Power

FuelCell Energy reports annual earnings of $69 million

FuelCell Energy

FuelCell Energy, the global leader in fuel cell technology, announced this Wednesday its fourth quarter of the year results, along with its annual financial highlights. The company reports annual earnings of $69,9 million and annual adjusted EBITDA of $35,7 million.

Moreover, for the 4Q, the company reports revenues of $13,9 million; loss from operations of $22,6 million, and unrestricted cash and cash equivalents of $432.2 million as of October 31, 2021; compared to $149.9 million as of October 31, 2020.

In addition, for the whole year 2021, the company reports losses of $64,9 million; a net loss of $101,10 million, and also adjusted EBITDA of $35,7 million.

About the down performance of the company, Mr. Jason Few, President and CEO, said. “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.”

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FuelCell Energy focused on growth initiatives

The executive also remarked. “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.”

On the other hand, the company’s CEO said that looking forward, FuelCell Energy wants to increase its rate of production. “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.”

Finally, he insisted. “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.”

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