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FuelCell Energy Reports First Quarter of Fiscal 2023 Results
First Quarter Fiscal 2023 Financial Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $37.1 million compared to $31.8
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"First Quarter Fiscal 2023 Financial Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $37.1 million compared to $31.8 millionGross profit of $5.2 million compared to a gross loss of $(2.9) millionLoss from operations of $(22.5) million compared to $(44.8) millionNet loss per share was $(0.05) compared to $(0.11) DANBURY, Conn., March 09, 2023 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) -- a global leader in decarbonizing power and producing hydrogen through 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, 2023. “For the first quarter of fiscal year 2023, we reported strong revenue growth, up 17% compared to the comparable prior year quarter,” said Mr. Jason Few, President and Chief Executive Officer. “We delivered positive gross margin of approximately 14% and ended the quarter with a strong total cash and short-term investment position of over $400 million. Revenues in the quarter included service revenues recognized for four new module exchanges, two at our Woodbridge, Connecticut project and another two at Korea Southern Power Company (“KOSPO”). We also saw an increase of recurring generation revenues of 27% in the quarter. Generation revenues now include revenues generated by the operation of our platform at the U.S. Navy Submarine Base in Groton, CT, which began commercial operations during the first quarter.” “We remain focused on executing our project backlog and growing our generation operating portfolio and expect the Toyota and Derby projects to achieve commercial operation during calendar year 2023,” continued Mr. Few. “Regarding our continued work with ExxonMobil Technology and Engineering Company, or EMTEC, we announced in December that we have extended the term of our Joint Development Agreement through August 31, 2023, and increased the maximum amount of contract consideration to be reimbursed by EMTEC by 20%, from $50 million to $60 million. This important, long-term partnership supports our efforts to commercialize large scale fuel cell carbon capture and storage technology.” Mr. Few added, “We continue to make progress towards scaling manufacturing with the goal of delivering our solid oxide fuel cell platform, which can create energy from a nu...