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Oct 31, 2024
FuelCell Energy Q4 2024 Earnings Report
FuelCell Energy's Q4 2024 earnings more than doubled, driven by module sales to Gyeonggi Green Energy Co., Ltd. in South Korea, and the company expects stronger financial footing in 2025 due to restructuring.
Key Takeaways
FuelCell Energy reported a significant increase in revenue for the fourth quarter of fiscal year 2024, primarily driven by module sales to Gyeonggi Green Energy Co., Ltd. in South Korea. The company's revenue more than doubled compared to the same period last year. However, the company still reported a gross loss and a net loss per share. Looking ahead, FuelCell Energy anticipates improved financial performance in 2025 due to a global restructuring plan.
Revenue increased to $49.3 million, compared to $22.5 million year-over-year.
Gross loss was $(10.9) million, compared to $(1.5) million year-over-year.
Loss from operations was $(41.0) million, compared to $(36.4) million year-over-year.
Net loss per share was $(2.21), compared to $(2.07) year-over-year.
FuelCell Energy
FuelCell Energy
FuelCell Energy Revenue by Segment
Revenue by Segment
Generation Revenue
CapyFin.comAdvanced Tech Revenue
CapyFin.comProduct Revenue
CapyFin.com Forward Guidance
FuelCell Energy expects its business to be on stronger financial footing in 2025 as a result of its global restructuring, focusing on core technologies in distributed power generation, grid resiliency, and data center growth, with an emphasis on topline revenue growth and future profitability.
Positive Outlook
- Focus core technologies on distributed power generation
- Focus core technologies on grid resiliency
- Focus core technologies on data center growth
- Emphasize topline revenue growth
- Emphasize future profitability
Challenges Ahead
- Slower-than-expected investments in clean energy
- Delays in centralized power projects due to lengthy permitting processes
- Reduction in workforce of approximately 13% or 75 employees
- Reduced spending for product development
- Timing of the development and commercialization of SOEC, SOFC and carbon capture products has been delayed
Revenue & Expenses
Visualization of income flow from segment revenue to net income