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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.
FuelCell Energy
FuelCell Energy
FuelCell Energy Revenue by Segment
FuelCell Energy Revenue by Geographic Location
Revenue by Segment
Service Revenue
CapyFin.comGeneration Revenue
CapyFin.comAdvanced Tech Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com 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