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Jan 31, 2024
FuelCell Energy Q1 2024 Earnings Report
FuelCell Energy reported a decrease in revenue compared to the previous year, with a significant gross loss due to unfavorable generation margins, while also focusing on commercializing technologies and expanding manufacturing capacity.
Key Takeaways
FuelCell Energy reported a revenue of $16.7 million, a gross loss of $11.7 million, and a net loss per share of $(0.05) for the first quarter of fiscal year 2024. The company is focused on commercializing technologies and expanding solid oxide manufacturing capacity.
Revenues decreased to $16.7 million compared to $37.1 million year-over-year.
Gross loss was $11.7 million compared to a gross profit of $5.2 million in the prior year.
Operating loss increased to $(42.5) million from $(22.5) million year-over-year.
Net loss per share remained at $(0.05) compared to the same quarter last year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
FuelCell Energy anticipates 2024 to be a year of transition, with expectations of growth in the later part of the fiscal year.
Positive Outlook
- Increase in operational generation assets during the quarter.
- Expected product sales over the balance of the fiscal year.
- Prioritizing commercialization of technologies.
- Accelerating global sales closure pace.
- Repowering service efforts in Korea.
Challenges Ahead
- This quarter's performance is expected to be the low water mark of the fiscal year.
- Lower revenues compared to the comparable prior-year quarter.
- Gross loss due to unfavorable margins for generation.
- Increase in operating expenses.
- Adjusted EBITDA decreased compared to the prior year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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