Business
FuelCell Energy Reports Financial Results for the First Quarter of Fiscal Year 2020 and Provides Business Update
Revenues of $16.3 million in the first quarter, compared with $17.8 million in the first quarter of fiscal 2019Gross Margin of 20.2% in the first quarter,
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"Revenues of $16.3 million in the first quarter, compared with $17.8 million in the first quarter of fiscal 2019Gross Margin of 20.2% in the first quarter, compared to (12.4%) in the comparable prior-year quarterOperating expense decreased $6.6 million, or 51%, compared to the comparable prior-year quarterLoss from operations improved to $(3.1) million in the first quarter, compared to $(15.2) million in the comparable prior-year quarterBacklog of $1.36 billion as of January 31, 2020, a $117.9 million (or 9%) improvement from January 31, 2019 DANBURY, Conn., March 16, 2020 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in fuel cell technology focused on utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy, today reported financial results for its first quarter ended January 31, 2020 and key business highlights.\n “Our accomplishments in the quarter were a manifestation of our successful execution in a number of areas, including an increase in revenue over the fourth quarter of fiscal 2019, and our continued focus on effective management of operating expenses, while continuing to deliver on project build-out and improvements in our balance sheet and cash on hand,” said Jason Few, President and CEO. Mr. Few continued, “These results clearly reflect the overall momentum of FuelCell Energy’s turnaround. As I noted during our fourth quarter earnings call, while we continue to strengthen and grow, we have begun to shift our focus to a longer-term view, where our business model and our differentiated energy platforms create significant opportunities to add revenue and earnings as we build on our business development capabilities.” First Quarter of Fiscal 2020 Results Note: All comparisons between periods are between the first quarter of fiscal 2020 and the first quarter of fiscal 2019, unless otherwise specified. In this press release, FuelCell Energy refers to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. These non-GAAP measures may not be comparable to similarly titled measures being used and disclosed by other companies. FuelCell Energy believes that this non-GAAP information is useful to an understanding of its operating results and the ongoing performance of its business. A reconciliation of EBITDA, Adju...