FuelCell Energy Reports Second Quarter of Fiscal 2024 Results
FuelCell Energy (NASDAQ: FCEL) reported its fiscal 2024 Q2 results with revenue of $22.4 million, a 42% decrease year-over-year.
Gross loss widened to $7.1 million, and net loss was $37.7 million, up from $33.9 million a year ago.
The net loss per share improved to $0.07 from $0.09, partly due to higher outstanding shares.
R&D expenses increased to $16.6 million, and total operating expenses rose to $34.3 million.
The company announced a new $160 million contract with Gyeonggi Green Energy for upgraded fuel cell modules, contributing to a 3.8% increase in backlog to $1.06 billion.
Cash and equivalents totaled $313.2 million, down from $403.3 million in October 2023.
Debt financing and new share issuances raised additional capital.
- Revenue from generation projects increased by 67% to $14.1 million.
- Advanced Technologies contract revenues rose to $6.9 million from $3.7 million.
- New $160 million contract with Gyeonggi Green Energy.
- Backlog increased by 3.8% year-over-year to $1.06 billion.
- Net loss per share improved to $0.07 from $0.09.
- Debt financing raised $11.5 million, backed by strong project cash flows.
- Raised approximately $31.7 million from share issuances post-quarter.
- Cash and equivalents at $313.2 million, with unrestricted cash of $158.8 million.
- Total revenue fell by 42% year-over-year to $22.4 million.
- Gross loss increased to $7.1 million from $6.1 million.
- Net loss widened to $37.7 million from $33.9 million.
- Operating expenses increased by 15% to $34.3 million.
- Service agreement revenues dropped significantly to $1.4 million from $26.2 million.
- Decrease in unrestricted cash from $250 million to $158.8 million.
- Higher R&D expenses at $16.6 million, up from $14.7 million.
- Cash, restricted cash, and short-term investments fell to $313.2 million from $403.3 million.
Insights
FuelCell Energy's Q2 fiscal 2024 results show mixed performance. Revenue dropped significantly from
Despite the revenue drop, the net loss per share improved from
It's notable that the company managed to secure a
Cash and cash equivalents have decreased from
FuelCell Energy's update on their technological advancements is noteworthy. The extended agreement with ExxonMobil to develop carbon capture technology could position them as a pivotal player in the carbon capture and hydrogen production space. This partnership not only holds potential for future innovation but also opens doors for wider market applications, enhancing their competitive edge.
The increase in Advanced Technologies contract revenues from
Investors should monitor the progress of these technological initiatives closely as they represent significant long-term growth drivers. However, the financial strain highlighted in the earnings report suggests that while innovation is ongoing, it comes with high costs and risks, particularly if these technologies do not achieve commercial success quickly.
Second Quarter Fiscal 2024 Summary
(All comparisons are year-over-year unless otherwise noted)
- Revenue of
$22.4 million , compared to$38.3 million - Gross loss of
$(7.1) million compared to$(6.1) million - Loss from operations of
$(41.4) million compared with$(35.9) million - Net loss per share was
$(0.07) compared with$(0.09)
DANBURY, Conn., June 10, 2024 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (NASDAQ: FCEL) -- a global leader in decarbonizing power and producing hydrogen through our proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy -- today reported financial results for its second quarter ended April 30, 2024.
“In the second quarter, our team continued to execute on all three pillars of our Powerhouse Business Strategy, growing revenue sequentially from the first quarter while exercising cost discipline,” said Mr. Jason Few, President and Chief Executive Officer. “We achieved an important milestone toward commercializing new advanced technologies by updating and extending our joint development agreement with ExxonMobil Technology and Engineering Company to jointly develop carbon capture technology, while retaining certain rights to market this product more widely to a global clientele in need of energy transition solutions. We also entered into an exciting new relationship with Ameresco, Inc. to provide the Sacramento Sewer district with our energy delivery and emissions management platform to create clean electricity from onsite biofuel. We were also pleased to report a
“Subsequent to the end of the quarter, we announced an agreement to supply Gyeonggi Green Energy Co., Ltd. (“GGE”) with 42 upgraded fuel cell modules, representing approximately
Consolidated Financial Metrics
| Three Months Ended April 30, | ||||||||||
| (Amounts in thousands) | 2024 | 2023 | Change | |||||||
| Total revenues | (42 | %) | ||||||||
| Gross loss | (7,074 | ) | (6,093 | ) | 16 | % | ||||
| Loss from operations | (41,361 | ) | (35,858 | ) | 15 | % | ||||
| Net loss | (37,656 | ) | (33,911 | ) | 11 | % | ||||
| Net loss attributable to common stockholders | (32,940 | ) | (35,103 | ) | (6 | %) | ||||
| Net loss per basic and diluted share | (0.07 | ) | (0.09 | ) | (22 | %) | ||||
| EBITDA * | (31,809 | ) | (29,227 | ) | 9 | % | ||||
| Adjusted EBITDA * | ( | ) | ( | ) | 2 | % | ||||
| * A reconciliation of EBITDA, Adjusted EBITDA and any other non-GAAP measures is contained in the appendix to this press release. | ||||||||||
Second Quarter of Fiscal 2024 Results
(All comparisons are between second quarter of fiscal 2024 and second quarter of fiscal 2023 unless otherwise noted)
Second quarter revenue of
- Service agreements revenues decreased to
$1.4 million from$26.2 million . The decrease in service agreements revenues during the three months ended April 30, 2024 was primarily driven by the fact that there were no module exchanges during the quarter. Service agreements revenues recognized during the second quarter of fiscal 2023 were primarily driven by module exchanges at the plants owned by Korea Southern Power Company in Korea. - Generation revenues increased
67% to$14.1 million from$8.4 million , primarily driven by revenue generated by the Toyota and Derby projects, all of which began operations in the first quarter of fiscal 2024. - Advanced Technologies contract revenues increased to
$6.9 million from$3.7 million . Compared to the second quarter of fiscal 2023, Advanced Technologies contract revenues recognized under our Joint Development Agreement with ExxonMobil Technology and Engineering Company (“EMTEC”) were approximately$0.1 million lower during the three months ended April 30, 2024 and revenue recognized under government contracts and other contracts were approximately$3.3 million higher for the three months ended April 30, 2024. Advanced Technologies contract revenues for the second quarter of fiscal 2024 also include revenues arising from the purchase order previously received from Esso Nederland B.V. (“Esso”), an affiliate of EMTEC and Exxon Mobil Corporation.
Gross loss for the second quarter of fiscal 2024 totaled
Operating expenses for the second quarter of fiscal 2024 increased to
Net loss was
Adjusted EBITDA totaled
The net loss per share attributable to common stockholders in the second quarter of fiscal 2024 was
Cash, Restricted Cash and Short-Term Investments
Cash and cash equivalents, restricted cash and cash equivalents, and short-term investments totaled
“We have taken a number of proactive steps during the quarter to help preserve balance sheet strength as we execute on our growth objectives,” said Mr. Michael Bishop, Executive Vice President, Chief Financial Officer and Treasurer. “We added debt financing backed by our recently completed projects in Derby, Connecticut, that will allow us to redeploy capital in support of growth initiatives around the world. Additionally, we issued approximately 6.5 million shares of stock, raising approximately
During the three months ended April 30, 2024, approximately 6.5 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
On April 25, 2024, the Company closed on a project debt financing transaction with Liberty Bank and Connecticut Green Bank for the Company’s two fuel cell projects in Derby, Connecticut, which recently began operations. A total of
Subsequent to the quarter ended April 30, 2024, approximately 38.6 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 April 30, | ||||||||||||
| (Amounts in thousands) | 2024 | 2023 | Change | |||||||||
| Product | $ | 12,307 | $ | 26 | $ | 12,281 | ||||||
| Service | 145,100 | 73,662 | 71,438 | |||||||||
| Generation | 852,933 | 926,044 | (73,111 | ) | ||||||||
| Advanced Technologies | 51,112 | 22,564 | 28,548 | |||||||||
| Total Backlog | $ | 1,061,452 | $ | 1,022,296 | $ | 39,156 | ||||||
As of April 30, 2024, backlog increased by approximately
Subsequent to the end of the quarter, the Company announced an agreement to provide GGE with 42 1.4 megawatt upgraded carbonate fuel cell modules to replace existing fuel cell modules at its 58.8 megawatt plant in Korea. The total amount payable by GGE under the long-term service agreement for the 42 replacement fuel cell modules, balance of plant replacement components, and service is
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 17 years, 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 second quarter results for fiscal year 2024 as well as key business highlights. Participants can access the live call via webcast on the Company 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 June 10th 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, including those discussed in our Annual Report on Form 10-K for the fiscal year ended October 31, 2023 in the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations”. 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 Company’s capacity expansion, 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 and 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; our ability to develop new products to achieve our long-term revenue targets; 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; and concerns with, threats of, or the consequences of, pandemics, contagious diseases or health epidemics, including the novel coronavirus, and resulting supply chain disruptions, shifts in clean energy demand, impacts to our customers’ capital budgets and investment plans, impacts to our project schedules, impacts to our ability to service existing projects, and impacts on the demand for our products, 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, 2023 and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 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) | |||||||
| April 30, 2024 | October 31, 2023 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents, unrestricted | $ | 158,790 | $ | 249,952 | |||
| Restricted cash and cash equivalents – short-term | 4,969 | 5,159 | |||||
| Investments – short-term | 101,340 | 103,760 | |||||
| Accounts receivable, net | 7,155 | 3,809 | |||||
| Unbilled receivables | 26,409 | 16,296 | |||||
| Inventories | 113,918 | 84,456 | |||||
| Other current assets | 13,262 | 12,881 | |||||
| Total current assets | 425,843 | 476,313 | |||||
| Restricted cash and cash equivalents – long-term | 48,134 | 44,465 | |||||
| Inventories – long-term | 2,743 | 7,329 | |||||
| Project assets, net | 256,607 | 258,066 | |||||
| Property, plant and equipment, net | 111,576 | 89,668 | |||||
| Operating lease right-of-use assets, net | 8,036 | 8,352 | |||||
| Goodwill | 4,075 | 4,075 | |||||
| Intangible assets, net | 15,428 | 16,076 | |||||
| Other assets | 44,387 | 51,176 | |||||
| Total assets (1) | $ | 916,829 | $ | 955,520 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Current portion of long-term debt | $ | 11,733 | $ | 10,067 | |||
| Current portion of operating lease liabilities | 752 | 599 | |||||
| Accounts payable | 21,614 | 26,518 | |||||
| Accrued liabilities | 24,143 | 26,313 | |||||
| Deferred revenue | 6,756 | 2,406 | |||||
| Total current liabilities | 64,998 | 65,903 | |||||
| Long-term deferred revenue | 987 | 732 | |||||
| Long-term operating lease liabilities | 8,857 | 8,992 | |||||
| Long-term debt and other liabilities | 130,030 | 119,588 | |||||
| Total liabilities (1) | 204,872 | 195,215 | |||||
| Redeemable Series B preferred stock (liquidation preference of | 59,857 | 59,857 | |||||
| Total equity: | |||||||
| Stockholders’ equity: | |||||||
| Common stock ( | 46 | 45 | |||||
| Additional paid-in capital | 2,208,951 | 2,199,661 | |||||
| Accumulated deficit | (1,567,474 | ) | (1,515,541 | ) | |||
| Accumulated other comprehensive loss | (1,717 | ) | (1,672 | ) | |||
| Treasury stock, Common, at cost (324,814 and 246,468 shares as of April 30, 2024 and October 31, 2023, respectively) | (1,164 | ) | (1,078 | ) | |||
| Deferred compensation | 1,164 | 1,078 | |||||
| Total stockholders’ equity | 639,806 | 682,493 | |||||
| Noncontrolling interests | 12,294 | 17,955 | |||||
| Total equity | 652,100 | 700,448 | |||||
| Total liabilities, redeemable Series B preferred stock and total equity | $ | 916,829 | $ | 955,520 | |||
| (1) As of April 30, 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 April 30, | ||||||||||
| 2024 | 2023 | |||||||||
| Revenues: | ||||||||||
| Product | $ | - | $ | - | ||||||
| Service | 1,369 | 26,190 | ||||||||
| Generation | 14,118 | 8,440 | ||||||||
| Advanced Technologies | 6,933 | 3,719 | ||||||||
| Total revenues | 22,420 | 38,349 | ||||||||
| Costs of revenues: | ||||||||||
| Product | 2,938 | 3,486 | ||||||||
| Service | 1,267 | 20,113 | ||||||||
| Generation | 21,424 | 17,081 | ||||||||
| Advanced Technologies | 3,865 | 3,762 | ||||||||
| Total costs of revenues | 29,494 | 44,442 | ||||||||
| Gross loss | (7,074 | ) | (6,093 | ) | ||||||
| Operating expenses: | ||||||||||
| Administrative and selling expenses | 17,660 | 15,068 | ||||||||
| Research and development expenses | 16,627 | 14,697 | ||||||||
| Total costs and expenses | 34,287 | 29,765 | ||||||||
| Loss from operations | (41,361 | ) | (35,858 | ) | ||||||
| Interest expense | (2,275 | ) | (1,502 | ) | ||||||
| Interest income | 3,390 | 3,688 | ||||||||
| Other income (expense), net | 2,590 | (236 | ) | |||||||
| Loss before provision for income taxes | (37,656 | ) | (33,908 | ) | ||||||
| Provision for income taxes | - | (3 | ) | |||||||
| Net loss | (37,656 | ) | (33,911 | ) | ||||||
| Net (loss) income attributable to noncontrolling interest | (5,516 | ) | 392 | |||||||
| Net loss attributable to FuelCell Energy, Inc. | (32,140 | ) | (34,303 | ) | ||||||
| Series B preferred stock dividends | (800 | ) | (800 | ) | ||||||
| Net loss attributable to common stockholders | $ | (32,940 | ) | $ | (35,103 | ) | ||||
| Loss per share basic and diluted: | ||||||||||
| Net loss per share attributable to common stockholders | $ | (0.07 | ) | $ | (0.09 | ) | ||||
| Basic and diluted weighted average shares outstanding | 452,984,445 | 406,316,070 | ||||||||
| FUELCELL ENERGY, INC. Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Amounts in thousands, except share and per share amounts) | |||||||||
| Six Months Ended April 30, | |||||||||
| 2024 | 2023 | ||||||||
| Revenues: | |||||||||
| Product | $ | - | $ | 9,095 | |||||
| Service | 2,986 | 40,072 | |||||||
| Generation | 24,611 | 17,997 | |||||||
| Advanced Technologies | 11,514 | 8,258 | |||||||
| Total revenues | 39,111 | 75,422 | |||||||
| Costs of revenues: | |||||||||
| Product | 5,329 | 4,515 | |||||||
| Service | 3,155 | 31,058 | |||||||
| Generation | 42,318 | 33,683 | |||||||
| Advanced Technologies | 7,108 | 7,022 | |||||||
| Total costs of revenues | 57,910 | 76,278 | |||||||
| Gross loss | (18,799 | ) | (856 | ) | |||||
| Operating expenses: | |||||||||
| Administrative and selling expenses | 34,060 | 30,077 | |||||||
| Research and development expenses | 30,980 | 27,380 | |||||||
| Total costs and expenses | 65,040 | 57,457 | |||||||
| Loss from operations | (83,839 | ) | (58,313 | ) | |||||
| Interest expense | (4,613 | ) | (3,014 | ) | |||||
| Interest income | 7,457 | 7,098 | |||||||
| Other expense, net | (1,060 | ) | (187 | ) | |||||
| Loss before provision for income taxes | (82,055 | ) | (54,416 | ) | |||||
| Provision for income taxes | - | (581 | ) | ||||||
| Net loss | (82,055 | ) | (54,997 | ) | |||||
| Net loss attributable to noncontrolling interest | (30,122 | ) | (2,072 | ) | |||||
| Net loss attributable to FuelCell Energy, Inc. | (51,933 | ) | (52,925 | ) | |||||
| Series B preferred stock dividends | (1,600 | ) | (1,600 | ) | |||||
| Net loss attributable to common stockholders | $ | (53,533 | ) | $ | (54,525 | ) | |||
| Loss per share basic and diluted: | |||||||||
| Net loss per share attributable to common stockholders | $ | (0.12 | ) | $ | (0.13 | ) | |||
| Basic and diluted weighted average shares outstanding | 452,303,339 | 406,055,027 | |||||||
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 April 30, | Six Months Ended April 30, | ||||||||||||||
| (Amounts in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net loss | $ | (37,656 | ) | $ | (33,911 | ) | (82,055 | ) | $ | (54,997 | ) | ||||
| Depreciation and amortization (1) | 9,552 | 6,631 | 18,151 | 12,036 | |||||||||||
| Provision for income taxes | - | 3 | - | 581 | |||||||||||
| Other (income) expense, net (2) | (2,590 | ) | 236 | 1,060 | 187 | ||||||||||
| Interest income | (3,390 | ) | (3,688 | ) | (7,457 | ) | (7,098 | ) | |||||||
| Interest expense | 2,275 | 1,502 | 4,613 | 3,014 | |||||||||||
| EBITDA | $ | (31,809 | ) | $ | (29,227 | ) | $ | (65,688 | ) | $ | (46,277 | ) | |||
| Stock-based compensation expense | 3,002 | 3,194 | 5,878 | 5,831 | |||||||||||
| Unrealized loss on natural gas contract derivative assets (3) | 2,318 | - | 4,177 | - | |||||||||||
| Adjusted EBITDA | $ | (26,489 | ) | $ | (26,033 | ) | $ | (55,633 | ) | $ | (40,446 | ) | |||
(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
FAQ
What was the revenue for FCEL in Q2 fiscal 2024?
How did FuelCell Energy's net loss per share change in Q2 fiscal 2024?
What was the impact on FCEL's gross loss in Q2 fiscal 2024?
What led to the increase in FuelCell Energy's backlog as of April 30, 2024?
How much did FuelCell Energy raise through share issuances post-Q2 fiscal 2024?
What were the main factors for the decline in FCEL's service agreement revenues?
How did advanced technologies contract revenues perform in Q2 fiscal 2024 for FCEL?
What were FuelCell Energy's operating expenses in Q2 fiscal 2024?
