FuelCell Energy Reports Strong Q1 2023 Financial Results
DANBURY, Conn. – FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in decarbonizing power and producing hydrogen through its proprietary fuel cell platforms, has reported strong financial results for its first quarter ended January 31, 2023.
The company reported a 17% increase in revenue compared to the same quarter in the previous year, with positive gross margins of approximately 14%. FuelCell Energy also ended the quarter with a total cash and short-term investment position of over $400 million.
FuelCell Energy’s revenue growth was driven by service revenues recognized for four new module exchanges, two at its Woodbridge, Connecticut project and another two at Korea Southern Power Company (“KOSPO”). The company also saw an increase in product sales, including the sale of its SureSource 4000 power plant to a customer in California.
“We are pleased to report strong financial results for the first quarter of fiscal year 2023,” said Mr. Jason Few, President and Chief Executive Officer of FuelCell Energy. “Our continued revenue growth and positive gross margins demonstrate the strength of our business model and the demand for our clean energy solutions.”
FuelCell Energy’s fuel cell platforms are designed to enable a world empowered by clean energy, with applications in power generation, carbon capture, and hydrogen production. The company’s technology has been deployed in over 50 locations worldwide, including power plants, universities, and industrial facilities.
FuelCell Energy is committed to decarbonizing power and reducing greenhouse gas emissions, and its fuel cell platforms are a key part of the transition to a cleaner, more sustainable energy future. With strong financial results and a growing demand for its products and services, FuelCell Energy is well-positioned to continue leading the way in clean energy innovation.
