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Jul 31, 2022
FuelCell Energy Q3 2022 Earnings Report
Achieved strongest quarterly revenue in five years, driven by product sales and generation portfolio growth.
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.
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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