Business
FuelCell Energy Reports Second Quarter of Fiscal 2023 Results
Second Quarter Fiscal 2023 Financial Highlights (All comparisons are year-over-year unless otherwise noted) Revenues of $38.3 million compared to $16.4
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"Second Quarter Fiscal 2023 Financial Highlights (All comparisons are year-over-year unless otherwise noted) Revenues of $38.3 million compared to $16.4 millionGross loss of $(6.1) million compared to $(7.3) millionLoss from operations of $(35.9) million compared to $(28.2) millionNet loss per share was $(0.09) compared to $(0.08) DANBURY, Conn., June 08, 2023 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) -- a global leader in decarbonizing power and producing hydrogen through 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, 2023. “For the second quarter of fiscal year 2023, we reported strong revenue growth, with revenue more than double that of the comparable prior year quarter,” said Mr. Jason Few, President and Chief Executive Officer. “Revenue growth in the quarter was largely driven by revenues from long-term service agreements, primarily relating to the new module exchanges at the plant owned by Korea Southern Power Company (“KOSPO”) in Korea that were completed during the quarter.” “The Toyota project in Long Beach, for which directed biogas was secured during the quarter via a contract with Anew Climate acting as fuels marketer to Anaergia Inc., is progressing towards achieving commercial operations, and we anticipate that commercial operations will be achieved in our third fiscal quarter. In Derby, Connecticut, both projects being constructed are advancing on schedule, and we expect to achieve commercial operations on the combined 16.8 megawatt installations in the fourth quarter of calendar year 2023,” continued Mr. Few. “We are progressing our manufacturing of solid oxide platforms, including commencing manufacturing of the solid oxide electrolysis unit to be delivered to Idaho National Laboratory, while also working on expanding our footprint in our Calgary facility. We continue to make strategic investments in R&D to support the commercial development of our solid oxide platform and carbon capture solutions, both of which are cornerstone solution offerings under our growth strategy.” Mr. Few added, “Also during the second quarter, we received an order from an affiliate of ExxonMobil and ExxonMobil Technology and Engineering Company (“EMTEC”) for fuel cell equipment and tooling to be ...