Business
FuelCell Energy Reports Results for the First Quarter of Fiscal 2021
First Quarter Fiscal 2021 Highlights(All comparisons year-over-year unless otherwise noted) Revenues of $14.9 million compared to $16.3 millionGross loss of
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"First Quarter Fiscal 2021 Highlights(All comparisons year-over-year unless otherwise noted) Revenues of $14.9 million compared to $16.3 millionGross loss of $(3.6) million compared to gross profit of $3.3 millionLoss from operations of $(14.4) million compared to $(3.1) millionBacklog of $1.27 billion as of January 31, 2021, a $93.8 million decrease from January 31, 2020Entered into a power purchase agreement for 2.8 megawatt (“MW”) project in Derby, CT in FebruaryCommenced operation and testing of a prototype solid oxide electrolysis hydrogen platform during the quarter DANBURY, Conn., March 16, 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 first quarter ended January 31, 2021 and key business highlights. “During the first quarter, we strengthened our balance sheet by raising capital, paying down debt and executing against our core business backlog,” said Mr. Jason Few, President and CEO. “We are excited to announce that we made tangible progress in our decarbonization development efforts by producing hydrogen with our solid oxide electrolysis platform at our headquarters in Connecticut. Additionally, we continued to advance our joint research with ExxonMobil Research and Engineering Company (“EMRE”) on fuel cell carbon capture solutions.” “Recent weather events in Texas along with electric grid reliability challenges experienced in other locations such as California, Greece, the UK, and around the world, highlight the benefits and capabilities of our platform,” continued Mr. Few. “Fuel cells provide reliability and always on power platforms, and we have a number of installations that serve as the backbone of micro-grid applications. Our fuel cells help stabilize the power grid, ensuring that electricity is available through challenging weather and natural disaster events, while avoiding costly disruptions to installations where continuous energy supply is critical to operate.” Mr. Few continued, “Under our Powerhouse business strategy, we have an improved financial foundation allowing us to focus on driving commercial availability of our Advanced Technologies solutions including distributed hydrogen, elec...