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FuelCell Energy Inc. (FCEL-2.04%) has submitted its 10-K filing for the fiscal year ended October 31, 2024.
The filing details the company's financial performance, including total revenues of $112.1 million, a decrease from $123.4 million in the previous year. This decline is attributed to lower service agreements revenues.
Product revenues increased to $25.7 million, driven by module sales to Gyeonggi Green Energy Co., Ltd. in Korea. However, the cost of product revenues rose significantly, resulting in a gross loss.
Service agreements revenues fell by 80% to $10.0 million due to fewer module exchanges. The company recorded a gross loss from service agreements.
Generation revenues increased by 33% to $50.0 million, supported by new projects coming online. However, the cost of generation revenues also increased, leading to a gross loss.
Advanced Technologies contract revenues rose by 54% to $26.5 million, with increased activity under contracts with ExxonMobil Technology and Engineering Company.
The company reported a net loss attributable to common stockholders of $129.2 million, compared to a net loss of $110.8 million in the previous year.
FuelCell Energy's backlog increased to $1.16 billion, with significant contributions from a new long-term service agreement with Gyeonggi Green Energy Co., Ltd.
The company undertook a global restructuring plan in November 2024, reducing its workforce by 13% to align resources with business needs and reduce operating costs.
FuelCell Energy continues to focus on expanding its generation operating portfolio, which totaled 62.8 MW as of October 31, 2024, with additional projects in development.
The company expects to invest in capacity expansion for its solid oxide and carbonate platforms, with ongoing development efforts in carbon capture and hydrogen production technologies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FuelCell Energy Inc. annual 10-K report dated December 27, 2024. To report an error, please email earnings@qz.com.