FuelCell Energy Inc (NASDAQ:FCEL) reported a fourth-quarter FY23 revenue decline of 43% year-over-year to $22.46 million, missing the consensus of $25.17 million.
The decline in revenue reflects lower product revenues compared to last year.
The company reported an EPS loss of $(0.07), an improvement from $(0.11) posted in 4Q22, beating the consensus of $(0.08).
Gross loss was reduced to $(1.5) million compared to $(15.2) million, and operating loss narrowed to $(36.38) million.
Adjusted EBITDA loss reached $(30.83) million versus $(36.09) million in 4Q22.
FCEL’s total unrestricted cash, restricted cash, and short-term investments stood at $403.3 million at the end of the quarter.
Backlog was $1.028 billion compared to $1.090 billion, a 5.7% YoY decline due to revenue recognition under product, generation, and service agreements since October 31, 2022.
“We achieved a major milestone as our distributed hydrogen tri-generation platform in Long Beach began commercial operations, producing renewable electricity, hydrogen and water for our customer, Toyota. This critical project showcases the versatility and sophistication of our fuel cell technology while supporting Toyota’s environmental commitments,” commented Jason Few, President and CEO.
“As of today, our portfolio of generation assets has grown to over 60 MW, which we expect to provide a solid base of predictable recurring revenues and contribute to EBITDA,” added Few.
Recently, FuelCell Energy announced that Exxon Mobil Corporation (NYSE:XOM) plans to build a pilot plant using fuel cell technology. ExxonMobil affiliate Esso Nederland BV plans to jointly develop a pilot plant at its Rotterdam Manufacturing Complex with FuelCell Energy to test technology that could significantly reduce CO2 emissions.
Price Action: FCEL shares are trading lower by 5.22% at $1.45 on Tuesday.
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