Q3 2024 Fuelcell Energy Inc Earnings Call Transcript
Key Points
- FuelCell Energy Inc (FCEL) achieved strong growth in generation and advanced technology revenues.
- The company announced a significant commercial win with Gyeonggi Green Energy (GGE) in South Korea, securing a long-term service agreement and increasing their backlog to $1.2 billion.
- FuelCell Energy Inc (FCEL) is making progress on its carbon capture project with ExxonMobil at the Esso refinery in Rotterdam.
- The company is advancing a bio-generation project with Ameresco for the Sacramento Area Sewer District, which includes the potential for future production of renewable green hydrogen.
- FuelCell Energy Inc (FCEL) is expanding its reach into the South Korea market, leveraging long-term service agreements and product sales to build a pipeline of opportunities.
- FuelCell Energy Inc (FCEL) reported a net loss of $35.1 million for the third quarter of fiscal year 2024, compared to a net loss of $23.6 million in the prior year quarter.
- Service agreement revenues decreased significantly to $1.4 million from $9.8 million in the prior year period due to the absence of module exchanges.
- Operating expenses for the third quarter of fiscal year 2024 decreased to $27.4 million from $33.2 million in the prior year third quarter, indicating cost-cutting measures.
- The company made job eliminations in certain areas, reducing its workforce by approximately 4% as part of cost-saving measures.
- FuelCell Energy Inc (FCEL) is facing delays in finalizing tax rules from the Treasury Department, impacting decision-making on hydrogen projects.
Thank you for standing by and welcome to the FuelCell Energy third-quarter of fiscal 2024 financial results conference call. (Operator Instructions)
Thank you. I'd now like to turn the call 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 third quarter of 2024, and our earnings press release and our quarterly report on Form 10-Q are available in the Investors section of our website at www.fuelcellenergy.com.
Consistent with our practice, in addition to this call and our earnings press release, we have posted a slide presentation on our website. This webcast is being recorded and will be available for replay on our website approximately two hours after we
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