FuelCell Energy reports second quarter 2020 results

With a purpose of utilising its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy, FuelCell Energy today reported its second quarter results and key business highlights.

Second quarter revenue of $18.9m increased 105%, reflecting an increase in Generation, Advanced Technologies and Service and License revenues, the US company said.

Gross profit totalled $0.2m, benefitting from increased Advanced Technology work under the joint development agreement with ExxonMobil Research and Engineering Company as well as lower manufacturing costs resulting from a reduction in workforce during fiscal 2019.

This was partially offset by approximately $1m of manufacturing variances due to the shutdown of the company’s Torrington manufacturing facility amid the Covid-19 pandemic and a loss from FuelCell Energy’s Generation portfolio due to maintenance and repairs at several plants during the quarter.

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