No data to display.

FuelCell Energy reports fourth quarter and fiscal year 2021 results

By Hemanth on Dec 29, 2021 | 03:39 AM IST

Picture credit: Marketwatch


Fourth Quarter Fiscal 2021 Financial Highlights

(All comparisons are year-over-year unless otherwise noted)

Revenues of $13.9 million compared to $17.0 million

Loss from operations of $(22.6) million compared to $(17.1) million

Unrestricted cash and cash equivalents of $432.2 million as of October 31, 2021 compared to $149.9 million as of October 31, 2020

Backlog of $1.29 billion as of October 31, 2021 comparable to backlog as of October 31, 2020


Fiscal Year 2021 Financial Highlights

(All comparisons are year-over-year unless otherwise noted)

Revenues of $69.6 million compared to $70.9 million

Loss from operations of $(64.9) million compared to $(39.2) million

Net loss of $(101.0) million compared to $(89.1) million

Adjusted EBITDA of $(35.7) million compared to $(17.7) million


DANBURY, CT – December 29, 2021 -- FuelCell Energy, Inc. (Nasdaq: FCEL) -- a global leader in fuel cell technology—with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy—today reported financial results for its fourth fiscal quarter and fiscal year ended October 31, 2021 and key business highlights.

“We are pleased with the continued advancement throughout the year of our strategic agenda in terms of infrastructure, solutions and talent to support achieving our long-term goals. We finished fiscal year 2021 with slightly lower revenue compared to fiscal year 2020, but we continued to make important progress on our in-flight projects as well as new technology and applications under development, such as the successful demonstration of the effectiveness of our solid oxide fuel cell,” said Mr. Jason Few, President and CEO. “Since the end of fiscal year 2021, we have favorably resolved our legal proceedings with POSCO Energy Co., Ltd. and clarified our access to the Asian market. We have also advanced through commissioning our 7.4 megawatt power platform located at the U.S. Navy Submarine Base in Groton, CT and our 7.4 megawatt power platform in Yaphank, NY. And, importantly, we extended our joint development agreement with ExxonMobil Research and Engineering Company until April 30, 2022.

“We continue to make progress against and evolve our Powerhouse Business Strategy, which we launched two years ago,” continued Mr. Few. “As we have advanced, so must our strategy, and we are evolving our strategy to now focus on the key pillars of Grow, Scale and Innovate. We are in a unique period of time where our solutions are increasingly sought after to help solve energy and environmental challenges. We are working toward accelerating the development and deployment of our platforms to position the company to capture the substantial growth opportunity we foresee for both our carbonate and solid oxide solutions.”

“This plan for growth drives the need for expanding operational capabilities and growing talent. We believe our opportunities for commercial success have increased with the resolution of our legal proceedings with POSCO Energy, which includes a commitment to order 20 fuel cell modules from us to service POSCO Energy’s existing installed base of carbonate fuel cell platforms. Lastly, I am proud to report that we have met our annualized production rate target of 45 megawatts on a single shift at our Torrington facility, up from 17 megawatts at the end of fiscal year 2020.”

“Looking forward, we are focused on executing against our existing project backlog, while simultaneously increasing our annualized production rate, repositioning our brand for the future and building the next generation sales structure,” continued Mr. Few. “We are investing in our business to enhance our capabilities across the organization and position the business to accelerate growth leveraging our current commercially-available platforms and accelerating the commercialization of our differentiated solid oxide technology delivering electrolysis, long-duration hydrogen energy storage, and hydrogen power generation given the increasing energy transition opportunities we see before us. We look forward to discussing more around our growth opportunities and initiatives as part of our investor day in March.”

Mr. Few concluded, “Fiscal year 2020 was a year in which we focused on solving our operational challenges, whereas fiscal year 2021 was defined by improved execution against our backlog, investing in the capabilities of our global team, improving platform performance, and working to take technology innovations from the laboratory to commercial deployment. As we move into fiscal year 2022, we are invigorated by our emphasis on growth, scale, innovation and execution. The initial work under our Powerhouse Business Strategy built the foundation over the past couple of years, and the addressable opportunities globally given our repositioned company have never been greater for FuelCell Energy.”

Stock View