Published on 8 Mar 2024 on GuruFocus.com via Yahoo Finance
FuelCell Energy Inc (FCEL) Faces Headwinds in Q1 Fiscal 2024 Despite Strategic Progress
Total Revenues: Decreased by 55% year-over-year to $16.7 million.Gross Loss: Reported a gross loss of $11.7 million compared to a gross profit of $5.2 million in the prior year.Net Loss: Widened to $44.4 million from $21.1 million year-over-year.EBITDA and Adjusted EBITDA: EBITDA loss increased by 99% to $(33.9) million, and Adjusted EBITDA loss increased by 102% to $(29.1) million.Backlog: Decreased slightly by 3.4% to $1.03 billion.Cash Position: Cash, restricted cash, and short-term investments totaled $348.8 million, down from $403.3 million at the end of the previous quarter.Operational Milestones: Increased generation operating portfolio to 62.8 MW and executed significant agreements, including with the U.S. Department of State for a project in Ukraine.
Warning! GuruFocus has detected 5 Warning Signs with FCEL.
On March 7, 2024, FuelCell Energy Inc (NASDAQ:FCEL), a leader in the fuel-cell power industry, released its 8-K filing, detailing financial results for the first quarter ended January 31, 2024. The company, known for its fuel cell products and electrolysis platforms that decarbonize power and produce hydrogen, serves a diverse range of industries primarily in the United States and South Korea.