FuelCell Energy Reports First Quarter of Fiscal 2022 Results

FuelCell Energy, Inc. (Nasdaq: FCEL) reported financial results for its first quarter ended January 31, 2022, and key business highlights.

First-quarter revenue of $31.8 million represents an increase of 114% from the prior-year quarter.

First Quarter Fiscal 2022 Financial Highlights

  • Revenues of $31.8 million compared to $14.9 million
  • Gross loss of ($2.9) million compared to $(3.6) million
  • Loss from operations of $(44.8) million compared to $(14.4) million
  • Results in the first quarter of fiscal 2022 were negatively impacted by a non-recurring expense of $24 million, or approximately $0.07 per share, related to payment of legal fees to our outside counsel in connection with the settlement of the POSCO Energy dispute
  • Backlog of $1.31 billion as of January 31, 2022, compared to $1.27 billion as of January 31, 2021

We are pleased with the progress we made in the first quarter of fiscal year 2022 on multiple fronts, including confirming our access to the Korean and broader Asian markets which contributed to our reintroduction of product sales to our revenue mix,

Jason Few, President and CEO of FuelCell Energy, Inc.

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