FuelCell Energy, Inc. (NASDAQ: FCEL) has announced financial results for its fourth quarter and fiscal year ended October 31st, 2020. For the fourth quarter, revenues amounted to USD 17 Million, a 54% increase compared to USD 11 Million in the same period a year ago. The company reported a loss from operations of USD 17.1 Million compared to USD 33 Million in the fourth quarter of fiscal year 2019. Net loss reached USD 18.9 Million as adjusted EBITDA amounted to USD 8.6 Million.
For Fiscal Year 2020, revenues summed up to USD 70.9 Million compared to USD 60.8 Million in FY 2019. The company recorded a loss from operations of USD 39.2 Million and a net loss of USD 89.1 Million. Adjusted EBITDA reached USD 17.7 Million as it recorded a backlog of USD 1.29 Billion.
“One year ago we launched our Powerhouse business strategy, with the first pillar of the strategy – Transform – containing the key deliverable of building a solid financial foundation,” said Mr. Jason Few, President and CEO. “Having made progress toward this goal, and as we look toward the second year of our journey, we intend to focus on operational and commercial excellence, while maintaining prudent capital deployment, reducing our overall cost of capital and focusing on lean resource management, cost reduction opportunities, and developing and defining a clear strategic roadmap for the Company. We are firmly focused on delivering revenue growth as we strive to capture the significant market opportunities that we believe lay before us with our proprietary technologies.”
Mr. Few continued, “During fiscal year 2020, we made progress executing on our project backlog, including completion of our 2.8 megawatt biogas power platform in Tulare, California. Additionally, we are near completion on the combined 8.8 megawatts of new power platforms at the U.S. Navy base in Groton, Connecticut and at the wastewater treatment facility in San Bernardino, California. We also recently began early stage construction activity on 24.5 megawatts of projects, including the Toyota hydrogen project at the Port of Long Beach, and utility scale projects in Yaphank, New York and Derby, Connecticut. Financially, we have improved our balance sheet through a series of strategic capital raises, allowing us to retire high-cost debt and providing unrestricted cash to execute on our strategic initiatives and growth plans.”