FuelCell Energy Reports Q1 2024 Results

TL;DR

<b>FuelCell Energy reported a revenue increase to $45.16 million in Q1 2024, but also a net loss of $45.06 million.</b>

AI Summary

FUELCELL ENERGY INC (FCELB) filed a Quarterly Report (10-Q) with the SEC on March 7, 2024. Revenue for Q1 2024 was $45.16 million, an increase from $40.58 million in Q1 2023. Net income for Q1 2024 was a loss of $45.06 million. Earnings per share (EPS) for Q1 2024 was a loss of $0.33. Total assets were $451.86 million as of January 31, 2024. The company reported $0.3333 in EPS for the period.

Why It Matters

For investors and stakeholders tracking FUELCELL ENERGY INC, this filing contains several important signals. The increase in revenue suggests potential growth in the company's core business operations. The significant net loss highlights ongoing financial challenges and the need for improved profitability.

Risk Assessment

Risk Level: high — FUELCELL ENERGY INC shows elevated risk based on this filing. The company has a history of net losses and negative earnings per share, indicating persistent financial instability.

Analyst Insight

Monitor the company's ability to convert revenue growth into profitability and manage its substantial net losses.

Financial Highlights

revenue

451637041

total Assets

451862054

net Income

-450626862

eps

-0.3333

Key Numbers

• 451637041 — Revenue (Q1 2024)
• 405803753 — Revenue (Q1 2023)
• 450626862 — Net Income (Q1 2024)
• 451862054 — Total Assets (As of January 31, 2024)
• 0.3333 — EPS (Q1 2024)
• 0.33 — EPS (Q1 2024)

Key Players & Entities

• FUELCELL ENERGY INC (company) — Filer
• 2024-01-31 (date) — Conformed Period of Report
• 2024-03-07 (date) — Filed as of Date
• 3 GREAT PASTURE RD (address) — Business Address
• Danbury (location) — Business Address City
• CT (location) — Business Address State
• 06813 (postal_code) — Business Address Zip
• ENERGY RESEARCH CORP /NY/ (company) — Former Company Name

FAQ

Industry Context

FuelCell Energy operates in the fuel cell manufacturing industry, focusing on clean energy solutions.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including quarterly filings (10-Q).

What Investors Should Do

1. Analyze the drivers behind the revenue increase in Q1 2024.
2. Investigate the specific factors contributing to the $45.06 million net loss.
3. Assess the company's cash burn rate and future funding needs given the net loss.

Year-Over-Year Comparison

Revenue increased from $40.58 million in Q1 2023 to $45.16 million in Q1 2024. Net income details for the prior year period were not explicitly provided in this excerpt.

Key Financial Figures

• $0.0001 — ch registered Common stock, par value $0.0001 per share FCEL The Nasdaq Stock Mar

Filing Documents

• fcel-20240131x10q.htm (10-Q) — 1684KB
• fcel-20240131xex31d1.htm (EX-31.1) — 13KB
• fcel-20240131xex31d2.htm (EX-31.2) — 12KB
• fcel-20240131xex32d1.htm (EX-32.1) — 6KB
• fcel-20240131xex32d2.htm (EX-32.2) — 6KB
• fcel-20240131x10q003.jpg (GRAPHIC) — 6KB
• 0001558370-24-002673.txt (&nbsp;) — 6970KB
• fcel-20240131.xsd (EX-101.SCH) — 62KB
• fcel-20240131_cal.xml (EX-101.CAL) — 73KB
• fcel-20240131_def.xml (EX-101.DEF) — 232KB
• fcel-20240131_lab.xml (EX-101.LAB) — 477KB
• fcel-20240131_pre.xml (EX-101.PRE) — 368KB
• fcel-20240131x10q_htm.xml (XML) — 872KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 3 Consolidated Balance Sheets as of January 31, 2024 and October 31, 2023. 3 Consolidated Statements of Operations and Comprehensive Loss for the three months ended January 31, 2024 and 2023. 4 Consolidated Statements of Changes in Equity for the three months ended January 31, 2024 and 2023. 5 Consolidated Statements of Cash Flows for the three months ended January 31, 2024 and 2023. 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements. 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 19 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk. 42 Item 4.

Controls and Procedures

Controls and Procedures. 43

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1. Legal Proceedings. 44 Item 1A. Risk Factors. 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 44 Item 3. Defaults Upon Senior Securities. 44 Item 4. Mine Safety Disclosures. 44 Item 5. Other Information. 45 Item 6. Exhibits. 46

Signatures

Signatures 48 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS FUELCELL ENERGY, INC. Consolidated Balance Sheets (Unaudited) (Amounts in thousands, except share and per share amounts) January 31, October 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents, unrestricted $ 297,466 $ 249,952 Restricted cash and cash equivalents - short-term 5,957 5,159 Investments - short-term - 103,760 Accounts receivable, net 3,346 3,809 Unbilled receivables 22,451 16,296 Inventories 102,859 84,456 Other current assets 13,152 12,881 Total current assets 445,231 476,313 Restricted cash and cash equivalents - long-term 45,376 44,465 Inventories - long-term 2,743 7,329 Project assets, net 260,790 258,066 Property, plant and equipment, net 97,941 89,668 Operating lease right-of-use assets, net 8,197 8,352 Goodwill 4,075 4,075 Intangible assets, net 15,752 16,076 Other assets 43,075 51,176 Total assets (1) $ 923,180 $ 955,520 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 10,198 $ 10,067 Current portion of operating lease liabilities 694 599 Accounts payable 17,055 26,518 Accrued liabilities 22,323 26,313 Deferred revenue 3,616 2,406 Total current liabilities 53,886 65,903 Long-term deferred revenue and customer deposits 686 732 Long-term operating lease liabilities 8,912 8,992 Long-term debt and other liabilities 117,670 119,588 Total liabilities (1) 181,154 195,215 Redeemable Series B preferred stock (liquidation preference of $ 64,020 as of January 31, 2024 and October 31, 2023) 59,857 59,857 Total equity: Stockholders' equity: Common stock ( $ 0.0001 par value); 1,000,000,000 shares authorized as of January 31, 2024 and October 31, 2023; 451,862,054 and 450,626,862 shares issued and outstanding as of January 31, 2024 and October 31, 2023, respectively 45 45 Additional paid-in capital

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) (Tabular amounts in thousands, except share and per share amounts) Note 1. Nature of Business and Basis of Presentation Headquartered in Danbury, Connecticut, FuelCell Energy, Inc. (together with its subsidiaries, the "Company," "FuelCell Energy," "we," "us," or "our") is a global leader in delivering environmentally responsible distributed baseload energy platform solutions through our proprietary fuel cell technology. Today, we offer commercial technology that produces clean electricity, heat, clean hydrogen, and water and is also capable of recovering and capturing carbon for utilization and/or sequestration, depending on product configuration and application. We also continue to invest in product development and commercializing technologies that are expected to add new capabilities to our platforms' abilities to deliver hydrogen and long duration hydrogen-based energy storage through our solid oxide technologies, as well as further enhance our existing platforms' carbon capture solutions. FuelCell Energy is focused on advancing sustainable clean energy technologies that address some of the world's most critical challenges around energy access, security, resilience, reliability, affordability, safety and environmental stewardship. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers worldwide with sustainable products and solutions for industrial and commercial businesses, utilities, governments, municipalities, and communities. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial information. Accordingly, they do not contain all of the information and footnotes required by accounting principles generally accepted in the United States of Americ

View Full Filing

View this 10-Q filing on SEC EDGAR