Business
FuelCell Energy Reports Results for the Third Quarter of Fiscal 2020
Third Quarter Fiscal 2020 Highlights(All comparisons year-over-year unless otherwise noted) Revenues of $18.7 million compared to $22.7 millionOperating
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"Third Quarter Fiscal 2020 Highlights(All comparisons year-over-year unless otherwise noted)\n Revenues of $18.7 million compared to $22.7 millionOperating expenses decreased 16% to $7.6 million compared to $9.0 millionLoss from operations of $(10.8) million compared to $(1.1) millionNet loss increased to $(15.3) million compared to $(5.3) millionAdjusted EBITDA of $(5.6) million compared to $3.2 millionGross loss of $(3.1) million compared to gross profit of $8.0 millionBacklog of $1.33 billion, a decrease of $54.0 million, or 3.9% DANBURY, Conn., Sept. 10, 2020 (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 and key business highlights for its third fiscal quarter ended July 31, 2020. “We are excited about our progress toward fulfilling our purpose of enabling a world empowered by clean energy,” said Mr. Few, President and CEO. “The hydrogen economy is currently enjoying unprecedented political and business momentum, and we are well positioned to capitalize on opportunities consistent with our goals. We have previously demonstrated our tri-generation hydrogen technology platform, which will be deployed at a new facility at the Port of Long Beach, California. This facility will support Toyota’s local operations using the hydrogen we produce to power zero-emission fuel cell trucks and consumer vehicles in California. We continue to advance our innovative technologies that we believe will enable hydrogen-powered cars and trucks to cleanly operate globally on a larger scale, enable hydrogen to repower existing combustion engines to deliver zero carbon power and extend the economic life of existing power generation assets. Our Advanced Technologies development drives our commercialization of solutions for environmentally responsible distributed baseload power generation, carbon capture and enhanced hydrogen production capabilities to enable long-duration energy storage and hydrogen power generation.” “Our performance for the quarter focused on our continued execution of projects in our backlog, growing our sales pipeline of opportunities, and a continued emphasis on effectively managing operating expenses while positioning ou...