FuelCell Energy, Inc., has reported financial results for its third quarter (Q3) ended 31stJuly (2019).
The fuel cell power company reported a total revenue of $22.7m in the quarter, up $10.6m, or 88%, from Q3 2018.
Commenting on the results, Jason Few, President and CEO of FuelCell Energy said, “FuelCell Energy had a dynamic Q3 of 2019.”
“The company focused on numerous restricting and improvement initiatives, resulting in an improved balance sheet, a leaner spending profile, and a reinvigorated team.”
“We continued to build on our long-standing relationship with ExxonMobil, entering into a licencing agreement in the quarter. We continue to focus on execution of our projects, including nearing completion on our Tulare BioMAT 2.8megawatt plant and commencing large-scale onsite work on the US Navy base in Groton, CT,” said Few.
Service and license revenue totalled $11.5m for the quarter, compared to $5.5m for Q3 2018, primarily due to the ExxonMobil license agreement and the acquisition of the Bridgeport fuel cell park.
Generation revenue totalled $5.4m for the quarter, compared to $1.7m for Q3 2018, primarily as a result of revenue recognised from the Bridgeport Fuel Cell Project.
Advanced technologies contract revenue totalled $5.8m for the quarter, compared to $3.6m for Q3 2018, primarily due to the timing of project activity under existing contracts.
Product revenue totalled $0 for Q3 2019, compared to $1.3m for Q3 2018.
Operating expenses for the quarter totalled $9m, a decrease of 27% compared to $12.4m of operating expenses for Q3 2018.
Adjusted EBITDA, a non-GAAP measure, totalled $3.2m compared to an Adjusted EBITDA loss of $11.3m in Q3 2018.
Backlog and project awards totalled $2.1bn.