Fuelcell Energy Stock Price, News & Analysis

FuelCell Energy (FCEL) reported its Q4 FY2021 results, showing revenues of $13.9 million, down 18% from the previous year. The loss from operations increased to $(22.6 million) compared to $(17.1 million) in Q4 FY2020. For the fiscal year, total revenues were $69.6 million, slightly down 2%, with a net loss of $(101.0 million). The company reported unrestricted cash of $432.2 million as of October 31, 2021, and maintains a backlog of $1.29 billion. The CEO expressed optimism about technology advancements and market opportunities, aiming for growth in FY2022.

FuelCell Energy confirms it has secured exclusivity to sell its technology in Asia, particularly South Korea, through a settlement agreement with POSCO Energy. The agreement grants a firm order for a minimum of 20 SureSource modules for servicing existing projects in South Korea during 2022. This resolution eliminates legal uncertainties, allowing FuelCell to expand its market presence while ensuring quality service for current customers. FuelCell aims to support the energy transition in the Asian market and is keen on promoting its unique hydrogen platforms.

FuelCell Energy (FCEL) announced the release of its fourth quarter and fiscal year 2021 results, scheduled for December 29, 2021, before the market opens. The company has been classified as a large accelerated filer by the SEC, requiring it to file its annual report on Form 10-K no later than 60 days after October 31. Management will host a conference call at 8:00 a.m. ET on the same day to discuss financial results. Investors can access the call via webcast or by phone.

FuelCell Energy, Inc. (Nasdaq: FCEL) has appointed Joshua Dolger as Executive Vice President, General Counsel, and Corporate Secretary, removing his interim status. Dolger, who has served in this interim role since June 2021, brings significant legal experience from Terex Corporation and prior roles. His appointment is expected to strengthen FuelCell's leadership as the company advances in clean energy solutions. Dolger’s expertise in corporate governance and strategic initiatives is anticipated to enhance the firm’s operational capabilities during its growth phase.

FuelCell Energy, Inc. (Nasdaq: FCEL) has secured a $12.7 million tax equity financing agreement with Franklin Park for its 7.4 MW fuel cell project in Yaphank, Long Island. This funding follows the mechanical completion of the project, with commercial operations expected by the end of December 2021. The financing will help the company monetize investment tax credits and retain cash flow, enhancing overall return on equity. Franklin Park aims to expand its tax equity investments, with plans for a second project in 2022.

FuelCell Energy, Inc. (Nasdaq: FCEL) appointed Betsy Bingham as an independent director effective December 3, 2021. Currently the Lean Operations Leader at GE Aviation, Bingham will enhance the board's expertise in operational efficiency and sustainability. Her background includes leadership roles at GE Digital and Honeywell International, focusing on lean transformation. This appointment expands the board to eight directors, with seven being independent. Management expresses optimism that Bingham's extensive experience will drive strategic actions for growth.

FuelCell Energy (NASDAQ: FCEL) announced an extension of its Joint Development Agreement with ExxonMobil, now set to continue until April 30, 2022. The agreement focuses on advancing carbonate fuel cell technology for carbon dioxide capture from industrial sites. Discussions for a pilot test at ExxonMobil's Rotterdam location, linked to the Porthos North Sea project, are ongoing. FuelCell Energy's technology uniquely captures CO₂ while generating power, potentially offering significant cost and scalability benefits over traditional methods.

FuelCell Energy (NASDAQ: FCEL) has commended California Governor Gavin Newsom's signing of Senate Bill 155, extending the Fuel Cell Net Energy Metering (NEM) program for two years. This initiative aims to enhance California's resilience against climate change impacts, reduce greenhouse gas emissions, and stabilize energy costs for customers. The Fuel Cell NEM program allows customers to install fuel cells up to five megawatts and provides relief from utility standby and departing load charges, promoting investments in clean energy technology.

FuelCell Energy reported a revenue increase of 43% to $26.8 million in Q3 FY2021 compared to $18.7 million in Q3 FY2020. The company achieved a gross profit of $1.1 million compared to a gross loss of $(3.1) million the previous year. Despite a net loss of $(12.0 million, it was an improvement from $(15.3 million). Unrestricted cash rose significantly to $468.6 million. However, backlog decreased 2.2% to $1.30 billion due to adjustments in generation backlog. The company continues to invest in innovation and infrastructure to support long-term growth.