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Jul 31, 2023
FuelCell Energy Q3 2023 Earnings Report
FuelCell Energy's financial performance declined in Q3 2023, with revenue decreasing due to lower product sales and increased gross and operating losses.
Key Takeaways
FuelCell Energy reported a decrease in revenue for the third quarter of fiscal year 2023, primarily due to lower product revenues. The company's gross loss and loss from operations also increased compared to the same period in the previous year. However, they completed the commissioning of the Toyota Long Beach project and extended their Joint Development Agreement with ExxonMobil.
Revenues decreased to $25.5 million compared to $43.1 million year-over-year, mainly due to a lack of module sales to Korea Fuel Cell Co., Ltd.
Gross loss worsened to $(8.2) million from $(4.2) million in the prior year.
Operating loss increased to $(41.4) million compared to $(28.0) million year-over-year.
Net loss per share improved to $(0.06) from $(0.08) year-over-year.
Revenue by Segment
Forward Guidance
FuelCell Energy is focused on executing its strategy, proving its technologies, and supporting decarbonization globally, with strong demand for clean energy technologies and government policy support creating significant market potential.
Positive Outlook
- Completed commissioning of the Toyota Long Beach project.
- Tri-gen platform is producing power, water, and hydrogen.
- Extended Joint Development Agreement with ExxonMobil through March 2024.
- Projects in Derby, Connecticut are advancing on schedule with commercial operations expected in Q4 2023.
- Expanded presence in the Korean market with long-term service agreements.
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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