FuelCell Energy Q3 2022 Earnings Report
Key Takeaways
FuelCell Energy reported a 61% increase in revenue compared to the prior year, reaching $43.1 million, the highest in five years. This growth was primarily driven by product sales and a 75% increase in generation revenues. However, the company experienced a gross loss of $(4.2) million compared to a gross profit of $1.1 million in the prior year, and a net loss of $(29.0) million compared to $(12.0) million in the prior year.
Achieved strongest quarterly revenue in five years, reflecting product sales and progress on the Powerhouse business strategy.
Product revenues were $18.0 million due to module sales to Korea Fuel Cell Co.
Generation revenues increased 75% primarily due to the completion of the LIPA Yaphank project and higher operating output.
Gross loss was $(4.2) million, driven by higher manufacturing variances and non-capitalizable costs related to the Toyota project.
FuelCell Energy
FuelCell Energy
FuelCell Energy Revenue by Segment
Forward Guidance
FuelCell Energy anticipates the Inflation Reduction Act will provide businesses with the long-term market and tax certainty needed to make important investment decisions, including in hiring, manufacturing, and partnerships.
Positive Outlook
- Investment tax credits for users and producers of fuel cell technology.
- Production tax credits for clean power and hydrogen.
- Carbon capture utilization and sequestration credits.
- Important incentives for building and deploying more clean energy assets across the country.
- Ensuring the United States leverages its rich natural resources and decarbonizes challenging sectors.
Revenue & Expenses
Visualization of income flow from segment revenue to net income