In This Article:
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Revenue: $49.3 million in Q4 FY2024, up 120% from $22.5 million in Q4 FY2023.
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Net Loss: $39.6 million in Q4 FY2024, compared to $29.5 million in Q4 FY2023.
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Net Loss Per Share: Negative $2.21 in Q4 FY2024, compared to negative $2.07 in Q4 FY2023.
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Adjusted EBITDA: Negative $25.3 million in Q4 FY2024, compared to negative $30.8 million in Q4 FY2023.
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Cash and Investments: $318 million as of October 31, 2024.
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Product Revenue: $25.4 million in Q4 FY2024, driven by module sales to GGE.
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Service Agreement Revenue: $5.6 million in Q4 FY2024, compared to a loss of $0.8 million in Q4 FY2023.
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Generation Revenue: $12 million in Q4 FY2024, up 40.3% from $8.5 million in Q4 FY2023.
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Advanced Technology Contract Revenue: $6.4 million in Q4 FY2024, up from $4.3 million in Q4 FY2023.
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Gross Loss: Negative $10.9 million in Q4 FY2024, compared to negative $1.5 million in Q4 FY2023.
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Operating Expenses: Decreased to $30.1 million in Q4 FY2024 from $34.9 million in Q4 FY2023.
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Backlog: Approximately $1.16 billion as of October 31, 2024, up 13.1% from the previous year.
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Restructuring Plan: Expected to reduce operating costs by approximately 15% in FY2025.
Release Date: December 19, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Fourth-quarter revenue more than doubled year over year, driven by module sales to Gyeonggi Green Energy in South Korea.
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FuelCell Energy Inc (NASDAQ:FCEL) announced a global restructuring plan to realign resources and focus on core technologies, aiming to reduce operating costs by approximately 15% in fiscal year 2025.
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The company has a strong cash position with $318 million in cash, cash equivalents, and short-term investments as of October 31, 2024.
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FuelCell Energy Inc (NASDAQ:FCEL) has secured financing from the Export-Import Bank of the United States for module deliveries, enhancing its financial flexibility.
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The company has a growing backlog, which increased by approximately 13.1% to $1.16 billion, providing visibility into future revenue streams.
Negative Points
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Despite revenue growth, FuelCell Energy Inc (NASDAQ:FCEL) reported a net loss of $39.6 million for the fourth quarter of fiscal year 2024.
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The company's gross loss increased to $10.9 million in the fourth quarter, reflecting higher costs associated with increased product revenues.
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Operating expenses remain high, although they decreased slightly to $30.1 million from $34.9 million in the previous year.
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The restructuring plan involved a workforce reduction of approximately 13%, indicating potential challenges in maintaining operational efficiency.
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FuelCell Energy Inc (NASDAQ:FCEL) continues to face overcapacity costs and manufacturing variances, impacting overall product margins negatively.