FuelCell Energy, Inc., a global leader in delivering clean, innovative and affordable fuel cell solutions for the supply, recovery and storage of energy, has reported financial results for its fourth quarter and fiscal year ended October 31st, 2018.
FuelCell Energy generated a total gross profit of $1.1m in the fourth quarter of fiscal 2018 compared to a gross profit of $3.2m generated in the fourth quarter of fiscal 2017. Both periods were impacted by the under-absorption of fixed overhead costs due to low production volumes.
Operating expenses for the quarter totalled $13.0m, compared to $11.3m for the fourth quarter of 2017.
Adjusted loss before interest, taxes, depreciation and amortization in the fourth quarter of 2018 totalled $8.8m, compared to $5.0m in the fourth quarter of 2017.
Backlog and project awards
FuelCell Energy had a contract backlog totalling approximately $1.2bn as of October 31st, 2018. The company also had project awards totalling an additional $792.5m, resulting in total backlog and awards of approximately $2.0bn, as of October 31st, 2018.
Cash, restricted cash and project finance
Cash, cash equivalents and restricted cash totalled $80.2m as of October 31st, 2018, including $39.3m of unrestricted cash and cash equivalents and $40.9m of restricted cash and cash equivalents.
The value of long term project assets totalled $99.6m as of October 31st, 2018, with such project assets consisting of five projects totalling 11.2 MW plus costs incurred to date for an additional 83.1 MW of previously announced projects that are in various stages of construction.
Chip Bottone, President and CEO, FuelCell Energy, commented, “Our focus has been squarely on execution, and we have made significant strides executing on our strategy as evidenced by the recent signing of the LIPA PPA and the construction finance facility.”
He continued, “Add to that the acquisition of the Bridgeport fuel cell park project, the sale of the Trinity College project to AEP OnSite Partners, and the signing of the PPAs for the two Connecticut project awards totalling 22.2 megawatts, and we feel we have established a tremendous foundation for the company’s future. We are a global leader in power made from stationary fuel cell technology and have generated well over eight million megawatt hours globally. As we enter 2019, execution on our business plan will continue.”