Business
FuelCell Energy Reports Fourth Quarter and Fiscal Year 2021 Results
Fourth Quarter Fiscal 2021 Financial Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $13.9 million compared to $17.0
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"Fourth Quarter Fiscal 2021 Financial Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $13.9 million compared to $17.0 millionLoss from operations of $(22.6) million compared to $(17.1) millionUnrestricted cash and cash equivalents of $432.2 million as of October 31, 2021 compared to $149.9 million as of October 31, 2020Backlog of $1.29 billion as of October 31, 2021 comparable to backlog as of October 31, 2020 Fiscal Year 2021 Financial Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $69.6 million compared to $70.9 millionLoss from operations of $(64.9) million compared to $(39.2) millionNet loss of $(101.0) million compared to $(89.1) millionAdjusted EBITDA of $(35.7) million compared to $(17.7) million DANBURY, Conn., Dec. 29, 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 for its fourth fiscal quarter and fiscal year ended October 31, 2021 and key business highlights. “We are pleased with the continued advancement throughout the year of our strategic agenda in terms of infrastructure, solutions and talent to support achieving our long-term goals. We finished fiscal year 2021 with slightly lower revenue compared to fiscal year 2020, but we continued to make important progress on our in-flight projects as well as new technology and applications under development, such as the successful demonstration of the effectiveness of our solid oxide fuel cell,” said Mr. Jason Few, President and CEO. “Since the end of fiscal year 2021, we have favorably resolved our legal proceedings with POSCO Energy Co., Ltd. and clarified our access to the Asian market. We have also advanced through commissioning our 7.4 megawatt power platform located at the U.S. Navy Submarine Base in Groton, CT and our 7.4 megawatt power platform in Yaphank, NY. And, importantly, we extended our joint development agreement with ExxonMobil Research and Engineering Company until April 30, 2022.” “We continue to make progress against and evolve our Powerhouse Business Strategy, which we launched two years ago,” continued Mr. Few. “As we have advanced, so must our strategy, and we are evolvin...