0000886128false00008861282024-06-102024-06-10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): June 10, 2024

FUELCELL ENERGY, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware

1-14204

06-0853042

(State or Other Jurisdiction of

Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

3 Great Pasture Road,

Danbury, Connecticut

06810

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code: (203825-6000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

FCEL

The Nasdaq Stock Market LLC
(Nasdaq Global Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02.   Results of Operations and Financial Condition.

On June 10, 2024, FuelCell Energy, Inc. (the “Company”) issued a press release announcing its financial results and providing a business update as of and for the three and six months ended April 30, 2024.  A copy of this press release is furnished with this report as Exhibit 99.1 and is incorporated herein by reference.

The information furnished in this Item 2.02, including Exhibit 99.1, is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. This information will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

Item 7.01.   Regulation FD Disclosure.

A copy of the investor presentation slides that will be used by the Company during its June 10, 2024 earnings call is furnished with this report as Exhibit 99.2.

The information furnished in this Item 7.01, including Exhibit 99.2, is not deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. This information will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

By furnishing the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.  The information contained in the investor presentation furnished as Exhibit 99.2 is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission (“SEC”) filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in this presentation, although it may do so from time to time. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.

Item 9.01.   Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No.

    

Description

99.1

Press Release issued by FuelCell Energy, Inc. on June 10, 2024.

99.2

Investor Presentation, dated June 10, 2024.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FUELCELL ENERGY, INC.

Date: June 10, 2024

By:

/s/ Michael S. Bishop

Michael S. Bishop

Executive Vice President, Chief Financial Officer and Treasurer

Exhibit 99.1

Graphic

FuelCell Energy Reports Second Quarter of Fiscal 2024 Results

Second Quarter Fiscal 2024 Summary

(All comparisons are year-over-year unless otherwise noted)

Revenue of $22.4 million, compared to $38.3 million
Gross loss of $(7.1) million compared to $(6.1) million
Loss from operations of $(41.4) million compared with $(35.9) million
Net loss per share was $(0.07) compared with $(0.09)

DANBURY, Conn., June 10, 2024 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (NASDAQ: FCEL) -- a global leader in decarbonizing power and producing hydrogen through our proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy -- today reported financial results for its second quarter ended April 30, 2024.

“In the second quarter, our team continued to execute on all three pillars of our Powerhouse Business Strategy, growing revenue sequentially from the first quarter while exercising cost discipline,” said Mr. Jason Few, President and Chief Executive Officer. “We achieved an important milestone toward commercializing new advanced technologies by updating and extending our joint development agreement with ExxonMobil Technology and Engineering Company to jointly develop carbon capture technology, while retaining certain rights to market this product more widely to a global clientele in need of energy transition solutions. We also entered into an exciting new relationship with Ameresco, Inc. to provide the Sacramento Sewer district with our energy delivery and emissions management platform to create clean electricity from onsite biofuel. We were also pleased to report a 67% increase in our Generation portfolio revenues, enhancing the recurring revenue profile of our Company.”

“Subsequent to the end of the quarter, we announced an agreement to supply Gyeonggi Green Energy Co., Ltd. (“GGE”) with 42 upgraded fuel cell modules, representing approximately $160 million in new backlog,” added Mr. Few. “In addition to the sale of these modules, under the agreement, we will also provide long term operations and maintenance services for GGE’s Hwaseong Balan Industrial Complex, which is the world’s largest fuel cell power platform site. Importantly, we continue to expand our manufacturing capacity and sales pipeline, while keeping a disciplined focus on cash management and the strength of our balance sheet.”

Consolidated Financial Metrics

Three Months Ended April 30,

(Amounts in thousands)

2024

2023

Change

Total revenues

$22,420

 

$38,349

 

(42%)

Gross loss

(7,074)

 

(6,093)

 

16%

Loss from operations

(41,361)

 

(35,858)

 

15%

Net loss

(37,656)

 

(33,911)

 

11%

Net loss attributable to common stockholders

(32,940)

 

(35,103)

 

(6%)

Net loss per basic and diluted share

(0.07)

 

(0.09)

 

(22%)

 

 

 

 

 

 

EBITDA *

(31,809)

 

(29,227)

 

9%

Adjusted EBITDA *

($26,489)

 

($26,033)

 

2%

* A reconciliation of EBITDA, Adjusted EBITDA and any other non-GAAP measures is contained in the appendix to this press release.


Second Quarter of Fiscal 2024 Results

(All comparisons are between second quarter of fiscal 2024 and second quarter of fiscal 2023 unless otherwise noted)

Second quarter revenue of $22.4 million represents a decrease of 42% from the comparable prior year quarter.

Service agreements revenues decreased to $1.4 million from $26.2 million. The decrease in service agreements revenues during the three months ended April 30, 2024 was primarily driven by the fact that there were no module exchanges during the quarter. Service agreements revenues recognized during the second quarter of fiscal 2023 were primarily driven by module exchanges at the plants owned by Korea Southern Power Company in Korea.

Generation revenues increased 67% to $14.1 million from $8.4 million, primarily driven by revenue generated by the Toyota and Derby projects, all of which began operations in the first quarter of fiscal 2024.

Advanced Technologies contract revenues increased to $6.9 million from $3.7 million. Compared to the second quarter of fiscal 2023, Advanced Technologies contract revenues recognized under our Joint Development Agreement with ExxonMobil Technology and Engineering Company (“EMTEC”) were approximately $0.1 million lower during the three months ended April 30, 2024 and revenue recognized under government contracts and other contracts were approximately $3.3 million higher for the three months ended April 30, 2024. Advanced Technologies contract revenues for the second quarter of fiscal 2024 also include revenues arising from the purchase order previously received from Esso Nederland B.V. (“Esso”), an affiliate of EMTEC and Exxon Mobil Corporation.

Gross loss for the second quarter of fiscal 2024 totaled $(7.1) million, compared to a gross loss of $(6.1) million in the comparable prior year quarter. The gross loss for the second quarter of fiscal 2024 is, in part, a result of unfavorable margins for generation, which included expensed construction and gas costs related to the Toyota Project of $2.6 million and a mark-to-market net loss of $2.3 million related to natural gas purchase contracts in the three months ended April 30, 2024. The gross loss in the comparable prior year period is a direct result of lower generation margins due to $4.5 million of expensed construction and gas costs related to the Toyota project, partially offset by higher margins for service relating to the module exchanges discussed above.

Operating expenses for the second quarter of fiscal 2024 increased to $34.3 million from $29.8 million in the second quarter of fiscal 2023. Research and development expenses increased to $16.6 million during the second quarter of fiscal 2024 compared to $14.7 million in the second quarter of fiscal 2023. The increase in research and development expenses reflects an increase in spending, including spending for labor and materials, on the Company’s ongoing commercial development efforts related to our solid oxide power generation and electrolysis platforms and carbon separation and carbon recovery solutions compared to the comparable prior year period.

Net loss was $(37.7) million in the second quarter of fiscal 2024, compared to net loss of $(33.9) million in the second quarter of fiscal 2023.

Adjusted EBITDA totaled $(26.5) million in the second quarter of fiscal 2024, compared to Adjusted EBITDA of $(26.0) million in the second quarter of fiscal 2023. Please see the discussion of non-GAAP financial measures, including Adjusted EBITDA, in the appendix at the end of this release.

The net loss per share attributable to common stockholders in the second quarter of fiscal 2024 was $(0.07), compared to $(0.09) in the second quarter of fiscal 2023. The net loss per common share in the second quarter

2


of fiscal 2024 benefited from the higher number of weighted average shares outstanding due to share issuances since April 30, 2023.

Cash, Restricted Cash and Short-Term Investments

Cash and cash equivalents, restricted cash and cash equivalents, and short-term investments totaled $313.2 million as of April 30, 2024, compared to $403.3 million as of October 31, 2023. Of the $313.2 million total as of April 30, 2024, unrestricted cash and cash equivalents totaled $158.8 million, short-term investments totaled $101.3 million and restricted cash and cash equivalents totaled $53.1 million. Of the $403.3 million total as of October 31, 2023, unrestricted cash and cash equivalents totaled $250.0 million, short-term investments totaled $103.8 million, and restricted cash and cash equivalents totaled $49.6 million. Short-term investments represent the amortized cost of U.S. Treasury Securities outstanding as of April 30, 2024 and October 31, 2023 as part of the Company’s cash management optimization effort, all of which are expected to be held to maturity.

“We have taken a number of proactive steps during the quarter to help preserve balance sheet strength as we execute on our growth objectives,” said Mr. Michael Bishop, Executive Vice President, Chief Financial Officer and Treasurer. “We added debt financing backed by our recently completed projects in Derby, Connecticut, that will allow us to redeploy capital in support of growth initiatives around the world. Additionally, we issued approximately 6.5 million shares of stock, raising approximately $5.9 million after deducting sales commissions and fees.”

During the three months ended April 30, 2024, approximately 6.5 million shares of the Company’s common stock were sold under the Company’s Amended Open Market Sale Agreement at an average sale price of $0.98 per share, resulting in gross proceeds of approximately $6.3 million before deducting sales commissions and fees, and net proceeds to the Company of approximately $5.9 million after deducting sales commissions and fees totaling approximately $0.4 million.

On April 25, 2024, the Company closed on a project debt financing transaction with Liberty Bank and Connecticut Green Bank for the Company’s two fuel cell projects in Derby, Connecticut, which recently began operations. A total of $13.0 million in gross financing was provided, supported by the strong cash flows of these projects and the investment grade quality of the offtakers. The term of the senior credit facility is seven years, and the term of the subordinated credit facility is 14 years. The interest rate for the senior debt is fixed at 7.25% and the interest rate for the subordinated debt is fixed at 8%. Net funding to the Company totaled approximately $11.5 million after deducting transaction fees and debt service reserves.

Subsequent to the quarter ended April 30, 2024, approximately 38.6 million shares of the Company’s common stock were sold under the Company’s Amended Open Market Sale Agreement at an average sale price of $0.84 per share, resulting in gross proceeds of approximately $32.3 million before deducting sales commissions and fees, and net proceeds to the Company of approximately $31.7 million after deducting sales commissions and fees totaling approximately $0.6 million.

Backlog

As of April 30,

(Amounts in thousands)

2024

  

2023

  

Change

Product

$ 12,307

$ 26

$ 12,281

Service

145,100

73,662

71,438

Generation

852,933

926,044

(73,111)

Advanced Technologies

51,112

22,564

28,548

Total Backlog

$ 1,061,452

$ 1,022,296

$ 39,156

3


As of April 30, 2024, backlog increased by approximately 3.8% to $1.06 billion, compared to $1.02 billion as of April 30, 2023, primarily as a result of the service agreement with Noeul Green Energy, Co. Ltd. entered into during the fiscal year ended October 31, 2023, Advanced Technologies contract backlog as a result of the purchase order received from Esso during the first quarter of fiscal year 2024 and additional Advanced Technologies contract backlog related to Amendment No. 5 to the Joint Development Agreement between the Company and EMTEC entered into in April 2024, partially offset by revenue recognition under generation, service and Advanced Technologies agreements since April 30, 2023.

Subsequent to the end of the quarter, the Company announced an agreement to provide GGE with 42 1.4 megawatt upgraded carbonate fuel cell modules to replace existing fuel cell modules at its 58.8 megawatt plant in Korea. The total amount payable by GGE under the long-term service agreement for the 42 replacement fuel cell modules, balance of plant replacement components, and service is $159.6 million, which was added to backlog upon the execution of the agreement in May 2024.

Backlog represents definitive agreements executed by the Company and our customers. Projects for which we have an executed power purchase agreement (“PPA”) or hydrogen power purchase agreement (“HPPA”) are included in generation backlog, which represents future revenue under long-term PPAs and HPPAs. The Company’s ability to recognize revenue in the future under a PPA or HPPA is subject to the Company’s completion of construction of the project covered by such PPA or HPPA. Should the Company not complete the construction of the project covered by a PPA or HPPA, it will forgo future revenues with respect to the project and may incur penalties and/or impairment charges related to the project. Projects sold to customers (and not retained by the Company) are included in product sales and service agreements backlog, and the related generation backlog is removed upon sale. Together, the service and generation portion of backlog had a weighted average term of approximately 17 years, with weighting based on the dollar amount of backlog and utility service contracts of up to 20 years in duration at inception.

Conference Call Information

FuelCell Energy will host a conference call today beginning at 10:00 a.m. ET to discuss second quarter results for fiscal year 2024 as well as key business highlights. Participants can access the live call via webcast on the Company website or by telephone as follows:

The live webcast of the call and supporting slide presentation will be available at www.fuelcellenergy.com. To listen to the call, select “Investors” on the home page located under the “Our Company” pull-down menu, proceed to the “Events & Presentations” page and then click on the “Webcast” link listed under the June 10th earnings call event, or click here.
Alternatively, participants can dial 888-330-3181 and state FuelCell Energy or the conference ID number 1099808.

The replay of the conference call will be available via webcast on the Company’s Investors’ page at www.fuelcellenergy.com approximately two hours after the conclusion of the call.

Cautionary Language

This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or our future financial performance that involve certain contingencies and uncertainties, including those discussed in our Annual Report on Form 10-K for the fiscal year ended October 31, 2023 in the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations”. The forward-looking statements include, without limitation, statements with respect to the Company’s anticipated financial results and statements regarding the Company’s

4


plans and expectations regarding the continuing development, commercialization and financing of its current and future fuel cell technologies, the expected timing of completion of the Company’s ongoing projects, the Company’s business plans and strategies, the Company’s capacity expansion, the capabilities of the Company’s products, and the markets in which the Company expects to operate. Projected and estimated numbers contained herein are not forecasts and may not reflect actual results. These forward-looking statements are not guarantees of future performance, and all forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation: general risks associated with product development and manufacturing; general economic conditions; changes in interest rates, which may impact project financing; supply chain disruptions; changes in the utility regulatory environment; changes in the utility industry and the markets for distributed generation, distributed hydrogen, and fuel cell power plants configured for carbon capture or carbon separation; potential volatility of commodity prices that may adversely affect our projects; availability of government subsidies and economic incentives for alternative energy technologies; our ability to remain in compliance with U.S. federal and state and foreign government laws and regulations and the listing rules of The Nasdaq Stock Market; rapid technological change; competition; the risk that our bid awards will not convert to contracts or that our contracts will not convert to revenue; market acceptance of our products; changes in accounting policies or practices adopted voluntarily or as required by accounting principles generally accepted in the United States; factors affecting our liquidity position and financial condition; government appropriations; the ability of the government and third parties to terminate their development contracts at any time; the ability of the government to exercise “march-in” rights with respect to certain of our patents; our ability to successfully market and sell our products internationally; our ability to develop new products to achieve our long-term revenue targets; our ability to implement our strategy; our ability to reduce our levelized cost of energy and deliver on our cost reduction strategy generally; our ability to protect our intellectual property; litigation and other proceedings; the risk that commercialization of our new products will not occur when anticipated or, if it does, that we will not have adequate capacity to satisfy demand; our need for and the availability of additional financing; our ability to generate positive cash flow from operations; our ability to service our long-term debt; our ability to increase the output and longevity of our platforms and to meet the performance requirements of our contracts; our ability to expand our customer base and maintain relationships with our largest customers and strategic business allies; and concerns with, threats of, or the consequences of, pandemics, contagious diseases or health epidemics, including the novel coronavirus, and resulting supply chain disruptions, shifts in clean energy demand, impacts to our customers’ capital budgets and investment plans, impacts to our project schedules, impacts to our ability to service existing projects, and impacts on the demand for our products, as well as other risks set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2023 and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2024. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.

About FuelCell Energy

FuelCell Energy, Inc. (NASDAQ: FCEL): FuelCell Energy is a global leader in delivering environmentally responsible distributed baseload energy platform solutions through our proprietary fuel cell technology. FuelCell Energy is focused on advancing sustainable clean energy technologies that address some of the world’s most critical challenges around energy access, security, resilience, reliability, affordability, safety and environmental stewardship. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers worldwide with sustainable products and solutions for industrial and commercial businesses, utilities, governments, municipalities, and communities.

5


SureSource, SureSource 1500, SureSource 3000, SureSource 4000, SureSource Recovery, SureSource Capture, SureSource Hydrogen, SureSource Storage, SureSource Service, SureSource Capital, FuelCell Energy, and FuelCell Energy logo are all trademarks of FuelCell Energy, Inc.

Contact:

FuelCell Energy, Inc.
ir@fce.com
203.205.2491

6


FUELCELL ENERGY, INC.

Consolidated Balance Sheets

(Unaudited)

(Amounts in thousands, except share and per share amounts)

April 30,

2024

October 31,

2023

ASSETS

Current assets:

Cash and cash equivalents, unrestricted

$

158,790

$

249,952

Restricted cash and cash equivalents – short-term

4,969

5,159

Investments – short-term

101,340

103,760

Accounts receivable, net

7,155

3,809

Unbilled receivables

26,409

16,296

Inventories

113,918

84,456

Other current assets

13,262

12,881

Total current assets

425,843

476,313

Restricted cash and cash equivalents – long-term

48,134

44,465

Inventories – long-term

2,743

7,329

Project assets, net

256,607

258,066

Property, plant and equipment, net

111,576

89,668

Operating lease right-of-use assets, net

8,036

8,352

Goodwill

4,075

4,075

Intangible assets, net

15,428

16,076

Other assets

44,387

51,176

Total assets (1)

$

916,829

$

$955,520

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Current portion of long-term debt

$

11,733

$

10,067

Current portion of operating lease liabilities

752

599

Accounts payable

21,614

26,518

Accrued liabilities

24,143

26,313

Deferred revenue

6,756

2,406

Total current liabilities

64,998

65,903

Long-term deferred revenue

987

732

Long-term operating lease liabilities

8,857

8,992

Long-term debt and other liabilities

130,030

119,588

Total liabilities (1)

204,872

195,215

Redeemable Series B preferred stock (liquidation preference of $64,020 as of April 30, 2024 and October 31, 2023)

59,857

59,857

Total equity:

Stockholders’ equity:
Common stock ($0.0001 par value); 1,000,000,000 shares authorized as of April 30, 2024 and October 31, 2023; 458,406,776 and 450,626,862 shares issued and outstanding as of April 30, 2024 and October 31, 2023, respectively

46

45

Additional paid-in capital

2,208,951

2,199,661

Accumulated deficit

(1,567,474)

(1,515,541)

Accumulated other comprehensive loss

(1,717)

(1,672)

Treasury stock, Common, at cost (324,814 and 246,468 shares as of April 30, 2024 and October 31, 2023, respectively)

(1,164)

(1,078)

Deferred compensation

1,164

1,078

Total stockholders’ equity

639,806

682,493

Noncontrolling interests

12,294

17,955

Total equity

652,100

700,448

Total liabilities, redeemable Series B preferred stock and total equity

$

916,829

$

955,520

(1)As of April 30, 2024 and October 31, 2023, the combined assets of the variable interest entities (“VIEs”) were $315,534 and $235,290, respectively, that can only be used to settle obligations of the VIEs.  These assets include cash of $5,153, accounts receivable of $182, unbilled accounts receivable of $7,490, operating lease right of use assets of $1,671, other current assets of $130,353, restricted cash and cash equivalents of $626, project assets of $166,098 and other assets of $3,962 as of April 30, 2024, and cash of $4,797, unbilled accounts receivable of $1,876, operating lease right of use assets of $1,680, other current assets of $50,713,  restricted cash and cash equivalents of $526, project assets of $170,444, derivative asset of $4,127 and other assets of $1,125 as of October 31, 2023. The combined liabilities of the VIEs as of April 30, 2024 include short-term operating lease liabilities of $203, accounts payable of $180,224, long-term operating lease liability of $2,150 and other non-current liabilities of $2,175 and, as of October 31, 2023, include short-term operating lease liabilities of $203, accounts payable of $165,824, long-term operating lease liability of $2,159 and other non-current liabilities of $187.

7


FUELCELL ENERGY, INC.

Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(Amounts in thousands, except share and per share amounts)

Three Months Ended

April 30,

2024

2023

Revenues:

Product

$

-

$

-

Service

1,369

26,190

Generation

14,118

8,440

Advanced Technologies

6,933

3,719

Total revenues

22,420

38,349

Costs of revenues:

Product

2,938

3,486

Service

1,267

20,113

Generation

21,424

17,081

Advanced Technologies

3,865

3,762

Total costs of revenues

29,494

44,442

Gross loss

(7,074)

(6,093)

Operating expenses:

Administrative and selling expenses

17,660

15,068

Research and development expenses

16,627

14,697

Total costs and expenses

34,287

29,765

Loss from operations

(41,361)

(35,858)

Interest expense

(2,275)

(1,502)

Interest income

3,390

3,688

Other income (expense), net

2,590

(236)

Loss before provision for income taxes

(37,656)

(33,908)

Provision for income taxes

-

(3)

Net loss

(37,656)

(33,911)

Net (loss) income attributable to noncontrolling interest

(5,516)

392

Net loss attributable to FuelCell Energy, Inc.

(32,140)

(34,303)

Series B preferred stock dividends

(800)

(800)

Net loss attributable to common stockholders

$

(32,940)

$

(35,103)

Loss per share basic and diluted:

Net loss per share attributable to common stockholders

$

(0.07)

$

(0.09)

Basic and diluted weighted average shares outstanding

452,984,445

406,316,070

8


FUELCELL ENERGY, INC.

Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(Amounts in thousands, except share and per share amounts)

Six Months Ended

April 30,

2024

2023

Revenues:

Product

$

-

$

9,095

Service

2,986

40,072

Generation

24,611

17,997

Advanced Technologies

11,514

8,258

Total revenues

39,111

75,422

Costs of revenues:

Product

5,329

4,515

Service

3,155

31,058

Generation

42,318

33,683

Advanced Technologies

7,108

7,022

Total costs of revenues

57,910

76,278

Gross loss

(18,799)

(856)

Operating expenses:

Administrative and selling expenses

34,060

30,077

Research and development expenses

30,980

27,380

Total costs and expenses

65,040

57,457

Loss from operations

(83,839)

(58,313)

Interest expense

(4,613)

(3,014)

Interest income

7,457

7,098

Other expense, net

(1,060)

(187)

Loss before provision for income taxes

(82,055)

(54,416)

Provision for income taxes

-

(581)

Net loss

(82,055)

(54,997)

Net loss attributable to noncontrolling interest

(30,122)

(2,072)

Net loss attributable to FuelCell Energy, Inc.

(51,933)

(52,925)

Series B preferred stock dividends

(1,600)

(1,600)

Net loss attributable to common stockholders

$

(53,533)

$

(54,525)

Loss per share basic and diluted:

Net loss per share attributable to common stockholders

$

(0.12)

$

(0.13)

Basic and diluted weighted average shares outstanding

452,303,339

406,055,027


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Appendix

Non-GAAP Financial Measures

Financial results are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Management also uses non-GAAP measures to analyze and make operating decisions on the business. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA are non-GAAP measures of operations and operating performance by the Company.

These supplemental non-GAAP measures are provided to assist readers in assessing operating performance. Management believes EBITDA and Adjusted EBITDA are useful in assessing performance and highlighting trends on an overall basis. Management also believes these measures are used by companies in the fuel cell sector and by securities analysts and investors when comparing the results of the Company with those of other companies. EBITDA differs from the most comparable GAAP measure, net loss attributable to the Company, primarily because it does not include finance expense, income taxes and depreciation of property, plant and equipment and project assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation, restructuring charges, non-cash (gain) loss on derivative instruments and other unusual items, which are considered either non-cash or non-recurring.

While management believes that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these measures. The measures are not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation. The Company’s non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP.

The following table calculates EBITDA and Adjusted EBITDA and reconciles these figures to the GAAP financial statement measure Net loss.

Three Months Ended April 30,

Six Months Ended April 30,

(Amounts in thousands)

2024

2023

2024

2023

Net loss

$ (37,656)

$ (33,911)

(82,055)

$ (54,997)

Depreciation and amortization (1)

9,552

6,631

18,151

12,036

Provision for income taxes

-

3

-

581

Other (income) expense, net (2)

(2,590)

236

1,060

187

Interest income

(3,390)

(3,688)

(7,457)

(7,098)

Interest expense

2,275

1,502

4,613

3,014

EBITDA

$ (31,809)

$ (29,227)

$ (65,688)

$ (46,277)

Stock-based compensation expense

3,002

3,194

5,878

5,831

Unrealized loss on natural gas contract derivative assets (3)

2,318

-

4,177

-

Adjusted EBITDA

$ (26,489)

$ (26,033)

$ (55,633)

$ (40,446)

(1)Includes depreciation and amortization on our Generation portfolio of $7.2 million and $14.0 million for the three and six months ended April 30, 2024, respectively, and $5.3 million and $9.5 million for the three and six months ended April 30, 2023, respectively.
(2)Other (income) expense, net includes gains and losses from transactions denominated in foreign currencies, interest rate swap income earned from investments and other items incurred periodically, which are not the result of the Company’s normal business operations.
(3)The Company recorded a mark-to-market net loss of $2.3 million and $4.2 million for the three and six months ended April 30, 2024, respectively, related to natural gas purchase contracts. There was no comparable loss in the prior year as the Company changed its designation in the fourth quarter of fiscal year 2023 and in the second quarter of fiscal year 2024, as a result of net settling certain natural gas purchases under previous normal purchase normal sale contract designations, which resulted in a change to mark-to-market accounting. There were no mark-to-market gains or losses for the three and six months ended April 30, 2023. These losses are classified as Generation cost of sales.

10


Exhibit 99.2

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10 June 2024 Second Quarter 2024 Financial Results & Business Update Exhibit 99.2

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© 2024 FuelCell Energy This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or our future financial performance that involve certain contingencies and uncertainties, including those discussed in our Annual Report on Form 10-K for the fiscal year ended October 31, 2023, in the section entitled "Management's Discussion and Analysis of Financial Condition and Results of . The forward-looking statements include, without limitation, statements with respect to the anticipated financial results and statements regarding the plans and expectations regarding the continuing development, commercialization and financing of its current and future fuel cell technologies, the expected timing of completion of the ongoing projects, the expected timing of module replacements, the business plans and strategies, the capacity expansion, the capabilities of the products, and the markets in which the Company expects to operate. Projected and estimated numbers contained herein are not forecasts and may not reflect actual results. These forward-looking statements are not guarantees of future performance, and all forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation: general risks associated with product development and manufacturing; general economic conditions; changes in interest rates, which may impact project financing; supply chain disruptions; changes in the utility regulatory environment; changes in the utility industry and the markets for distributed generation, distributed hydrogen, and fuel cell power plants configured for carbon capture or carbon separation; potential volatility of commodity prices that may adversely affect our projects; availability of government subsidies and economic incentives for alternative energy technologies; our ability to remain in compliance with U.S. federal and state and foreign government laws and regulations and the listing rules of The Nasdaq Stock Market; rapid technological change; competition; the risk that our bid awards will not convert to contracts or that our contracts will not convert to revenue; market acceptance of our products; changes in accounting policies or practices adopted voluntarily or as required by accounting principles generally accepted in the United States; factors affecting our liquidity position and financial condition; government appropriations; the ability of the government and third parties to terminate their development contracts at any time; the ability of the government to exercise - rights with respect to certain of our patents; our ability to successfully market and sell our products internationally; our ability to develop new products to achieve our long-term revenue targets; our ability to implement our strategy; our ability to reduce our levelized cost of energy and deliver on our cost reduction strategy generally; our ability to protect our intellectual property; litigation and other proceedings; the risk that commercialization of our new products will not occur when anticipated or, if it does, that we will not have adequate capacity to satisfy demand; our need for and the availability of additional financing; our ability to generate positive cash flow from operations; our ability to service our long-term debt; our ability to increase the output and longevity of our platforms and to meet the performance requirements of our contracts; our ability to expand our customer base and maintain relationships with our largest customers and strategic business allies; and concerns with, threats of, or the consequences of, pandemics, contagious diseases or health epidemics, including the novel coronavirus, and resulting supply chain disruptions, shifts in clean energy demand, impacts to our capital budgets and investment plans, and impacts on the demand for our products, as well as other risks set forth in the filings with the Securities and Exchange Commission including the Annual Report on Form 10-K for the fiscal year ended October 31, 2023 and the Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2024. The forward-looking statements contained herein speak only as of the date of this presentation. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the expectations or any change in events, conditions or circumstances on which any such statement is based. The Company refers to non-GAAP financial measures in this presentation. The Company believes that this information is useful to understanding its operating results and assessing performance and highlighting trends on an overall basis. Please refer to the earnings release and the appendix to this presentation for further disclosure and reconciliation of non-GAAP financial measures. (As used herein, the term refers to generally accepted accounting principles in the U.S.) The information set forth in this presentation is qualified by reference to, and should be read in conjunction with, our Annual Report on Form 10-K for the fiscal year ended October 31, 2023, filed with the SEC on December 19, 2023, our Quarterly Report on Form 10-Q for the quarter ended April 30, 2024, filed with the SEC on June 10, 2024, and our earnings release for the second quarter of fiscal year 2024, filed as an exhibit to our Current Report on Form 8-K filed with the SEC on June 10, 2024. Safe Harbor Statement 2

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© 2024 FuelCell Energy FuelCell Energy Snapshot What we do A global leader in electrochemical technology 1,2 Enable a world empowered by clean energy Who we are ~600 1969 188 3 Employees Modules in Commercial Operation 3 Founded Continents FCEL HQ 1 Patents held by FuelCell Energy, Inc., and our subsidiary Versa Power Systems, Inc. 2 As of April 30, 2024. 3 As of April 30, 2024; certain sites have multiple platforms. As an example, our 14 MW Derby, CT project site has five SureSource 3000 platforms containing a total of ten modules. U.S. patents covering our fuel cell technology U.S. patents pending 163 368 43 Patents in other jurisdictions covering our fuel cell technology Patents pending in 124 other jurisdictions Our purpose: Listing: NASDAQ Danbury, Connecticut 3

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© 2024 FuelCell Energy Business & Operational Updates 4

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© 2024 FuelCell Energy Expanded relationship with ExxonMobil and its Low Carbon Solutions group • Extended term of joint development agreement • Rotterdam demonstration project advancing 2 4 3 New biogas project announced with Ameresco, Inc. in Sacramento, CA (~$12M increase in Q2 product backlog) 1 5 Strong balance sheet management and disciplined capital allocation Key Messages Added substantial backlog in FY 2024 • Announced a significant new win in South Korea for ~$160M The Hwaseong Baran Industrial Complex fuel cell power platform, technology, has the capacity to produce 58.8 megawatts of electricity from 42 fuel cell modules Global energy transition policies remain encouraging 5

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© 2024 FuelCell Energy Key Milestones • FCEL accomplished key performance criteria for jointly developed carbon capture technology • Project start-up at Esso Nederland BV Rotterdam Manufacturing Complex expected in 2026 • ExxonMobil could deploy technology at other sites around the world they refer to these as Trailblazer projects • CO2 emissions captured directly from industrial sources while simultaneously producing electricity and H2 • Expected to improve the economics of carbon capture • FCEL can utilize technology in existing platform targeting small- to mid-scale applications through the agreement term • Expected to accelerate delivery of technology to market while the next generation cell and module design is demonstrated in Rotterdam Focus on Commercial Deployment • FCEL and ExxonMobil will continue to progress discussions for a new business framework Expanding Relationship The joint development agreement (JDA) was extended through 12/31/26 to allow continued development of carbon capture technology Relationship Highlights JDA Creates Multiple Opportunities 6

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© 2024 FuelCell Energy Rotterdam Technology Demonstration Breakthrough Carbon Capture Technology Ready for Field Testing • is building a direct flue gas carbon capture pilot plant at its Rotterdam Manufacturing Complex • Startup is expected in 2026 • FuelCell Energy has begun manufacturing direct flue gas optimized carbon capture modules at its facility in Torrington, Connecticut • Site will be the first use of this jointly developed carbonate technology for carbon capture which could significantly reduce CO2 emissions from key industries CO2 -containing flue streams, such as combustion exhaust, can be directed to the fuel cell, where electrochemical reactions produce electricity and hydrogen, while capturing and concentrating carbon dioxide for utilization or permanent sequestration and destroying NOx. (Image source ExxonMobil May 2024) 7

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© 2024 FuelCell Energy Opportunities for Biogas Applications Biogas Runs on biogas Removes Contaminants Recycles Heat Reduces Flaring • 2.8 Megawatt carbonate fuel cell platform to create clean electricity from onsite biofuel • Sacramento Sewer District will represent our fourth direct Biogas project in addition to Riverside, CA; Tulare, CA; and San Bernardino, CA Ameresco / Sacramento Sewer Biofuel Clean Energy Project Wastewater Treatment • FuelCell Energy offers proven, high-efficiency end-to-end solutions for wastewater treatment plants • Our unique technology allows the fuel cell platform to run on a wide array of fuels, including directly from biogas, natural gas, and a blend of H2 • On-site power can improve a facility's energy resiliency, be sold to the grid, or serve in a microgrid configuration • FuelCell Energy provides 24/7 remote monitoring through long-term service agreements • This carbonate platform is carbon-recovery ready Riverside, CA 8

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© 2024 FuelCell Energy Gyeonggi Green Energy (GGE) Agreement Agreement adds approximately $160M to Also includes a seven-year service agreement Agreement provides for the sale of 42 upgraded 1.4MW carbonate fuel cell modules to GGE over time for use at the Hwaseong Baran Industrial Complex scale its modular architecture, and run and maintain large scale applications, including the large-scale power and cooling (absorption chilling) needed for data centers The Hwaseong Baran Industrial Complex largest fuel cell power platform, with capacity to: • Produce 58.8 megawatts of electricity from 42 fuel cell modules • Provide power to nearly 135,000 homes • Generate about 250 billion kilocalories of hot water for heating approximately 20,000 homes annually Future Applications 9

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© 2024 FuelCell Energy Q2 2024 Financial Performance 10

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© 2024 FuelCell Energy Q2 Fiscal 2024 Financial Performance 1 Reconciliation of Adjusted EBITDA to most directly comparable GAAP financial measure is included in the appendix Total cash and short-term investment position (includes restricted cash and cash equivalents) $313.2M as of April 30, 2024 Q2 2024 Q2 2023 Total revenue $22.4M $38.3M Net loss $(37.7)M $(33.9)M Net loss per share attributable to common stockholders $(0.07) $(0.09) Adjusted EBITDA1 $(26.5)M $(26.0)M 11

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© 2024 FuelCell Energy Gross Loss and Operating Expenses ($M) Q2 Fiscal 2024 Financial Performance and Backlog $(6.1) $(7.1) $(29.8) $(34.3) 2Q23 2Q24 Q2 2023 Q2 2024 Backlog as of 4/30 ($B) Gross Loss Operating Expenses Q1-2023 Total Revenue: $37.1M Revenue Breakdown ($M) Q2 2024 Total Revenue: $22.4 million 6% 31% 63% Service Advanced Technologies Generation $1.4 $14.1 $6.9 $0.074 $0.145 $0.926 $0.853 $0.023 $0.051 Q2 2023 Q2 2024 $1.02 $1.06 Adv. Tech. Generation Service Note: Backlog as of April 30, 2024 does not reflect the ~$160M of backlog arising from the agreement with Gyeonggi Green Energy (GGE) executed subsequent to the quarter end 12

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© 2024 FuelCell Energy Our liquidity position enhances our ability to accelerate strategic initiatives through investment in manufacturing and R&D • $313.2M1 in total cash (including restricted cash and equivalents) and short-term investments • Debt financing transaction for two projects in Derby, CT contributed net funding to the Company of approximately $11.5M • Sale of ~6.5 million shares of common stock during the quarter resulted in net proceeds of ~$5.9 million • Subsequent to the end of the quarter, sold ~38.6 million shares of common stock resulting in net proceeds of ~ $31.7 million Cash and Liquidity $432.2 $458.1 $250.0 $158.8 $103.8 $101.3 $28.0 $23.0 $49.6 $53.1 10/31/21 10/31/22 10/31/23 4/30/24 $460.2 $481.1 Cash and Equivalents & Short-Term Treasury Securities ($M) $313.2 1 As of 4/30/2024 Liquidity to fund projects in development and commercialization activities Restricted Short-term Investments in U.S. Treasury Securities Unrestricted $403.3 13

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© 2024 FuelCell Energy $6.4 $21.1 $39.3 $60 – $75 $45 $60 FY2021 FY2022 FY2023 Prior FY2024E UPDATED FY2024E $11.3 $34.5 $61.0 $60 $70 $60 $65 FY2021 FY2022 FY2023 Prior FY2024E UPDATED FY2024E $66.9 $25.6 $53.0 $15 $25 $10 $15 FY2021 FY2022 FY2023 Prior FY2024E UPDATED FY2024E Decreasing FY24 Planned / Projected Investments Capital Expenditures Expand manufacturing capacity New Target Range: $45M to $60M (from $60M to $75M) • Calgary, Canada ‒ Continued solid oxide production capacity expansion with certain scope of work shifting into 2025 • Torrington, CT ‒ Next generation carbon capture production capacity ramp up ‒ Carbon recovery demonstration plant to be completed in FY 2024 Company Funded R&D Expenditures Accelerate Commercialization of Advanced Technologies Solutions New Target Range: $60M to $65M (from $60M to $70M) • Distributed hydrogen • Hydrogen-based long duration energy storage • Hydrogen power generation Project Assets in Generation Portfolio Backlog Complete existing project backlog New Target Range: $10M to $15M (from $15M to $25M) • Prudent project leverage and monetization of tax incentives may offset a significant amount of the planned capital investment Reduction of FY 2024 Expected Spending by up to $30 million 14

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© 2024 FuelCell Energy Thank You 15

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© 2024 FuelCell Energy Appendix 16

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© 2024 FuelCell Energy Powerhouse Business Strategy Our Existing Platform to Support Growth for the Future Significant Market Opportunities • Invest in commercialization • Extend process leadership • Broaden & deepen our team • Continue product innovations • Deepen participation in the developing hydrogen and carbon capture economy • Diversify our revenue streams by delivering products and services that support the global energy transition • Optimize the core business • Drive commercial excellence including building our sales pipeline • Expand geographically and by market SCALE INNOVATE GROW We are in a dynamic period of transition, investing across our business with a goal of supporting future long-term, profitable growth 17

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© 2024 FuelCell Energy Service Business Profile for Module Replacement Just completed a multi-year fleet upgrade • Replaced ~30 MW of modules over the past 3 years in our service business Entering a lighter module replacement cycle based on deployment of longer stack life modules Additional opportunities for LTSAs exist in Korea with current Korea Fuel Cell customers Note: Quarters shown are fiscal quarters for fiscal years ending October 31st Projects with LTSA Size of Plant (MW) Module Restack Quantity Est. Date of Next Module Restack BAM - Germany 0.25 1 Q3-2024 Hartford Hospital 1.4 1 Q4-2024 Pepperidge Farm - 1 1.4 1 Q1-2025 United Illuminating - New Haven 2.8 2 Q2-2025 City of Tulare 2.8 2 Q3-2026 United Illuminating - Seaside 2.8 2 Q4-2026 United Illuminating - Glastonbury 2.8 2 Q4-2027 E.ON - Friatec 1.4 1 Q4-2027 E.ON - Radisson 0.4 1 Q1-2028 Pepperidge Farm - 2 1.4 1 Q3-2028 KOSPO 2.5 2 Q3-2028 University of Bridgeport 1.4 1 Q3-2028 KOSPO 2.5 2 Q3-2029 United Illuminating - Woodbridge 2.2 2 Q1-2030 KOSPO 2.5 2 Q1-2030 KOSPO 10 4 Q2-2030 Trinity College 1.4 1 Q3-2030 KOSPO 2.5 2 Q3-2030 Noeul Green Energy 20 16 Q4-2030 Total under LTSA 62.45 46 18

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© 2024 FuelCell Energy FuelCell Energy Operating Portfolio Overview Generation Operating Portfolio as of April 30, 2024 Riverside Regional Water Quality Control Plant Pfizer, Inc. Santa Rita Jail Bridgeport Fuel Cell Project Tulare BioMAT San Bernardino LIPA Yaphank Project Groton Project Toyota Derby - CT RFP-2 Derby (SCEF) CCSU (CT University) City of Riverside (CA Municipality) Pfizer, Inc. Alameda County, California Connecticut Light and Power (CT Utility) Southern California Edison (CA Utility) San Bernardino Municipal Water Dept. PSEG/LIPA, LI NY (Utility) CMEEC (CT Electric Co-op) Southern California Edison, Toyota Eversource/United Illuminating (CT Utilities) Eversource/United Illuminating (CT Utilities) New Britain, CT Riverside, CA Groton, CT Dublin, CA Bridgeport, CT Tulare, CA San Bernardino, CA Long Island, NY Groton, CT Los Angeles, CA Derby, CT Derby, CT 1.4 1.4 5.6 1.4 14.9 2.8 1.4 7.4 7.4 2.3 14.0 2.8 15 20 20 20 15 20 20 18 20 20 20 20 Project Name Power Off-Taker Location Rated Capacity (1) (MW) Actual Commercial Operation Date (2) PPA Term (Years) Total MW Operating 62.8 1 ct to the Groton Project which did not achieve its design rated output of 7.4 MW until December 2023 2 Quarters for Actual Commercial Operation Date refer to FuelCell Energy fiscal quarters 19

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© 2024 FuelCell Energy 2023 Sustainability Report Our Commitment 2023 Sustainability Report second, covering our sustainability progress and performance Some 2023 Sustainability Highlights Our ESG Strategy encompasses 12 broad action areas that will guide us in the coming years 20

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© 2024 FuelCell Energy GAAP to Non-GAAP Reconciliation 1) Includes depreciation and amortization on our Generation portfolio of $7.2 million and $14.0 million for the three and six months ended April 30, 2024, respectively, and $5.3 million and $9.5 million for the three and six months ended April 30, 2023, respectively. 2) Other (income) expense, net includes gains and losses from transactions denominated in foreign currencies, interest rate swap income earned from investments and other items incurred periodically, which are not the result of the normal business operations. 3) The Company recorded a mark-to-market net loss of $2.3 million and $4.2 million for the three and six months ended April 30, 2024, respectively, related to natural gas purchase contracts. There was no comparable loss in the prior year as the Company changed its designation in the fourth quarter of fiscal year 2023 and in the second quarter of fiscal year 2024, as a result of net settling certain natural gas purchases under previous normal purchase normal sale contract designations, which resulted in a change to mark-to-market accounting. There were no mark-to-market gains or losses for the three and six months ended April 30, 2023. These losses are classified as Generation cost of sales. The following table calculates EBITDA and Adjusted EBITDA and reconciles these figures to the GAAP financial statement measure Net loss Financial results are presented in accordance with accounting principles generally accepted in the United States . Management also uses non-GAAP measures to analyze and make operating decisions on the business. Earnings before interest, taxes, depreciation and amortization and Adjusted EBITDA are non-GAAP measures of operations and operating performance by the Company. These supplemental non-GAAP measures are provided to assist readers in assessing operating performance. Management believes EBITDA and Adjusted EBITDA are useful in assessing performance and highlighting trends on an overall basis. Management also believes these measures are used by companies in the fuel cell sector and by securities analysts and investors when comparing the results of the Company with those of other companies. EBITDA differs from the most comparable GAAP measure, net loss attributable to the Company, primarily because it does not include finance expense, income taxes and depreciation of property, plant and equipment and project assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation, restructuring charges, non-cash (gain) loss on derivative instruments and other unusual items, which are considered either non-cash or non-recurring. While management believes that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these measures. The measures are not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation. The non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the consolidated financial statements prepared in accordance with GAAP. Three Months Ended April 30, Six Months Ended April 30, (Amounts in thousands) 2024 2023 2024 2023 Net loss $ (37,656) $ (33,911) $ (82,055) $ (54,997) Depreciation and amortization (1) 9,552 6,631 18,151 12,036 Provision for income taxes - 3 - 581 Other (income) expense, net (2) (2,590) 236 1,060 187 Interest income (3,390) (3,688) (7,457) (7,098) Interest expense 2,275 1,502 4,613 3,014 EBITDA $ (31,809) $ (29,227) $ (65,688) $ (46,277) Stock-based compensation expense 3,002 3,194 5,878 5,831 Unrealized loss on natural gas contract derivative assets (3) 2,318 - 4,177 - Adjusted EBITDA $ (26,489) $ (26,033) $ (55,633) $ (40,446) 21

v3.24.1.1.u2
Document and Entity Information
Jun. 10, 2024
Cover [Abstract]  
Entity Registrant Name FUELCELL ENERGY, INC.
Entity Central Index Key 0000886128
Document Type 8-K
Document Period End Date Jun. 10, 2024
Amendment Flag false
Entity Emerging Growth Company false
Entity File Number 1-14204
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 06-0853042
Entity Address, Address Line One 3 Great Pasture Road
Entity Address, City or Town Danbury
Entity Address, State or Province CT
Entity Address, Postal Zip Code 06810
City Area Code 203
Local Phone Number 825-6000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.0001 par value per share
Security Exchange Name NASDAQ
Trading Symbol FCEL

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