FuelCell Energy reports third quarter fiscal 2024 results

(Unless otherwise stated, all comparisons are to the previous year.)

• Revenue of $23.7 million compared to $25.5 million
• Gross loss of (6.2) million US dollars compared to (8.2) million US dollars
• Operating loss of (33.6) million US dollars compared to (41.4) million US dollars
• Net loss per share was $(0.07) compared to $(0.06), including a one-time debt settlement of $0.04 in the third quarter of 2023.

DANBURY, Conn., Sept. 5, 2024 (GLOBE NEWSWIRE) — FuelCell Energy, Inc. (NASDAQ: FCEL) today announced financial results for the third quarter ended July 31, 2024.

“In the third quarter, our team delivered solid performance and continued to manage costs while advancing our Powerhouse strategy,” said Jason Few, President and CEO. “We continue to grow and expand our prospective customer relationships domestically and internationally, from interest in our new solid oxide fuel cell and electrolysis platforms to repowering projects in Korea, such as with Gyeonggi Green Energy Co., Ltd.'s Hwaseong Balan Industrial Complex, where we are delivering 42 upgraded fuel cell modules over the next few years. With our recent successes, the backlog grew significantly in the quarter. We also see significant potential to capitalize on the rapidly increasing time-to-power opportunity as grids are challenged by the growth of AI data centers.”