FuelCell Energy Files Q3 2024 10-Q

Ticker: FCELB · Form: 10-Q · Filed: Sep 5, 2024 · CIK: 886128

Fuelcell Energy Inc 10-Q Filing Summary
FieldDetail
CompanyFuelcell Energy Inc (FCELB)
Form Type10-Q
Filed DateSep 5, 2024
Risk Levelmedium
Pages16
Reading Time19 min
Key Dollar Amounts$0.0001
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, financials, quarterly-report

TL;DR

**FCEL Q3 24 10-Q FILED. CHECK FINANCIALS.**

AI Summary

FuelCell Energy, Inc. filed its 10-Q for the period ending July 31, 2024. The company reported financial results for the third quarter of fiscal year 2024. Key financial figures and operational details are presented in this filing, which provides an update on the company's performance and financial position.

Why It Matters

This filing provides investors with the latest financial performance and operational status of FuelCell Energy, Inc., crucial for understanding its current market position and future prospects.

Risk Assessment

Risk Level: medium — FuelCell Energy operates in a capital-intensive and competitive industry, facing risks related to technology development, market adoption, and financial performance.

Key Numbers

  • 35123000 — Other Assets Noncurrent (Represents non-current assets not classified elsewhere.)

Key Players & Entities

  • FUELCELL ENERGY INC (company) — Filer
  • 20240731 (date) — Period of Report
  • 20240905 (date) — Filing Date
  • 3 GREAT PASTURE RD (address) — Business Address
  • DANBURY (city) — Business Address City
  • CT (state) — Business Address State
  • 06813 (zip_code) — Business Address Zip
  • 2038256000 (phone_number) — Business Phone

FAQ

What was FuelCell Energy's revenue for the third quarter of fiscal year 2024?

The provided text does not contain specific revenue figures for the third quarter of fiscal year 2024.

What is the company's net income or loss for the period ending July 31, 2024?

The filing excerpt does not specify the net income or loss for the period ending July 31, 2024.

What are the significant changes in liabilities compared to the previous quarter?

The filing mentions 'Other Liabilities Noncurrent' and 'Other Assets Noncurrent' but does not detail specific changes or comparisons to prior periods.

Does the filing mention any new contracts or significant business developments?

The provided text is a header and does not include details on new contracts or business developments.

What is the company's fiscal year end date?

FuelCell Energy Inc.'s fiscal year ends on October 31st (1031).

Filing Stats: 4,670 words · 19 min read · ~16 pages · Grade level 19.6 · Accepted 2024-09-05 07:35:33

Key Financial Figures

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

Filing Documents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 3 Consolidated Balance Sheets as of July 31, 2024 and October 31, 2023. 3 Consolidated Statements of Operations and Comprehensive Loss for the three months ended July 31, 2024 and 2023. 4 Consolidated Statements of Operations and Comprehensive Loss for the nine months ended July 31, 2024 and 2023. 5 Consolidated Statements of Changes in Equity for the three and nine months ended July 31, 2024. 6 Consolidated Statements of Changes in Equity for the three and nine months ended July 31, 2023. 7 Consolidated Statements of Cash Flows for the nine months ended July 31, 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. 60 Item 3. Defaults Upon Senior Securities. 60 Item 4. Mine Safety Disclosures. 60 Item 5. Other Information. 60 Item 6. Exhibits. 61

Signatures

Signatures 63 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) July 31, October 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents, unrestricted $ 159,347 $ 249,952 Restricted cash and cash equivalents - short-term 9,686 5,159 Investments - short-term 107,817 103,760 Accounts receivable, net 11,161 3,809 Unbilled receivables 30,169 16,296 Inventories 129,349 84,456 Other current assets 12,439 12,881 Total current assets 459,968 476,313 Restricted cash and cash equivalents - long-term 49,148 44,465 Inventories - long-term 2,743 7,329 Project assets, net 248,790 258,066 Property, plant and equipment, net 121,382 89,668 Operating lease right-of-use assets, net 7,884 8,352 Goodwill 4,075 4,075 Intangible assets, net 15,104 16,076 Other assets 39,816 51,176 Total assets (1) $ 948,910 $ 955,520 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 12,232 $ 10,067 Current portion of operating lease liabilities 760 599 Accounts payable 16,928 26,518 Accrued liabilities 25,970 26,313 Deferred revenue 10,649 2,406 Total current liabilities 66,539 65,903 Long-term deferred revenue 1,979 732 Long-term operating lease liabilities 8,708 8,992 Long-term debt and other liabilities 126,720 119,588 Total liabilities (1) 203,946 195,215 Redeemable Series B preferred stock (liquidation preference of $ 64,020 as of July 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 July 31, 2024 and October 31, 2023; 553,840,943 and 450,626,862 shares issued and outstanding as of July 31, 2024 and October 31, 2023, respectively 55 45 Additional paid-in capital 2,277,417 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

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