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FuelCell Energy Inc (NASDAQ:FCEL) reported a first-quarter fiscal 2024 revenue decline of 55% year-over-year to $16.69 million, missing the consensus of $23.82 million.
The decline in revenue reflects lower service and product revenue compared to last year. The company reported an EPS loss of $(0.05), flat YoY, beating the consensus of $(0.08).
Gross loss for the quarter totaled $(11.7) million compared to gross profit of $5.2 million a year ago. The operating loss expanded to $(42.5) million from $(22.5) million the previous year.
The company stated that the gross loss is in part a result of unfavorable margins for generation, which included expensed construction and gas costs related to the Toyota Project of $3.5 million and a derivative loss of $1.9 million related to a natural gas purchase contract.
Adjusted EBITDA loss reached $(29.1) million versus $(14.4) million in the same quarter of 2023.
FCEL’s total unrestricted cash, restricted cash, and short-term investments stood at $348.8 million at the end of the quarter.
Backlog was $1.03 billion compared to $1.06 billion, a 3.4% YoY decline due to revenue recognition under product, generation, and service agreements since January 31, 2023.
“We expect that this quarter’s performance will be the low water mark of the fiscal year due to an increase in operational generation assets during the quarter and expected product sales over the balance of the fiscal year,” stated Jason Few, President and Chief Executive Officer.
“For fiscal year 2024, our top priorities remain commercializing our technologies, accelerating our global sales closure pace and repowering service efforts in Korea, maintaining a strong balance sheet, making disciplined capital allocation decisions and expanding our solid oxide manufacturing capacity,” added Few.
Price Action: FCEL shares are trading lower by 6.6% at $1.14 on Thursday.
Posted In: FCEL
