FuelCell Energy has reported total revenues of $17.8m for Q1, a gross loss of $2.2m compared to Q1 of 2018.

Operating expenses for Q1 totalled $13m compared to $10.2m for the first quarter of 2018. The increase is related to spending to complete the development and construction of the SureSource 4000 plant, as well as higher professional related and sales and marketing expenditures to business activities.

Net loss attributable to common stockholders for Q1 totalled to $33m, or $0.33 per basic and diluted share.

Backlog and project awards

FuelCell Energy had a contract backlog totalling approximately $1.3bn as of 31st January (2019) compared to contract backlog of approximately $638.5 as of 31st January 2018. 

Service and license backlog totalled at $291.2m, generation backlog totalled $982.4m and advanced technologies contract backlog totalled $37m.

Cash, restricted cash and borrowing ability

Cash, cash equivalents, restricted cash, and restricted cash equivalents totalled $68.2m as of 31st January (2019) including $27.8m of unrestricted cash and cash equivalents and $40.5m of restricted cash and cash equivalents.

Business highlights and recent developments

Q1 of 2019 saw FuelCell Energy enter into a $100m project finance facility with Generate Lending, complete construction of the first SureSource 4000 fuel cell, and continue to execute on 83.1MW of projects in the generation portfolio backlog.

“Overall, our first quarter was abut executing on our longer-term vision of building a sustainably profitable and growth orientated business focuses on service solutions,” said Chip Bottone, President and CEO of FuelCell Energy.

“Core to this was the establishment of a number of new project financing relationships that provide FuelCell Energy with efficient capital to continue to develop and build out our project backlog.”

“In addition, we just completed the development and construction of our project backlog. In addition, we just completed the development and construction of our high efficiency utility scale SureSource 4000 located in Danbury, Connecticut. We are committed to driving our business towards profitability, and this quarter’s accomplishments were major steps towards that goal,” Bottone concluded.