FuelCell Energy Q4 2019 Earnings Report
Key Takeaways
FuelCell Energy reported a decrease in revenue for the fourth quarter of 2019, driven by a strategic shift away from product sales. The company faced a gross loss due to noncash charges related to project operations and PPA termination. Operating expenses decreased, but administrative costs increased due to restructuring initiatives. The company is focusing on its project backlog to generate recurring cash flow.
Revenue decreased by 38% year-over-year to $11.0 million due to a focus on PPA opportunities.
Gross loss totaled $(23.4) million, compared to a gross profit of $1.1 million in the same quarter last year, impacted by noncash charges.
Operating expenses decreased by 26% to $9.6 million, while administrative and selling expenses increased due to restructuring costs.
Net loss per share attributable to common stockholders was $(0.23), compared to $(2.31) in the prior year.
FuelCell Energy
FuelCell Energy
Forward Guidance
FuelCell Energy is focused on executing its project commitments and positioning the Company to deliver positive earnings.