FuelCell Energy reports third quarter fiscal 2019 results

FuelCell Energy reports third quarter fiscal 2019 results

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.

Sectors

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.


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