FuelCell Energy Reports Q2 2024 Financials

TL;DR

**FCEL Q2 24:** Assets $450.6M, Liabilities $458.4M. Watch for debt implications.

AI Summary

FuelCell Energy, Inc. filed its 10-Q for the period ending April 30, 2024, reporting total assets of $450.6 million and total liabilities of $458.4 million. The company's fiscal year ends on October 31st. Key financial activities during the reporting period included treasury stock transactions and deferred compensation related to share-based payments.

Why It Matters

This filing provides insight into FuelCell Energy's financial health and operational status, which is crucial for investors and stakeholders to assess the company's performance and future prospects.

Risk Assessment

Risk Level: medium — The company has more liabilities than assets, indicating potential financial strain.

Key Numbers

• $450.6M — Total Assets (As of April 30, 2024)
• $458.4M — Total Liabilities (As of April 30, 2024)

Key Players & Entities

• FUELCELL ENERGY INC (company) — Filer
• 20240430 (date) — Reporting Period End Date
• 20240610 (date) — Filing Date
• 450626862 (dollar_amount) — Total Assets
• 458406776 (dollar_amount) — Total Liabilities

FAQ

Key Financial Figures

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

Filing Documents

• fcel-20240430x10q.htm (10-Q) — 2316KB
• fcel-20240430xex10d1.htm (EX-10.1) — 60KB
• fcel-20240430xex10d2.htm (EX-10.2) — 75KB
• fcel-20240430xex10d3.htm (EX-10.3) — 66KB
• fcel-20240430xex31d1.htm (EX-31.1) — 13KB
• fcel-20240430xex31d2.htm (EX-31.2) — 12KB
• fcel-20240430xex32d1.htm (EX-32.1) — 6KB
• fcel-20240430xex32d2.htm (EX-32.2) — 6KB
• fcel-20240430x10q003.jpg (GRAPHIC) — 6KB
• 0001558370-24-009026.txt ( ) — 8928KB
• fcel-20240430.xsd (EX-101.SCH) — 73KB
• fcel-20240430_cal.xml (EX-101.CAL) — 70KB
• fcel-20240430_def.xml (EX-101.DEF) — 281KB
• fcel-20240430_lab.xml (EX-101.LAB) — 551KB
• fcel-20240430_pre.xml (EX-101.PRE) — 432KB
• fcel-20240430x10q_htm.xml (XML) — 1194KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 3 Consolidated Balance Sheets as of April 30, 2024 and October 31, 2023. 3 Consolidated Statements of Operations and Comprehensive Loss for the three months ended April 30, 2024 and 2023. 4 Consolidated Statements of Operations and Comprehensive Loss for the six months ended April 30, 2024 and 2023. 5 Consolidated Statements of Changes in Equity for the three and six months ended April 30, 2024. 6 Consolidated Statements of Changes in Equity for the three and six months ended April 30, 2023. 7 Consolidated Statements of Cash Flows for the six months ended April 30, 2024 and 2023. 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements. 9 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. 25 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk. 56 Item 4.

Controls and Procedures

Controls and Procedures. 57

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1. Legal Proceedings. 58 Item 1A. Risk Factors. 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 59 Item 3. Defaults Upon Senior Securities. 59 Item 4. Mine Safety Disclosures. 59 Item 5. Other Information. 59 Item 6. Exhibits. 60

Signatures

Signatures 62 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) April 30, October 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents, unrestricted $ 158,790 $ 249,952 Restricted cash and cash equivalents - short-term 4,969 5,159 Investments - short-term 101,340 103,760 Accounts receivable, net 7,155 3,809 Unbilled receivables 26,409 16,296 Inventories 113,918 84,456 Other current assets 13,262 12,881 Total current assets 425,843 476,313 Restricted cash and cash equivalents - long-term 48,134 44,465 Inventories - long-term 2,743 7,329 Project assets, net 256,607 258,066 Property, plant and equipment, net 111,576 89,668 Operating lease right-of-use assets, net 8,036 8,352 Goodwill 4,075 4,075 Intangible assets, net 15,428 16,076 Other assets 44,387 51,176 Total assets (1) $ 916,829 $ 955,520 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 11,733 $ 10,067 Current portion of operating lease liabilities 752 599 Accounts payable 21,614 26,518 Accrued liabilities 24,143 26,313 Deferred revenue 6,756 2,406 Total current liabilities 64,998 65,903 Long-term deferred revenue 987 732 Long-term operating lease liabilities 8,857 8,992 Long-term debt and other liabilities 130,030 119,588 Total liabilities (1) 204,872 195,215 Redeemable Series B preferred stock (liquidation preference of $ 64,020 as of April 30, 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 April 30, 2024 and October 31, 2023; 458,406,776 and 450,626,862 shares issued and outstanding as of April 30, 2024 and October 31, 2023, respectively 46 45 Additional paid-in capital 2,208,951 2,199,661

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 America

View Full Filing

View this 10-Q filing on SEC EDGAR