기준 현금 보유액은 2억 7,070만 달러로, 2024년 10월 31일의 3억 1,800만 달러와 비교됩니다.
FuelCell Energy (NASDAQ: FCEL) a annoncé les résultats du premier trimestre de l'exercice 2025 avec des revenus de 19,0 millions de dollars, en hausse de 14 % par rapport à 16,7 millions de dollars au premier trimestre 2024. L'entreprise a affiché une perte brute de $(5,2) millions, améliorée par rapport à $(11,7) millions d'une année sur l'autre, tandis que la perte d'exploitation a diminué à $(32,9) millions contre $(42,5) millions.
Les segments de revenus clés comprenaient : les revenus de génération à 11,3 millions de dollars (en hausse par rapport à 10,5 millions), les technologies avancées à 5,7 millions de dollars (en hausse par rapport à 4,6 millions) et les contrats de service à 1,8 million de dollars (en hausse par rapport à 1,6 million). Le carnet de commandes de l'entreprise a augmenté de 28 % pour atteindre 1,31 milliard de dollars contre 1,03 milliard de dollars d'une année sur l'autre.
Une restructuration mondiale annoncée en novembre 2024 vise à réduire les coûts d'exploitation de 15 % au cours de l'exercice 2025, y compris une réduction de 13 % de la main-d'œuvre. La position de trésorerie s'élevait à 270,7 millions de dollars au 31 janvier 2025, contre 318,0 millions de dollars au 31 octobre 2024.
FuelCell Energy (NASDAQ: FCEL) berichtete über die Ergebnisse des ersten Quartals des Geschäftsjahres 2025 mit einem Umsatz von 19,0 Millionen Dollar, was einem Anstieg von 14% gegenüber 16,7 Millionen Dollar im ersten Quartal 2024 entspricht. Das Unternehmen verzeichnete einen Bruttoverlust von $(5,2) Millionen, der sich im Vergleich zu $(11,7) Millionen im Vorjahr verbessert hat, während der operative Verlust auf $(32,9) Millionen von $(42,5) Millionen gesenkt wurde.
Wichtige Umsatzsegmente umfassten: Erträge aus der Erzeugung in Höhe von 11,3 Millionen Dollar (Anstieg von 10,5 Millionen), fortschrittliche Technologien in Höhe von 5,7 Millionen Dollar (Anstieg von 4,6 Millionen) und Serviceverträge in Höhe von 1,8 Millionen Dollar (Anstieg von 1,6 Millionen). Der Auftragsbestand des Unternehmens stieg um 28% auf 1,31 Milliarden Dollar im Vergleich zu 1,03 Milliarden Dollar im Vorjahr.
Eine im November 2024 angekündigte globale Umstrukturierung zielt darauf ab, die Betriebskosten im Geschäftsjahr 2025 um 15% zu senken, einschließlich einer Reduzierung der Belegschaft um 13%. Die Liquiditätslage betrug zum 31. Januar 2025 270,7 Millionen Dollar, verglichen mit 318,0 Millionen Dollar am 31. Oktober 2024.
- Revenue increased 14% year-over-year to $19.0 million
- Gross loss improved to $(5.2) million from $(11.7) million
- Operating loss reduced to $(32.9) million from $(42.5) million
- Backlog grew 28% to $1.31 billion
- Operating expenses decreased to $27.6 million from $30.8 million
- Net loss per share increased to $(1.42) from $(1.37)
- Cash position declined to $270.7 million from $318.0 million
- 13% workforce reduction affecting 75 employees
- Still operating at a significant loss despite improvements
- Product revenues remained minimal at $0.1 million
Insights
FuelCell Energy's Q1 fiscal 2025 results present a mixed financial picture with both encouraging trends and persistent challenges. Revenue increased
The company's restructuring initiatives announced in November 2024 appear to be yielding early results, including a
Cash position requires careful monitoring, having declined to
The strategic partnerships targeting data centers with Diversified Energy and TESIAC, plus the joint development agreement with Malaysia Marine for large-scale electrolysis systems, align with market opportunities in high-growth sectors. The company's expectation that Q1 represents the "low-water mark" for quarterly revenue in fiscal 2025 signals potential improvement, though profitability remains distant with net loss per share actually increasing to
First Quarter Fiscal 2025 Summary
(All comparisons are year-over-year unless otherwise noted)
- Revenue of
$19.0 million , compared to$16.7 million - Gross loss of
$(5.2) million compared to$(11.7) million - Loss from operations of
$(32.9) million compared with$(42.5) million - Net loss per share was
$(1.42) compared with$(1.37)
DANBURY, Conn., March 11, 2025 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (NASDAQ: FCEL) today reported financial results for its first quarter ended January 31, 2025.
“We’ve made measurable strides since our global restructuring was announced early in the first fiscal quarter. Our cost-saving initiatives are already yielding positive outcomes, and our commitment to uncovering and capitalizing on growth opportunities is paying off,” said Jason Few, President and Chief Executive Officer. “Compared to the first quarter of last fiscal year, our revenue has grown while our expenses have declined, significantly narrowing our operating losses and accelerating our journey towards profitability. Looking ahead, we expect this quarter will be the low-water mark for our quarterly revenue for fiscal year 2025 based on our expected production and module shipment schedule, especially as it relates to our module deliveries to our customers in Korea.”
“We are excited to report concrete progress in our efforts to capture the growing data center market through our planned partnership with Diversified Energy Co. PLC and TESIAC to jointly form, capitalize and operate an acquisition development company, which was announced subsequent to the end of the quarter,” added Mr. Few. “We believe this collaborative partnership will meet the urgent need for power demanded by data centers across Virginia, West Virginia and Kentucky. In addition, our joint development agreement with Malaysia Marine and Heavy Engineering Sdn Bhd to collaborate on the co-development of large-scale electrolysis systems and technologies focused on E-fuels and decarbonizing petrochemicals across Asia, New Zealand and Australia marks another exciting milestone. Beyond these initiatives, we are making headway with the joint development of our carbon capture technology with ExxonMobil Technology and Engineering Company and have delivered our solid oxide electrolysis cell demonstration unit to the U.S. Department of Energy’s Idaho National Laboratory. Looking to the remainder of fiscal 2025, we see significant opportunity to boost both product and generation revenue, while maintaining cost controls and a steadfast commitment to operational excellence.”
Consolidated Financial Metrics
| Three Months Ended January 31, | ||||||
| (Amounts in thousands, except per share data) (1) | 2025 | 2024 | Change | |||
| Total revenues | ||||||
| Gross loss | (5,204) | (11,725) | ( | |||
| Loss from operations | (32,851) | (42,478) | ( | |||
| Net loss | (32,386) | (44,399) | ( | |||
| Net loss attributable to common stockholders | (29,126) | (20,593) | ||||
| Net loss per basic and diluted share | ||||||
| EBITDA * | (22,905) | (33,879) | ( | |||
| Adjusted EBITDA * | ( | |||||
| (1) All historic per share figures have been retroactively adjusted to reflect the Company’s reverse stock split that became effective on November 8, 2024. | ||||||
| * A reconciliation of non-GAAP measures EBITDA and Adjusted EBITDA is contained in the appendix to this press release. | ||||||
First Quarter of Fiscal 2025 Results
(All comparisons are between first quarter of fiscal 2025 and first quarter of fiscal 2024 unless otherwise noted)
First quarter revenue of
- Product revenues were
$0.1 million compared to no product revenue recognized for the comparable prior year period.
- Service agreements revenues increased to
$1.8 million from$1.6 million . The increase in service agreements revenues during the three months ended January 31, 2025 was primarily driven by revenue recognized under the Company’s long-term service agreement with Gyeonggi Green Energy Co., Ltd. (“GGE”) for GGE’s 58.8 MW fuel cell power plant platform in Hwasong-si, Korea. There were no module exchanges during either period presented.
- Generation revenues increased to
$11.3 million from$10.5 million . The increase reflects an increase in revenue of$1.7 million generated by the 14.0 MW Derby Fuel Cell Project and the 2.8 MW SCEF Fuel Cell Project, both located in Derby, Connecticut and both of which became operational in December 2023, partially offset by lower revenue from other plants due to lower output resulting from routine maintenance activities.
- Advanced Technologies contract revenues increased to
$5.7 million from$4.6 million . Advanced Technologies contract revenues recognized under our Joint Development Agreement with ExxonMobil Technology and Engineering Company (“EMTEC”) were approximately$1.2 million , revenues arising from the purchase order received from Esso Nederland B.V. (“Esso”), an affiliate of EMTEC and Exxon Mobil Corporation, related to the Rotterdam project were approximately$3.5 million and revenue recognized under government contracts and other contracts were approximately$1.0 million for the three months ended January 31, 2025. This compares to Advanced Technologies contract revenues recognized under our Joint Development Agreement with EMTEC of approximately$2.5 million , revenue recognized under the Esso purchase order of approximately$1.0 million and revenue recognized under government contracts and other contracts of approximately$1.1 million for the three months ended January 31, 2024.
Gross loss for the first quarter of fiscal 2025 totaled
Operating expenses for the first quarter of fiscal 2025 decreased to
Net loss was
Adjusted EBITDA totaled
The net loss per share attributable to common stockholders in the first quarter of fiscal 2025 was
Restructuring and Operational Update
In November 2024, we announced a global restructuring of our operations in the U.S., Canada, and Germany that aims to significantly reduce operating costs, realign resources toward advancing the Company’s core technologies, and protect the Company’s competitive position amid slower-than-expected investments in clean energy. We believe that the restructuring plan will allow us to prioritize commercially available technologies to reflect changing market opportunities with an updated strategic plan. In connection with this restructuring plan, we expect to reduce operating costs by approximately
Cash, Restricted Cash and Short-Term Investments
Cash and cash equivalents, restricted cash and cash equivalents, and short-term investments totaled
“During the quarter, we utilized short term cash to build our inventory of modules to be shipped to Korea under our long-term service agreement with GGE, as well as inventory being safe harbored for U.S. projects,” said Mr. Michael Bishop, Executive Vice President, Chief Financial Officer and Treasurer. “We expect to recognize revenue from the module shipments to GGE in fiscal 2025 and 2026. In the fourth quarter of fiscal 2024, we were able to arrange working capital financing from the Export-Import Bank of the United States to support certain obligations under our long-term service agreement with GGE, and we remain focused on finding similar supportive capital structures as we execute on our growth strategy.”
During the three months ended January 31, 2025, approximately 0.7 million shares of the Company’s common stock were sold under the Company’s Open Market Sale Agreement, as amended, at an average sale price of
Backlog
| As of January 31, | ||||||||||||
| (Amounts in thousands) | 2025 | 2024 | Change | |||||||||
| Product | $ | 111,211 | $ | 0 | $ | 111,211 | ||||||
| Service | 172,326 | 140,361 | 31,965 | |||||||||
| Generation | 997,397 | 861,579 | 135,818 | |||||||||
| Advanced Technologies | 31,566 | 23,354 | 8,212 | |||||||||
| Total Backlog | $ | 1,312,500 | $ | 1,025,294 | $ | 287,206 | ||||||
As of January 31, 2025, backlog increased by approximately
Backlog represents definitive agreements executed by the Company and our customers. Projects for which we have an executed power purchase agreement (“PPA”) or hydrogen power purchase agreement (“HPPA”) are included in generation backlog, which represents future revenue under long-term PPAs and HPPAs. The Company’s ability to recognize revenue in the future under a PPA or HPPA is subject to the Company’s completion of construction of the project covered by such PPA or HPPA. Should the Company not complete the construction of the project covered by a PPA or HPPA, it will forgo future revenues with respect to the project and may incur penalties and/or impairment charges related to the project. Projects sold to customers (and not retained by the Company) are included in product sales and service agreements backlog, and the related generation backlog is removed upon sale. Together, the service and generation portion of backlog had a weighted average term of approximately 16 years as of January 31, 2025, with weighting based on the dollar amount of backlog and utility service contracts of up to 20 years in duration at inception.
Conference Call Information
FuelCell Energy will host a conference call today beginning at 10:00 a.m. ET to discuss first quarter of fiscal year 2025 results as well as key business highlights. Participants can access the live call via webcast on the Company’s website or by telephone as follows:
- The live webcast of the call and supporting slide presentation will be available at www.fuelcellenergy.com. To listen to the call, select “Investors” on the home page located under the “Our Company” pull-down menu, proceed to the “Events & Presentations” page and then click on the “Webcast” link listed under the March 11th earnings call event, or click here.
- Alternatively, participants can dial 888-330-3181 and state FuelCell Energy or the conference ID number 1099808.
The replay of the conference call will be available via webcast on the Company’s Investors’ page at www.fuelcellenergy.com approximately two hours after the conclusion of the call.
Cautionary Language
This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or our future financial performance that involve certain contingencies and uncertainties. The forward-looking statements include, without limitation, statements with respect to the Company’s anticipated financial results and statements regarding the Company’s plans and expectations regarding the continuing development, commercialization and financing of its current and future fuel cell technologies, the expected timing of completion of the Company’s ongoing projects, the Company’s business plans and strategies, the implementation, effect, and potential impact of the Company’s restructuring plan, the Company’s plan to reduce operating costs, the capabilities of the Company’s products, and the markets in which the Company expects to operate. Projected and estimated numbers contained herein are not forecasts and may not reflect actual results. These forward-looking statements are not guarantees of future performance, and all forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation: general risks associated with product development and manufacturing; general economic conditions; changes in interest rates, which may impact project financing; supply chain disruptions; changes in the utility regulatory environment; changes in the utility industry and the markets for distributed generation, distributed hydrogen, and fuel cell power plants configured for carbon capture or carbon separation; potential volatility of commodity prices that may adversely affect our projects; availability of government subsidies and economic incentives for alternative energy technologies; our ability to remain in compliance with U.S. federal and state and foreign government laws and regulations; our ability to maintain compliance with the listing rules of The Nasdaq Stock Market; rapid technological change; competition; the risk that our bid awards will not convert to contracts or that our contracts will not convert to revenue; market acceptance of our products; changes in accounting policies or practices adopted voluntarily or as required by accounting principles generally accepted in the United States; factors affecting our liquidity position and financial condition; government appropriations; the ability of the government and third parties to terminate their development contracts at any time; the ability of the government to exercise “march-in” rights with respect to certain of our patents; our ability to successfully market and sell our products internationally; delays in our timeline for bringing commercially viable products to market; our ability to develop additional commercially viable products; our ability to implement our strategy; our ability to reduce our levelized cost of energy and deliver on our cost reduction strategy generally; our ability to protect our intellectual property; litigation and other proceedings; the risk that commercialization of our new products will not occur when anticipated or, if it does, that we will not have adequate capacity to satisfy demand; our need for and the availability of additional financing; our ability to generate positive cash flow from operations; our ability to service our long-term debt; our ability to increase the output and longevity of our platforms and to meet the performance requirements of our contracts; our ability to expand our customer base and maintain relationships with our largest customers and strategic business allies; the risk that our restructuring plan and workforce reduction will not result in the intended benefits or savings; the risk that our restructuring plan and workforce reduction will result in unanticipated costs; and our ability to reduce operating costs, as well as other risks set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL): FuelCell Energy is a global leader in delivering environmentally responsible distributed baseload energy platform solutions through our proprietary fuel cell technology. FuelCell Energy is focused on advancing sustainable clean energy technologies that address some of the world’s most critical challenges around energy access, security, resilience, reliability, affordability, safety and environmental stewardship. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers worldwide with sustainable products and solutions for industrial and commercial businesses, utilities, governments, municipalities, and communities.
SureSource, SureSource 1500, SureSource 3000, SureSource 4000, SureSource Recovery, SureSource Capture, SureSource Hydrogen, SureSource Storage, SureSource Service, SureSource Capital, FuelCell Energy, and FuelCell Energy logo are all trademarks of FuelCell Energy, Inc.
Contact:
FuelCell Energy, Inc.
ir@fce.com
203.205.2491
| FUELCELL ENERGY, INC. | ||||||||
| Consolidated Balance Sheets | ||||||||
| (Unaudited) | ||||||||
| (Amounts in thousands, except share and per share amounts) | ||||||||
| January 31, 2025 | October 31, 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
Cash and cash equivalents, unrestricted | $ | 98,070 | $ | 148,133 | ||||
| Restricted cash and cash equivalents – short-term | 12,627 | 12,161 | ||||||
| Investments – short-term | 110,298 | 109,123 | ||||||
| Accounts receivable, net | 9,242 | 11,751 | ||||||
| Unbilled receivables | 41,881 | 36,851 | ||||||
| Inventories | 125,755 | 113,703 | ||||||
| Other current assets | 13,365 | 12,736 | ||||||
| Total current assets | 411,238 | 444,458 | ||||||
| Restricted cash and cash equivalents – long-term | 49,725 | 48,589 | ||||||
| Inventories – long-term | 2,743 | 2,743 | ||||||
| Project assets, net | 236,693 | 242,131 | ||||||
| Property, plant and equipment, net | 135,251 | 130,686 | ||||||
| Operating lease right-of-use assets, net | 7,980 | 8,122 | ||||||
| Goodwill | 4,075 | 4,075 | ||||||
| Intangible assets, net | 14,455 | 14,779 | ||||||
| Other assets | 45,375 | 48,541 | ||||||
| Total assets(1) | $ | 907,535 | $ | 944,124 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Current portion of long-term debt | $ | 16,886 | $ | 15,924 | ||||
| Current portion of operating lease liabilities | 798 | 807 | ||||||
| Accounts payable | 18,445 | 22,585 | ||||||
| Accrued liabilities | 23,553 | 30,362 | ||||||
| Deferred revenue | 5,192 | 4,226 | ||||||
| Total current liabilities | 64,874 | 73,904 | ||||||
| Long-term deferred revenue | 3,077 | 3,010 | ||||||
| Long-term operating lease liabilities | 8,691 | 8,894 | ||||||
| Long-term debt and other liabilities | 125,797 | 130,850 | ||||||
| Total liabilities(1) | 202,439 | 216,658 | ||||||
| Redeemable Series B preferred stock (liquidation preference of | 59,857 | 59,857 | ||||||
| Total equity: | ||||||||
| Stockholders’ equity: | ||||||||
| Common stock ( | 2 | 2 | ||||||
| Additional paid-in capital | 2,306,879 | 2,300,031 | ||||||
| Accumulated deficit | (1,669,876 | ) | (1,641,550 | ) | ||||
| Accumulated other comprehensive loss | (1,793 | ) | (1,561 | ) | ||||
| Treasury stock, Common, at cost (19,583 and 12,543 shares as of January 31, 2025 and October 31, 2024, respectively) | (1,268 | ) | (1,198 | ) | ||||
| Deferred compensation | 1,268 | 1,198 | ||||||
| Total stockholders’ equity | 635,212 | 656,922 | ||||||
| Noncontrolling interests | 10,027 | 10,687 | ||||||
| Total equity | 645,239 | 667,609 | ||||||
| Total liabilities, redeemable Series B preferred stock and total equity | $ | 907,535 | $ | 944,124 | ||||
| (1) As of January 31, 2025 and October 31, 2024, the combined assets of the variable interest entities (“VIEs”) were | ||||||||
| FUELCELL ENERGY, INC. | |||||||||
| Consolidated Statements of Operations and Comprehensive Loss | |||||||||
| (Unaudited) | |||||||||
| (Amounts in thousands, except share and per share amounts) | |||||||||
| Three Months Ended January 31, | |||||||||
| 2025 | 2024 | ||||||||
| Revenues: | |||||||||
| Product | $ | 72 | $ | - | |||||
| Service | 1,848 | 1,617 | |||||||
| Generation | 11,346 | 10,493 | |||||||
| Advanced Technologies | 5,731 | 4,581 | |||||||
| Total revenues | 18,997 | 16,691 | |||||||
Costs of revenues: | |||||||||
| Product | 3,036 | 2,391 | |||||||
| Service | 1,668 | 1,888 | |||||||
| Generation | 15,294 | 20,894 | |||||||
| Advanced Technologies | 4,203 | 3,243 | |||||||
| Total costs of revenues | 24,201 | 28,416 | |||||||
Gross loss | (5,204 | ) | (11,725 | ) | |||||
Operating expenses: | |||||||||
| Administrative and selling expenses | 15,030 | 16,400 | |||||||
| Research and development expenses | 11,081 | 14,353 | |||||||
| Restructuring | 1,536 | - | |||||||
| Total costs and expenses | 27,647 | 30,753 | |||||||
Loss from operations | (32,851 | ) | (42,478 | ) | |||||
Interest expense | (2,607 | ) | (2,338 | ) | |||||
| Interest income | 2,388 | 4,067 | |||||||
| Other (income) expense, net | 684 | (3,650 | ) | ||||||
Loss before provision for income taxes | (32,386 | ) | (44,399 | ) | |||||
| Provision for income taxes | - | - | |||||||
Net loss | (32,386 | ) | (44,399 | ) | |||||
| Net loss attributable to noncontrolling interest | (4,060 | ) | (24,606 | ) | |||||
Net loss attributable to FuelCell Energy, Inc. | (28,326 | ) | (19,793 | ) | |||||
| Series B preferred stock dividends | (800 | ) | (800 | ) | |||||
Net loss attributable to common stockholders | $ | (29,126 | ) | $ | (20,593 | ) | |||
Loss per share basic and diluted: | |||||||||
| Net loss per share attributable to common stockholders | $ | (1.42 | ) | $ | (1.37 | ) | |||
| Basic and diluted weighted average shares outstanding | 20,501,663 | 15,054,568 | |||||||
Appendix
Non-GAAP Financial Measures
Financial results are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Management also uses non-GAAP measures to analyze and make operating decisions on the business. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA are non-GAAP measures of operations and operating performance by the Company.
These supplemental non-GAAP measures are provided to assist readers in assessing operating performance. Management believes EBITDA and Adjusted EBITDA are useful in assessing performance and highlighting trends on an overall basis. Management also believes these measures are used by companies in the fuel cell sector and by securities analysts and investors when comparing the results of the Company with those of other companies. EBITDA differs from the most comparable GAAP measure, net loss attributable to the Company, primarily because it does not include finance expense, income taxes and depreciation of property, plant and equipment and project assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation, restructuring charges, non-cash (gain) loss on derivative instruments and other unusual items, which are considered either non-cash or non-recurring.
While management believes that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these measures. The measures are not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation. The Company’s non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP.
The following table calculates EBITDA and Adjusted EBITDA and reconciles these figures to the GAAP financial statement measure Net loss.
| Three Months Ended January 31, | ||||||||
| (Amounts in thousands) | 2025 | 2024 | ||||||
| Net loss | $ | (32,386 | ) | $ | (44,399 | ) | ||
| Depreciation and amortization(1) | 9,946 | 8,599 | ||||||
| Provision for income taxes | - | - | ||||||
| Other (income) expense, net(2) | (684 | ) | 3,650 | |||||
| Interest income | (2,388 | ) | (4,067 | ) | ||||
| Interest expense | 2,607 | 2,338 | ||||||
| EBITDA | $ | (22,905 | ) | $ | (33,879 | ) | ||
| Stock-based compensation expense | 2,142 | 2,876 | ||||||
| Unrealized (gain) loss on natural gas contract derivative assets(3) | (1,846 | ) | 1,859 | |||||
| Restructuring | 1,536 | - | ||||||
| Adjusted EBITDA | $ | (21,073 | ) | $ | (29,144 | ) | ||
| (1) Includes depreciation and amortization on our Generation portfolio of | ||||||||
| (2) Other (income) expense, net includes gains and losses from transactions denominated in foreign currencies, interest rate swap income earned from investments and other items incurred periodically, which are not the result of the Company’s normal business operations. | ||||||||
| (3) The Company recorded a mark-to-market net (gain) loss of ( | ||||||||
FAQ
What was FuelCell Energy's (FCEL) revenue growth in Q1 2025?
How much did FCEL's backlog increase in Q1 2025?
What cost reduction targets were announced in FCEL's restructuring plan?
What is FCEL's current cash position as of Q1 2025?
How did FCEL's operating loss change in Q1 2025?
