FuelCell Energy Inc NEW (DE) - FCEL STOCK NEWS

FuelCell Energy reported financial results for Q4 and FY 2022, highlighting revenues of $39.2 million, up 181% year-over-year, and total revenues of $130.5 million for the year, reflecting an 88% increase. However, the company faced a gross loss of $(15.2) million in Q4 and a significant net loss of $(147.2) million for the year. The backlog decreased to $1.09 billion, down 15.4% compared to the previous year, primarily due to project cancellations. Despite the challenges, unrestricted cash stood at $458.1 million, showing some liquidity strength.

FuelCell Energy, Inc. (NASDAQ: FCEL) announced the completion of site construction and commencement of commercial operations at the U.S. Navy Submarine Base in Groton, Connecticut, on December 16, 2022. This project adds 7.4 megawatts to the company's generating capacity, totaling 43.7 megawatts, though it will operate at approximately 6 megawatts during its first year. The project supports the Navy's decarbonization goals and is partially financed by a $15 million tax equity transaction with East West Bank.

FuelCell Energy, Inc. (NASDAQ: FCEL) announced the appointment of Alexandrea Isaac, Senior Counsel, to the Department of Commerce's Renewable Energy and Energy Efficiency Advisory Committee (REEEAC). This committee advises on enhancing the export competitiveness of US renewable energy products. Isaac aims to advocate for American businesses in the global energy market and promote clean hydrogen and carbon capture technologies.

The REEEAC will address trade policies, market opportunities, and U.S. Government programs affecting the competitiveness of renewable energy exports.

FuelCell Energy (Nasdaq: FCEL) announced it will release its fourth quarter and fiscal year 2022 results on December 20, 2022, prior to the stock market opening. Following the announcement, management will host a conference call at 10:00 AM ET to discuss the results. Investors can join the call through a live webcast on the company's website or by dialing in directly. FuelCell Energy specializes in decarbonizing power and hydrogen production using its innovative fuel cell technology, partnering with major corporations like ExxonMobil and Toyota to achieve clean energy solutions.

FuelCell Energy (Nasdaq: FCEL) announced the acceptance of orders for its solid oxide electrolyzer and fuel cell platform, aimed at providing flexible energy solutions. This platform allows organizations to transition to 100% zero-carbon hydrogen and manage energy from diverse sources.

The technology promises a 20-30% reduction in hydrogen production costs and operates at 90% electrical efficiency. The platform is undergoing testing at the U.S. Department of Energy’s Idaho National Laboratory, enhancing its commercialization prospects.

FuelCell Energy reported third-quarter fiscal 2022 results, showing revenues of $43.1 million, a 61% increase year-over-year from $26.8 million. However, the company faced a gross loss of $(4.2) million compared to a gross profit of $1.1 million in the same period last year.

The net loss widened to $(29.0) million, up from $(12.0) million. Operating expenses surged to $23.8 million, influenced by increased sales and marketing efforts. Despite challenges, the company anticipates revenue growth, aiming for over $300 million by fiscal year 2025.

FuelCell Energy, Inc. (Nasdaq: FCEL) has announced the release of its third quarter fiscal year 2022 results set for September 8, 2022, before the stock market opens. Following the results, a conference call with investors will occur at 10:00 a.m. ET to discuss performance and provide insights. Participants can access the call via a webcast on the company’s website or by phone. FuelCell Energy focuses on decarbonizing power and producing hydrogen through innovative fuel cell technology.

FuelCell Energy (Nasdaq: FCEL) celebrates the passage of the Inflation Reduction Act (IRA) of 2022, a landmark legislation promoting clean energy investments. The IRA offers substantial incentives including tax credits and loan guarantees for fuel cell technology users and producers. CEO Jason Few highlights that these mechanisms will foster long-term market certainty, facilitating investments in clean energy. Additionally, the act supports U.S.-based innovation and manufacturing, crucial for deploying clean energy solutions, especially in communities facing economic challenges.

FuelCell Energy, Inc. (Nasdaq: FCEL) announced that President and CEO Jason Few will present at the Canaccord Genuity 42nd Annual Growth Conference on Thursday, Aug 11, 2022, at 12:30 p.m. ET. The 25-minute presentation will provide a corporate overview and insights into the company's innovative fuel cell technologies aimed at decarbonizing power and producing hydrogen. Interested attendees can register for the event at this link. A replay and transcript will be available post-event.