Business
FuelCell Energy Reports Fourth Quarter of Fiscal 2022 Results
Fourth Quarter Fiscal 2022 Financial Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $39.2 million compared to $13.9
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"Fourth Quarter Fiscal 2022 Financial Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $39.2 million compared to $13.9 millionGross loss of $(15.2) million compared to $(8.4) millionLoss from operations of $(42.7) million compared to $(22.6) million Fiscal Year 2022 Financial Highlights(All comparisons are year-over-year unless otherwise noted) 88% increase in total revenues to $130.5 million compared to $69.6 millionLoss from operations of $(143.7) million compared to $(64.9) millionNet loss of $(147.2) million compared to $(101.0) millionAdjusted EBITDA of $(91.7) million compared to $(40.7) millionBacklog of $1.090 billion as of October 31, 2022, compared to $1.288 billion as of October 31, 2021Unrestricted cash of $458.1 million as of October 31, 2022, compared to $432.2 million as of October 31, 2021 DANBURY, Conn., Dec. 20, 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 and key business highlights for its fourth quarter and fiscal year ended October 31, 2022. “We are pleased with the progress we continue to make against our strategic objectives, which are to grow, scale and innovate,” said Mr. Jason Few, President and CEO. “We delivered revenue growth of approximately 88% for fiscal year 2022 compared to fiscal year 2021, deployed capital in support of growth and commercializing our solid oxide-based platform for both power generation and hydrogen electrolysis, reimagined our Company’s brand, and expanded our organizational talent and capabilities. Subsequent to the end of the fourth fiscal quarter, we achieved commercial operations of our micro-grid project located at the U.S. Navy Base in Groton, Connecticut and announced our intent to deploy our solid oxide electrolysis platform integrated with NuScale’s Small Modular Reactor to produce hydrogen and ammonia in Ukraine to support energy security and agriculture. We also extended our joint development agreement with ExxonMobil Technology and Engineering Company through August 31, 2023 and completed a joint market development study to prioritize and advance commercial projects. Global policy support for decarbonization is d...