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FuelCell Energy Reports Third Quarter of Fiscal 2023 Results
Third Quarter Fiscal 2023 Financial Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $25.5 million compared to $43.1
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"Third Quarter Fiscal 2023 Financial Highlights(All comparisons are year-over-year unless otherwise noted) Revenues of $25.5 million compared to $43.1 millionGross loss of $(8.2) million compared to $(4.2) millionLoss from operations of $(41.4) million compared to $(28.0) millionNet loss per share was $(0.06) compared to $(0.08) DANBURY, Conn., Sept. 11, 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 third quarter ended July 31, 2023. “For the third quarter of fiscal year 2023, reported revenues were down versus the comparable prior year quarter. This was primarily a result of lower product revenues due to the lack of module sales compared to sales in the comparable prior year quarter of replacement modules to Korea Fuel Cell Co., Ltd. (“KFC”)” said Mr. Jason Few, President and Chief Executive Officer. “Excluding the revenues generated by the sale of modules to KFC in the prior year quarter, overall revenues in the third quarter were up slightly compared to the prior year quarter.” “We were extremely pleased to announce that we have completed the commissioning of the Toyota Long Beach project, and that our Tri-gen platform is producing power, water and hydrogen that meets the stringent purity specifications required for mobility applications,” added Mr. Few. “At this time, we are only waiting on the receipt of the final fire department and related building permits required to fully declare achievement of commercial operations. This marks a significant accomplishment in our technology development in partnership with Toyota. We believe that our innovative Tri-gen system will help Toyota achieve its decarbonization goals by producing emissions-free hydrogen, electricity, and water every day. We are excited to explore opportunities to apply our Tri-gen technology to additional projects in the future.” Mr. Few continued, “We extended the term of our Joint Development Agreement with ExxonMobil Technology and Engineering Company (“EMTEC”) through March 2024 to allow us to continue to derisk our Generation 2 Technology fuel cell module demonstration prototype and continue our joint marketing and sales efforts to...