DANBURY, Conn. - March 9, 2023 - FuelCell Energy, Inc. (Nasdaq: FCEL) - a global leader in decarbonizing power and producing hydrogen through its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy - today reported financial results for its first quarter ended January 31, 2023.
"For the first quarter of fiscal year 2023, we reported strong revenue growth, up 17% compared to the comparable prior year quarter," said Mr. Jason Few, President and Chief Executive Officer. "We delivered positive gross margin of approximately 14% and ended the quarter with a strong total cash and short-term investment position of over $400 million. Revenues in the quarter included service revenues recognized for four new module exchanges, two at our Woodbridge, Connecticut project and another two at Korea Southern Power Company ("KOSPO"). We also saw an increase of recurring generation revenues of 27% in the quarter. Generation revenues now include revenues generated by the operation of our platform at the U.S. Navy Submarine Base in Groton, CT, which began commercial operations during the first quarter."
"We remain focused on executing our project backlog and growing our generation operating portfolio and expect the Toyota and Derby projects to achieve commercial operation during calendar year 2023," continued Mr. Few. "Regarding our continued work with ExxonMobil Technology and Engineering Company, or EMTEC, we announced in December that we have extended the term of our Joint Development Agreement through August 31, 2023, and increased the maximum amount of contract consideration to be reimbursed by EMTEC by 20%, from $50 million to $60 million. This important, long-term partnership supports our efforts to commercialize large scale fuel cell carbon capture and storage technology."
Mr. Few added, "We continue to make progress towards scaling manufacturing with the goal of delivering our solid oxide fuel cell platform, which can create energy from a number of available energy sources - from renewables, hydrogen, biogas, or natural gas. We have amended our existing lease to more than double the square footage of our Calgary-based manufacturing facility and are continuing our capital investment in equipment needed to complete our first phase of scaling our production capacity. Subsequent to the quarter end, we announced a memorandum of understanding regarding our intent to collaborate with a subsidiary of Malaysia Marine and Heavy Engineering Holdings Berhad (KLSE: MHB) on the development of large-scale electrolyzer facilities based on our solid oxide technology for the Asian, New Zealand and Australian markets. Together, we expect to increase the efficiency and simultaneously reduce the cost of green hydrogen production, with the goal of making large-scale clean hydrogen production an easily accessible and viable energy option."
Mr. Few concluded, "As mentioned previously, we expect the U.S. Inflation Reduction Act to be a key driver of growth in renewable technologies, and we continue to see broad support for the energy transition through legislation and economic incentives globally. For example, the European Union recently proposed an approximately $270 billion program that would offer tax breaks for businesses investing in net-zero technology, and in Korea, the Korean Hydrogen Economy Roadmap aims to produce 6.2 million fuel cell electric vehicles and deploy at least 1,200 hydrogen refueling stations by 2040. We believe that future demand for technologies like those we are developing will create a significant opportunity upon which we believe we will be well positioned to capitalize. We continue to execute on our strategy to Grow, Scale and Innovate, and we look forward to an exciting inflection point in the future as we focus on commercialization activities and work to achieve long-term profitable growth."
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