Q2 2024 Fuelcell Energy Inc Earnings Call Transcript
Key Points
- FuelCell Energy Inc (FCEL) achieved 67% revenue growth year-over-year in its 62.8 megawatt generation portfolio.
- The company extended its joint development agreement with ExxonMobil's low carbon solution business through the end of 2026.
- FuelCell Energy Inc (FCEL) secured a significant commercial win in South Korea, adding approximately $160 million to its backlog.
- The company announced a new project with Ameresco for the Sacramento area Sewer district, converting on-site biofuels into clean electricity.
- FuelCell Energy Inc (FCEL) reported a strong total cash and short-term investment position of approximately $313.2 million as of April 30, 2024.
- Total revenues for the second quarter of fiscal year 2024 decreased to $22.4 million from $38.3 million in the prior year quarter.
- The company reported a net loss of $37.7 million for the second quarter of fiscal year 2024, compared to a net loss of $33.9 million in the second quarter of fiscal year 2023.
- Adjusted EBITDA was negative $26.5 million in the second quarter of fiscal year 2024, slightly worse than the negative $26 million in the second quarter of fiscal year 2023.
- Service agreement revenues decreased significantly to $1.4 million from $26.2 million in the prior year period due to no module exchanges during the quarter.
- Operating expenses increased to $34.3 million from $29.8 million in the second quarter of fiscal year 2023, driven by higher research and development expenses.
Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the FuelCell Energy second quarter of fiscal 2024 financial results conference call. Today's conference is being recorded. All line have been placed on mute to prevent any background noise.
After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press the star key followed by the number one on your telephone. If you would like to withdraw your question, press star one. At this time, I would like to turn the conference over to Tom Gelston, Senior Vice President of Finance and Investor Relations. Please go ahead.
Thank you, and good morning, everyone, and thank you for joining us on the call today. As a reminder, this call is being recorded. This morning, FuelCell Energy released our financial results for the second quarter of 2024 and our earnings press release and our quarterly
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