Business
FuelCell Energy Reports Fourth Quarter and Fiscal Year 2020 Financial Results
Fiscal Fourth Quarter 2020 Financial Highlights(All comparisons year-over-year unless otherwise noted) Revenues of $17.0 million compared to $11.0 million, a
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"Fiscal Fourth Quarter 2020 Financial Highlights(All comparisons year-over-year unless otherwise noted) Revenues of $17.0 million compared to $11.0 million, a 54% increaseLoss from operations of $(17.1) million compared to $(33.0) millionNet loss of $(18.9) million compared to $(35.2) millionAdjusted EBITDA of $(8.6) million compared to $(11.0) million Fiscal Year 2020 Financial Highlights(All comparisons year-over-year unless otherwise noted) Revenues of $70.9 million compared to $60.8 million, a 17% increaseLoss from operations of $(39.2) million compared to $(66.9) millionNet loss of $(89.1) million compared to $(77.6) millionAdjusted EBITDA of $(17.7) million compared to $(31.4) millionBacklog of $1.29 billion, a decrease of 2.5% DANBURY, Conn., Jan. 21, 2021 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) -- a global leader in fuel cell technology—with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy—today reported financial results and key business highlights for its fourth fiscal quarter and fiscal year ended October 31, 2020. “One year ago we launched our Powerhouse business strategy, with the first pillar of the strategy – Transform – containing the key deliverable of building a solid financial foundation,” said Mr. Jason Few, President and CEO. “Having made progress toward this goal, and as we look toward the second year of our journey, we intend to focus on operational and commercial excellence, while maintaining prudent capital deployment, reducing our overall cost of capital and focusing on lean resource management, cost reduction opportunities, and developing and defining a clear strategic roadmap for the Company. We are firmly focused on delivering revenue growth as we strive to capture the significant market opportunities that we believe lay before us with our proprietary technologies.” Mr. Few continued, “During fiscal year 2020, we made progress executing on our project backlog, including completion of our 2.8 megawatt biogas power platform in Tulare, California. Additionally, we are near completion on the combined 8.8 megawatts of new power platforms at the U.S. Navy base in Groton, Connecticut and at the wastewater treatment facility in San Bernardino, California. We also recently began early stage construction activity on 24.5 me...