FuelCell Energy Reports Fourth Quarter and Full Fiscal Year 2024 Results
FuelCell Energy (NASDAQ: FCEL) reported its Q4 and FY2024 results. Q4 revenue increased 120% to $49.3 million, primarily driven by module sales to Gyeonggi Green Energy in South Korea. However, Q4 gross loss widened to $(10.9) million from $(1.5) million year-over-year.
For FY2024, revenue declined 9% to $112.1 million, with increased losses from operations at $(158.5) million compared to $(136.1) million in FY2023. The company announced a global restructuring plan targeting 15% operating cost reduction in FY2025, including a 13% workforce reduction.
The company's backlog increased 13.1% to $1.16 billion as of October 31, 2024. Cash position stood at $318.0 million, down from $403.3 million year-over-year. Management expects material revenue improvement in FY2025, driven by contracted module deliveries.
FuelCell Energy (NASDAQ: FCEL) ha riportato i risultati del quarto trimestre e dell'anno fiscale 2024. Nel quarto trimestre, i ricavi sono aumentati del 120% a $49.3 milioni, principalmente grazie alle vendite di moduli a Gyeonggi Green Energy in Corea del Sud. Tuttavia, la perdita lorda del quarto trimestre è aumentata a $(10.9) milioni rispetto a $(1.5) milioni dell'anno precedente.
Per l'anno fiscale 2024, i ricavi sono diminuiti del 9% a $112.1 milioni, con perdite operative aumentate a $(158.5) milioni rispetto a $(136.1) milioni dell'anno fiscale 2023. L'azienda ha annunciato un piano di ristrutturazione globale mirato a ridurre i costi operativi del 15% nell'anno fiscale 2025, inclusa una riduzione della forza lavoro del 13%.
Il portafoglio ordini dell'azienda è aumentato del 13.1% a $1.16 miliardi al 31 ottobre 2024. La posizione di liquidità si attestava a $318.0 milioni, in diminuzione rispetto a $403.3 milioni dell'anno precedente. La direzione si aspetta un miglioramento significativo dei ricavi nell'anno fiscale 2025, sostenuto dalle consegne di moduli contrattati.
FuelCell Energy (NASDAQ: FCEL) reportó sus resultados del cuarto trimestre y del año fiscal 2024. En el cuarto trimestre, los ingresos aumentaron un 120% a $49.3 millones, impulsados principalmente por las ventas de módulos a Gyeonggi Green Energy en Corea del Sur. Sin embargo, la pérdida bruta del cuarto trimestre se amplió a $(10.9) millones desde $(1.5) millones en comparación con el año anterior.
Para el año fiscal 2024, los ingresos disminuyeron un 9% a $112.1 millones, con pérdidas operativas aumentadas a $(158.5) millones en comparación con $(136.1) millones en el año fiscal 2023. La compañía anunció un plan de reestructuración global que tiene como objetivo una reducción del 15% en los costos operativos para el año fiscal 2025, incluida una reducción del 13% en la fuerza laboral.
El backlog de la empresa aumentó un 13.1% a $1.16 mil millones al 31 de octubre de 2024. La posición de efectivo se encontraba en $318.0 millones, por debajo de $403.3 millones del año anterior. La dirección espera una mejora material en los ingresos para el año fiscal 2025, impulsada por las entregas de módulos contratados.
퓨얼셀 에너지 (NASDAQ: FCEL)는 2024 회계연도 4분기 및 연간 실적을 발표했습니다. 4분기 수익은 $49.3 백만으로 120% 증가했으며, 이는 주로 한국의 경기도 녹색 에너지에 대한 모듈 판매에 기인합니다. 그러나 4분기 총 손실은 작년 동기 $(1.5) 백만에서 $(10.9) 백만으로 확대되었습니다.
2024 회계연도 동안 수익은 $112.1 백만으로 9% 감소했으며, 운영 손실은 2023 회계연도에 비해 $(136.1) 백만에서 $(158.5) 백만으로 증가했습니다. 회사는 2025 회계연도에 15%의 운영 비용 절감을 목표로 하는 글로벌 구조 조정 계획을 발표하였고, 여기에는 13%의 인력 감축이 포함됩니다.
회사의 수주 잔고는 2024년 10월 31일 기준으로 $1.16 십억으로 13.1% 증가했습니다. 현금 자산은 작년의 $403.3 백만에서 줄어든 $318.0 백만으로 나타났습니다. 경영진은 계약된 모듈 배송에 의해 2025 회계연도에 실질적인 수익 개선이 있을 것으로 기대하고 있습니다.
FuelCell Energy (NASDAQ: FCEL) a annoncé ses résultats pour le quatrième trimestre et l'exercice 2024. Au quatrième trimestre, les revenus ont augmenté de 120% pour atteindre $49,3 millions, principalement en raison des ventes de modules à Gyeonggi Green Energy en Corée du Sud. Cependant, la perte brute du quatrième trimestre s'est élargie à $(10,9) millions, contre $(1,5) millions l'année précédente.
Pour l'exercice 2024, les revenus ont diminué de 9% pour s'établir à $112,1 millions, avec une augmentation des pertes opérationnelles à $(158,5) millions par rapport à $(136,1) millions en 2023. L'entreprise a annoncé un plan de restructuration mondial visant une réduction de 15% des coûts d'exploitation pour l'exercice 2025, y compris une réduction de 13% de la main-d'œuvre.
Le carnet de commandes de l'entreprise a augmenté de 13,1% pour atteindre $1,16 milliard au 31 octobre 2024. La position de trésorerie s'élevait à $318,0 millions, en baisse par rapport à $403,3 millions l'année précédente. La direction s'attend à une amélioration significative des revenus pour l'exercice 2025, grâce aux livraisons de modules contractés.
FuelCell Energy (NASDAQ: FCEL) hat seine Ergebnisse für das 4. Quartal und das Geschäftsjahr 2024 veröffentlicht. Im 4. Quartal stiegen die Einnahmen um 120% auf $49,3 Millionen, hauptsächlich bedingt durch Modulverkäufe an Gyeonggi Green Energy in Südkorea. Allerdings hat sich der Bruttoverlust im 4. Quartal auf $(10,9) Millionen vergrößert, im Vergleich zu $(1,5) Millionen im Vorjahr.
Für das Geschäftsjahr 2024 sanken die Einnahmen um 9% auf $112,1 Millionen, mit einem Anstieg der operativen Verluste auf $(158,5) Millionen im Vergleich zu $(136,1) Millionen im Geschäftsjahr 2023. Das Unternehmen kündigte einen globalen Restrukturierungsplan an, der eine Reduzierung der Betriebskosten um 15% im Geschäftsjahr 2025 vorsieht, einschließlich einer Reduzierung der Belegschaft um 13%.
Der Auftragseingang des Unternehmens stieg bis zum 31. Oktober 2024 um 13,1% auf $1,16 Milliarden. Die Liquiditätsposition betrug $318,0 Millionen, ein Rückgang im Vergleich zu $403,3 Millionen im Vorjahr. Das Management erwartet eine erhebliche Umsatzverbesserung im Geschäftsjahr 2025, die durch vertraglich vereinbarte Modullieferungen vorangetrieben wird.
- Q4 revenue increased 120% year-over-year to $49.3 million
- Backlog grew 13.1% to $1.16 billion
- Strong cash position of $318.0 million
- Expected 15% operating cost reduction in FY2025 through restructuring
- FY2024 revenue declined 9% to $112.1 million
- Q4 gross loss widened to $(10.9) million from $(1.5) million
- FY2024 loss from operations increased to $(158.5) million
- Cash position decreased from $403.3 million to $318.0 million year-over-year
- 13% workforce reduction implemented
Insights
Fourth Quarter Fiscal 2024 Summary
(All comparisons are year-over-year unless otherwise noted)
- Revenue of
$49.3 million , compared to$22.5 million - Gross loss of
$(10.9) million compared to$(1.5) million - Loss from operations of
$(41.0) million compared with$(36.4) million - Net loss per share was
$(2.21) compared with$(2.07)
Fiscal Year 2024 Summary
(All comparisons are year-over-year unless otherwise noted)
- Revenue of
$112.1 million , compared to$123.4 million - Gross loss of
$(35.9) million compared to$(10.5) million - Loss from operations of
$(158.5) million compared with$(136.1) million - Net loss per share was
$(7.83) compared with$(7.92)
DANBURY, Conn., Dec. 19, 2024 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (NASDAQ: FCEL) today reported financial results for its fourth quarter and fiscal year ended October 31, 2024.
“In the fourth quarter, our revenue more than doubled, year over year, mainly driven by module sales to Gyeonggi Green Energy Co., Ltd. in South Korea,” said Jason Few, President and Chief Executive Officer. “Looking ahead, we believe that global demand for energy remains strong in markets around the world, driven by data centers, AI, cryptocurrency growth, the need for more resilient and reliable grids, and carbon recovery and capture.”
“In 2025, we expect that our business will be on stronger financial footing as a result of our previously announced global restructuring that will focus our core technologies on distributed power generation, grid resiliency, and data center growth,” added Mr. Few. “Our go-forward strategy will enable us to better navigate the current market and emphasizes topline revenue growth and future profitability. We remain encouraged by our platforms’ ability to address critical needs, including power shortages in grids, high voltage transmission needs, and delays in centralized power projects due to lengthy permitting processes. In the short to medium term, we don’t see a better answer than clean baseload distributed power generation from a fuel cell."
Consolidated Financial Metrics | |||||||||||||||||||||
| Three Months Ended October 31, | Twelve Months Ended October 31, | ||||||||||||||||||||
| (Dollars in thousands, except per share amounts) | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||
| Total revenues | $ | 49,326 | $ | 22,462 | 120 | % | $ | 112,132 | $ | 123,394 | (9 | %) | |||||||||
| Gross loss | (10,917 | ) | (1,464 | ) | N/A | (35,918 | ) | (10,535 | ) | N/A | |||||||||||
| Loss from operations | (41,032 | ) | (36,376 | ) | (13 | %) | (158,488 | ) | (136,084 | ) | (16 | %) | |||||||||
| Net loss | (39,600 | ) | (29,458 | ) | (34 | %) | (156,778 | ) | (108,056 | ) | (45 | %) | |||||||||
| Net loss attributable to common stockholders | (42,216 | ) | (31,164 | ) | (35 | %) | (129,209 | ) | (110,768 | ) | (17 | %) | |||||||||
| Net loss per basic and diluted share(1) | (2.21 | ) | (2.07 | ) | (7 | %) | (7.83 | ) | (7.92 | ) | 1 | % | |||||||||
| EBITDA* | (32,250 | ) | (29,660 | ) | (9 | %) | (122,317 | ) | (110,709 | ) | (10 | %) | |||||||||
| Adjusted EBITDA* | $ | (25,343 | ) | $ | (30,830 | ) | 18 | % | $ | (101,111 | ) | $ | (102,882 | ) | 2 | % | |||||
(1) All 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.
Fourth Quarter of Fiscal 2024 Results
(All comparisons are between fourth quarter of fiscal 2024 and fourth quarter of fiscal 2023 unless otherwise noted)
Fourth quarter revenue of
- Product revenues increased to
$25.4 million during the three months ended October 31, 2024, compared to$10.5 million during the three months ended October 31, 2023. Product revenue for the three months ended October 31, 2024 was primarily driven by$18.0 million of revenue recognized under the Company’s long-term service agreement (the “GGE Agreement”) with Gyeonggi Green Energy Co., Ltd. (“GGE”) for the replacement of the first six fuel cell modules for GGE’s 58.8 MW fuel cell power plant platform in Hwasong-si, Korea. The increase also reflects$7.7 million of revenue recognized under the Company’s sales contract with Ameresco, Inc., which was entered into during the second quarter of fiscal year 2024, pursuant to which the Company is to provide a 2.8 MW platform to the Sacramento Sewer District. Product revenues for the prior year quarter reflect the recognition of revenue related to a performance guarantee, which was part of the December 2021 Settlement Agreement with POSCO Energy Co., Ltd. and its subsidiary, Korea Fuel Cell Co., Ltd. (“KFC”). Recognition of this revenue was constrained until certain of the modules previously sold by the Company to KFC were installed at the Noeul Green Energy, Co. Ltd. (“Noeul Green Energy”) site and the Company entered into a long-term service agreement to service those installed modules for Noeul Green Energy. - Service agreements revenues increased to
$5.6 million from$(0.8) million . The increase in service agreements revenues during the three months ended October 31, 2024 was primarily driven by two module exchanges during the quarter. There were no module exchanges during the fourth quarter of fiscal 2023. Revenue for the fourth quarter of fiscal 2023 was impacted by higher future cost estimates related to future module exchanges compared to the Company’s prior estimates, which more than offset revenue recognized for that quarter. Service agreements revenue can be variable from period to period depending on the number of module exchanges during the period and changes to future cost estimates used to recognize revenue in the period. - Generation revenues increased
40.3% to$12.0 million from$8.5 million , primarily driven by revenue related to the Toyota and Derby projects, which began operations in the first quarter of fiscal 2024. - Advanced Technologies contract revenues increased to
$6.4 million from$4.3 million . Advanced Technologies contract revenues recognized under the purchase order received from Esso Nederland B.V., an affiliate of ExxonMobil Technology and Engineering Company (“EMTEC”), related to the Rotterdam project were approximately$2.3 million higher and revenue recognized under government contracts and other contracts were approximately$0.6 million higher for the three months ended October 31, 2024 compared to the three months ended October 31, 2023. These higher revenue amounts were partially offset by lower revenue recognized of$0.8 million under the Joint Development Agreement with EMTEC during the three months ended October 31, 2024.
Gross loss for the fourth quarter of fiscal 2024 totaled
Operating expenses for the fourth quarter of fiscal 2024 decreased to
Net loss was
Adjusted EBITDA totaled
The net loss per share attributable to common stockholders in the fourth quarter of fiscal 2024 was
Restructuring and Operational Update
In November, 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
In fiscal year 2022, we provided aspirational long-term revenue targets to be met by the end of fiscal year 2025 and fiscal year 2030. In developing these revenue targets, we made certain timing assumptions regarding, among other things, the development, commercialization and market adoption timelines of our solid oxide electrolysis cell (“SOEC”), solid oxide fuel cell (“SOFC”) and carbon capture products. However, these long-term revenue targets do not reflect the current market realities regarding the pace of hydrogen adoption and infrastructure build out as well as continuing uncertainty regarding the Inflation Reduction Act and other large scale clean energy policies globally. In addition, as part of our restructuring plan, we reduced headcount and have begun to reduce spending on product development. As a result of current market realities, and in conjunction with our restructuring plan, the timing of the development and commercialization of our SOEC, SOFC and carbon capture products has been delayed from our prior estimates and, accordingly, due to these factors, we will not meet the aspirational revenue targets that we provided in fiscal year 2022. However, because we believe we have good visibility into contracted revenue drivers for fiscal year 2025, including with respect to revenues expected to be recognized upon delivery of replacement modules to GGE, we expect to see a material improvement in the Company’s revenues for fiscal year 2025 compared to fiscal year 2024.
Cash, Restricted Cash and Short-Term Investments
Cash and cash equivalents, restricted cash and cash equivalents, and short-term investments totaled
“We were pleased to add the Export-Import Bank of the United States to the list of financing organizations with whom we have created relationships,” said Michael Bishop, Executive Vice President, Chief Financial Officer and Treasurer. “We continue to see growth opportunities around the world that benefit from access to supportive capital. Lastly, I am encouraged by the strength of our balance sheet, which includes over
During the three months ended October 31, 2024, approximately 1.9 million shares of the Company’s common stock were sold under the Company’s Amended Open Market Sale Agreement at an average sale price of
| Backlog | |||||||||
| As of October 31, | |||||||||
| (Amounts in thousands) | 2024 | 2023 | Change | ||||||
| Product | $ | 111,283 | $ | 0 | $ | 111,283 | |||
| Service | 174,174 | 140,782 | 33,392 | ||||||
| Generation | 841,377 | 872,072 | (30,695 | ) | |||||
| Advanced Technologies | 35,999 | 15,263 | 20,736 | ||||||
| Total Backlog | $ | 1,162,833 | $ | 1,028,117 | $ | 134,716 | |||
As of October 31, 2024, 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 October 31, 2024, 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 fourth quarter and full fiscal year 2024 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 December 19th 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. 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) | |||||||||
| October 31, 2024 | October 31, 2023 | ||||||||
| ASSETS | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents, unrestricted | $ | 148,133 | $ | 249,952 | |||||
| Restricted cash and cash equivalents – short-term | 12,161 | 5,159 | |||||||
| Investments – short-term | 109,123 | 103,760 | |||||||
| Accounts receivable, net | 11,751 | 3,809 | |||||||
| Unbilled receivables | 36,851 | 16,296 | |||||||
| Inventories | 113,703 | 84,456 | |||||||
| Other current assets | 12,736 | 12,881 | |||||||
| Total current assets | 444,458 | 476,313 | |||||||
| Restricted cash and cash equivalents – long-term | 48,589 | 44,465 | |||||||
| Inventories – long-term | 2,743 | 7,329 | |||||||
| Project assets, net | 242,131 | 258,066 | |||||||
| Property, plant and equipment, net | 130,686 | 89,668 | |||||||
| Operating lease right-of-use assets, net | 8,122 | 8,352 | |||||||
| Goodwill | 4,075 | 4,075 | |||||||
| Intangible assets, net | 14,779 | 16,076 | |||||||
| Other assets | 48,541 | 51,176 | |||||||
| Total assets(1) | $ | 944,124 | $ | $ | 955,520 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
| Current liabilities: | |||||||||
| Current portion of long-term debt | $ | 15,924 | $ | 10,067 | |||||
| Current portion of operating lease liabilities | 807 | 599 | |||||||
| Accounts payable | 22,585 | 26,518 | |||||||
| Accrued liabilities | 30,362 | 26,313 | |||||||
| Deferred revenue | 4,226 | 2,406 | |||||||
| Total current liabilities | 73,904 | 65,903 | |||||||
| Long-term deferred revenue | 3,010 | 732 | |||||||
| Long-term operating lease liabilities | 8,894 | 8,992 | |||||||
| Long-term debt and other liabilities | 130,850 | 119,588 | |||||||
| Total liabilities(1) | 216,658 | 195,215 | |||||||
| Redeemable Series B preferred stock (liquidation preference of | 59,857 | 59,857 | |||||||
| Total equity: | |||||||||
| Stockholders’ equity: Common stock ( | 2 | 2 | |||||||
| Additional paid-in capital | 2,300,031 | 2,199,704 | |||||||
| Accumulated deficit | (1,641,550 | ) | (1,515,541 | ) | |||||
| Accumulated other comprehensive loss | (1,561 | ) | (1,672 | ) | |||||
| Treasury stock, Common, at cost (12,543 and 8,216 shares as of October 31, 2024 and October 31, 2023, respectively) | (1,198 | ) | (1,078 | ) | |||||
| Deferred compensation | 1,198 | 1,078 | |||||||
| Total stockholders’ equity | 656,922 | 682,493 | |||||||
| Noncontrolling interests | 10,687 | 17,955 | |||||||
| Total equity | 667,609 | 700,448 | |||||||
| Total liabilities, redeemable Series B preferred stock and total equity | $ | 944,124 | $ | 955,520 | |||||
(1) As of October 31, 2024 and October 31, 2023, 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 October 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Revenues: | |||||||||||
| Product | $ | 25,425 | $ | 10,494 | |||||||
| Service | 5,572 | (829 | ) | ||||||||
| Generation | 11,962 | 8,529 | |||||||||
| Advanced Technologies | 6,367 | 4,268 | |||||||||
| Total revenues | 49,326 | 22,462 | |||||||||
Costs of revenues: | |||||||||||
| Product | 30,072 | 5,453 | |||||||||
| Service | 6,797 | 4,320 | |||||||||
| Generation | 18,782 | 11,747 | |||||||||
| Advanced Technologies | 4,592 | 2,406 | |||||||||
| Total costs of revenues | 60,243 | 23,926 | |||||||||
Gross loss | (10,917 | ) | (1,464 | ) | |||||||
Operating expenses: | |||||||||||
| Administrative and selling expenses | 15,945 | 16,891 | |||||||||
| Research and development expenses | 11,608 | 18,021 | |||||||||
| Restructuring | 2,562 | - | |||||||||
| Total costs and expenses | 30,115 | 34,912 | |||||||||
Loss from operations | (41,032 | ) | (36,376 | ) | |||||||
Interest expense | (2,522 | ) | (2,321 | ) | |||||||
| Interest income | 2,994 | 4,731 | |||||||||
| Other income, net | 983 | 4,508 | |||||||||
Loss before provision for income taxes | (39,577 | ) | (29,458 | ) | |||||||
| Provision for income taxes | (23 | ) | - | ||||||||
Net loss | (39,600 | ) | (29,458 | ) | |||||||
| Net income attributable to noncontrolling interest | 1,816 | 906 | |||||||||
| Net loss attributable to FuelCell Energy, Inc. | (41,416 | ) | (30,364 | ) | |||||||
| Series B preferred stock dividends | (800 | ) | (800 | ) | |||||||
Net loss attributable to common stockholders | $ | (42,216 | ) | $ | (31,164 | ) | |||||
Loss per share basic and diluted: | |||||||||||
| Net loss per share attributable to common stockholders | $ | (2.21 | ) | $ | (2.07 | ) | |||||
| Basic and diluted weighted average shares outstanding | 19,063,628 | 15,018,901 | |||||||||
| FUELCELL ENERGY, INC. Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Amounts in thousands, except share and per share amounts) | ||||||||||
| Year Ended October 31, | ||||||||||
| 2024 | 2023 | |||||||||
| Revenues: | ||||||||||
| Product | $ | 25,675 | $ | 19,589 | ||||||
| Service | 9,969 | 49,084 | ||||||||
| Generation | 49,975 | 37,508 | ||||||||
| Advanced Technologies | 26,513 | 17,213 | ||||||||
| Total revenues | 112,132 | 123,394 | ||||||||
Costs of revenues: | ||||||||||
| Product | 39,582 | 12,878 | ||||||||
| Service | 11,098 | 44,953 | ||||||||
| Generation | 79,861 | 62,913 | ||||||||
| Advanced Technologies | 17,509 | 13,185 | ||||||||
| Total costs of revenues | 148,050 | 133,929 | ||||||||
Gross loss | (35,918 | ) | (10,535 | ) | ||||||
Operating expenses: | ||||||||||
| Administrative and selling expenses | 64,604 | 64,528 | ||||||||
| Research and development expenses | 55,404 | 61,021 | ||||||||
| Restructuring | 2,562 | — | ||||||||
| Total costs and expenses | 122,570 | 125,549 | ||||||||
Loss from operations | (158,488 | ) | (136,084 | ) | ||||||
Interest expense | (9,690 | ) | (7,247 | ) | ||||||
| Interest income | 13,720 | 15,795 | ||||||||
| Other (expense) income, net | (2,295 | ) | 4,724 | |||||||
Loss before provision for income taxes | (156,753 | ) | (107,475 | ) | ||||||
| Provision for income taxes | (25 | ) | (581 | ) | ||||||
Net loss | (156,778 | ) | (108,056 | ) | ||||||
| Net loss attributable to noncontrolling interest | (30,769 | ) | (488 | ) | ||||||
| Net loss attributable to FuelCell Energy, Inc. | (126,009 | ) | (107,568 | ) | ||||||
| Series B preferred stock dividends | (3,200 | ) | (3,200 | ) | ||||||
Net loss attributable to common stockholders | $ | (129,209 | ) | $ | (110,768 | ) | ||||
Loss per share basic and diluted: | ||||||||||
| Net loss per share attributable to common stockholders | $ | (7.83 | ) | $ | (7.92 | ) | ||||
| Basic and diluted weighted average shares outstanding | 16,505,257 | 13,991,593 | ||||||||
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 October 31, | Year Ended October 31, | |||||||||||||||
| (Amounts in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net loss | $ | (39,600 | ) | $ | (29,458 | ) | $ | (156,778 | ) | $ | (108,056 | ) | ||||
| Depreciation and amortization (1) | 8,782 | 6,716 | 36,171 | 25,375 | ||||||||||||
| Provision for income taxes | 23 | - | 25 | 581 | ||||||||||||
| Other (income) expense, net (2) | (983 | ) | (4,508 | ) | 2,295 | (4,724 | ) | |||||||||
| Gain on extinguishment of finance obligations and debt, net (4) | - | - | - | (15,337 | ) | |||||||||||
| Interest income | (2,994 | ) | (4,731 | ) | (13,720 | ) | (15,795 | ) | ||||||||
| Interest expense | 2,522 | 2,321 | 9,690 | 7,247 | ||||||||||||
| EBITDA | $ | (32,250 | ) | $ | (29,660 | ) | $ | (122,317 | ) | $ | (110,709 | ) | ||||
| Stock-based compensation expense | 2,537 | 2,957 | 11,764 | 11,954 | ||||||||||||
| Unrealized loss (gain) on natural gas contract derivative assets (3) | 1,808 | (4,127 | ) | 6,880 | (4,127 | ) | ||||||||||
| Restructuring | 2,562 | - | 2,562 | - | ||||||||||||
| Adjusted EBITDA | $ | (25,343 | ) | $ | (30,830 | ) | $ | (101,111 | ) | $ | (102,882 | ) | ||||
(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 loss of
(4) The gain on extinguishment of finance obligations and debt, net was
FAQ
What was FuelCell Energy's (FCEL) Q4 2024 revenue growth?
How much did FCEL's backlog increase in fiscal 2024?
What restructuring measures is FCEL implementing for 2025?
What was FCEL's cash position at the end of fiscal 2024?
How did FCEL's full-year 2024 revenue compare to 2023?
