Business
FuelCell Energy Reports First Quarter of Fiscal 2022 Results
First Quarter Fiscal 2022 Financial Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $31.8 million compared to $14.9
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"First Quarter Fiscal 2022 Financial Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $31.8 million compared to $14.9 millionGross loss of ($2.9) million compared to $(3.6) millionLoss from operations of $(44.8) million compared to $(14.4) millionResults in the first quarter of fiscal 2022 were negatively impacted by a non-recurring expense of $24 million, or approximately $0.07 per share, related to payment of legal fees to our outside counsel in connection with settlement of the POSCO Energy disputeBacklog of $1.31 billion as of January 31, 2022, compared to $1.27 billion as January 31, 2021 DANBURY, Conn., March 10, 2022 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) -- a global leader in decarbonizing power and producing hydrogen through our 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, 2022 and key business highlights. “We are pleased with the progress we made in the first quarter of fiscal year 2022 on multiple fronts, including confirming our access to the Korean and broader Asian markets which contributed to our reintroduction of product sales to our revenue mix,” said Mr. Jason Few, President and CEO. “During the quarter, six modules from our finished goods inventory were delivered Ex Works to POSCO Energy’s subsidiary, Korea Fuel Cell Co., Ltd. (“KFC”), under the previously announced settlement agreement that will enable POSCO Energy’s existing operating fleet in Korea to be serviced. We have planned production of the additional eight modules required to be purchased by KFC under the settlement agreement across the balance of the calendar year.” “We are also pleased to announce the achievement of a critical technical milestone associated with our differentiated carbon capture application under the Joint Development Agreement (“JDA”) with ExxonMobil Research and Engineering Company (“EMRE”),” continued Mr. Few. “We are proud of the progress being made toward commercializing our unique carbon capture solution. Our solution is engineered to capture carbon dioxide, as well as NOx, SOx, and particulates, from an external source while simultaneously producing power and hydrogen. In contrast, current technologies in use for carbon capture are expensive and consum...