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FuelCell Energy Reports Fourth Quarter and Full Fiscal Year 2023 Results
Fourth Quarter Fiscal 2023 Financial Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $22.5 million compared to $39.2
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"Fourth Quarter Fiscal 2023 Financial Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $22.5 million compared to $39.2 millionGross loss of $(1.5) million compared to $(15.2) millionLoss from operations of $(36.4) million compared to $(42.7) millionNet loss per share was $(0.07) compared to $(0.11) Fiscal Year 2023 Financial Highlights(All comparisons are year-over-year unless otherwise noted) 5% decrease in total revenues to $123.4 million compared to $130.5 millionLoss from operations of $(136.1) million compared to $(143.7) millionNet loss of $(108.1) million compared to $(147.2) millionAdjusted EBITDA of $(102.9) million compared to $(91.7) millionBacklog of $1.028 billion compared to $1.090 billionTotal unrestricted cash, restricted cash, and short-term investments of $403.3 million compared to $481.0 million DANBURY, Conn., Dec. 19, 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 fourth quarter and fiscal year ended October 31, 2023. “We were very pleased with our operational execution during the fiscal year, which we believe positions FuelCell Energy for future growth,” said Mr. Jason Few, President and CEO. “We achieved a major milestone as our distributed hydrogen tri-generation platform in Long Beach began commercial operations, producing renewable electricity, hydrogen and water for our customer, Toyota. This critical project showcases the versatility and sophistication of our fuel cell technology while supporting Toyota’s environmental commitments. Also of note, yesterday we announced with ExxonMobil that ExxonMobil’s affiliate, Esso Nederland BV, plans to build a pilot plant at its Rotterdam Manufacturing Complex to test our carbonate fuel cell technology for carbon capture, which was developed under a joint development agreement with ExxonMobil Technology and Engineering Company (“EMTEC”). The announcement of this plan follows the successful completion of all required technology tests regarding the efficacy and longevity of our carbonate fuel cells, which we believe proves their technical effectiveness for industrial emissions applications.” Mr. Few continued...