Business
FuelCell Energy Reports Results for the Second Quarter of Fiscal 2021
Second Quarter Fiscal 2021 Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $14.0 million compared to $18.9 millionGross loss
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"Second Quarter Fiscal 2021 Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $14.0 million compared to $18.9 millionGross loss of $(4.8) million compared to gross profit of $0.2 millionLoss from operations of $(17.4) million compared to $(8.1) millionBacklog of $1.32 billion as of April 30, 2021 compared to $1.34 billion as of April 30, 2020Entered into a power purchase agreement for 2.8-megawatt (“MW”) project in Derby, Connecticut which contributed $59.4 million of new Generation backlogAnnualized production rate increased; goal of achieving an annualized production rate of 45MW by fiscal year-end 2021 DANBURY, Conn., June 10, 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 second quarter ended April 30, 2021 and key business highlights. “We remain focused on execution of our Powerhouse business strategy, including advancing in-flight projects in our backlog. During the quarter, we added 2.8 megawatts to our generation backlog with a new project in Derby, Connecticut,” said Mr. Jason Few, President and CEO. “We continue to increase our investment in research and development towards the commercialization of our solid oxide power generation, storage and hydrogen electrolysis platforms. We also continue to focus on growing our commercial capabilities. We have increased our annualized production rate from 17 MWs at the end of fiscal 2020 to 32 MWs as of April 30, 2021, with an objective of reaching an annualized production rate of 45 MW by the end of this fiscal year, and have invested in our generation assets to improve operating output.” “We are firmly committed to achieving revenue growth by bringing projects online this year and positioning our portfolio to meet the significant market opportunities that our proprietary technology solutions are well positioned to solve,” continued Mr. Few. “Under our Powerhouse business strategy, we continue to build a foundation for future success, having strengthened our financial foundation, increased our manufacturing output, and increased our talent in critical areas like sales and engineering. We are focused on expanding our geographic m...