FuelCell Energy Q4 2023 Earnings Report
Key Takeaways
FuelCell Energy reported a decrease in revenue for the fourth quarter of fiscal year 2023, primarily due to lower product revenues. The company experienced a reduced gross loss and loss from operations compared to the same quarter of the previous year. They achieved commercial operation of their distributed hydrogen tri-generation platform in Long Beach and progressed on capacity expansion and technology development.
Revenues decreased to $22.5 million compared to $39.2 million year-over-year.
Gross loss improved to $(1.5) million from $(15.2) million year-over-year.
Loss from operations decreased to $(36.4) million from $(42.7) million year-over-year.
Net loss per share was $(0.07) compared to $(0.11) year-over-year.
FuelCell Energy
FuelCell Energy
FuelCell Energy Revenue by Segment
Forward Guidance
FuelCell Energy is focused on implementing key growth initiatives, commercializing solid oxide technology, delivering fuel cell module replacements worldwide, and continuing development of advanced technologies such as direct flue source carbon capture and carbon recovery to achieve growth and profitability.
Positive Outlook
- The Company continues to make progress on its commercial initiatives.
- The Company executed a long-term service agreement with Noeul Green Energy.
- The Company received award notices with respect to a 1 MW solid oxide power generation project awarded by a university in the Northeast U.S.
- The Company received award notices with respect to A 2.8 MW carbonate power generation project with a municipality in California using biofuel as the feedstock.
- The Company successfully completed the commissioning of this Tri-gen project at the Port of Long Beach for Toyota, and it is producing power and water and delivering hydrogen that meets the stringent purity specifications required for mobility applications.
Revenue & Expenses
Visualization of income flow from segment revenue to net income