Business
FuelCell Energy Reports Second Quarter of Fiscal 2022 Results
Second Quarter Fiscal 2022 Financial Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $16.4 million compared to $14.0
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"Second Quarter Fiscal 2022 Financial Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $16.4 million compared to $14.0 millionGross loss of $(7.3) million compared to $(4.8) millionLoss from operations of $(28.2) million compared to $(17.4) millionBacklog of $1.33 billion as of April 30, 2022, compared to $1.32 billion as April 30, 2021 DANBURY, Conn., June 09, 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 second quarter ended April 30, 2022. “We continue to execute on our Powerhouse business strategy, and we are very pleased with our progress over the past few months, including extending our Joint Development Agreement with ExxonMobil related to our carbon capture solution and growing our generation revenue after commencing commercial operations of the 7.4 MW LIPA Yaphank fuel cell project,” said Mr. Jason Few, President and CEO. “Additionally, we expect to further bolster our generation portfolio revenue with the addition of the 7.4 MW Groton Sub Base project to our generation portfolio which we expect to be placed in service this summer.” “Following the achievement of a critical technical milestone associated with our differentiated carbon capture application under the Joint Development Agreement with ExxonMobil Technology and Engineering Company or EMTEC (formerly known as ExxonMobil Research and Engineering Company), we entered into an extension of our collaborative development agreement enabling the two companies to continue working to advance fuel cell carbon capture and storage technology closer to commercialization,” continued Mr. Few. “Not only will we work to advance the technology for various carbon capture applications, but we are also conducting a joint market study to define application opportunities and commercialization strategies and identify partners for potential pilot/demonstration projects in our pursuit of carbon capture from a broad landscape of industrial applications. We continue to support ExxonMobil’s technology readiness review ahead of a potential deployment of the technology at an ExxonMobil facility. We are prou...