Business
FuelCell Energy Reports Results for the Third Quarter of Fiscal 2021
Third Quarter Fiscal 2021 Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $26.8 million compared to $18.7 millionGross
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"Third Quarter Fiscal 2021 Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $26.8 million compared to $18.7 millionGross profit of $1.1 million compared to gross loss of $(3.1) millionLoss from operations of $(10.6) million compared to $(10.8) millionUnrestricted cash and cash equivalents of $468.6 million as of July 31, 2021Backlog of $1.30 billion as of July 31, 2021 compared to $1.33 billion as of July 31, 2020 DANBURY, Conn., Sept. 14, 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 third quarter ended July 31, 2021 and key business highlights. “FuelCell Energy delivered higher revenue in the third fiscal quarter, both sequentially compared to the second fiscal quarter and year over year. We are pleased by the continued execution of our project backlog and the advancement of our strategic agenda in terms of infrastructure, solutions and talent to support our ability to achieve our long-term goals,” said Mr. Jason Few, President and CEO. “We made progress in advancing our inflight projects and combined with an increase in our investment in commercial capabilities and research and development activities, we believe we are positioning FuelCell Energy for long-term growth and sustainable commercial success.” “We are almost two years into our Powerhouse business strategy, and we continue to make progress,” continued Mr. Few. “The ability to deliver these results while simultaneously increasing our annualized production rate, repositioning our brand for the future and building the next generation sales structure underscores the hard work and effort of the over 380 employees of FuelCell Energy. To further deepen our bench and ensure we are well positioned for the future, we recently announced additions to our team, significantly expanding our sales and marketing presence with the goal of enhancing customer engagement and effectiveness.” Mr. Few added, “We have increased our investment in innovation and are making progress towards the availability of our Advanced Technologies solutions, including distributed hydrogen, long duration energy storage, and hydrogen production via our so...