Restructuring Plan Announced
FuelCell Energy announced a restructuring plan prioritizing sales of their molten carbonate platform. The plan aims to accelerate profitability by rightsizing the business, managing expenses, and focusing on core technologies.
Revenue Growth
Total revenues for Q2 fiscal year 2025 were $37.4 million, up from $22.4 million in the prior year quarter, representing a 67% increase.
Service Agreement Revenue Increase
Service agreement revenues increased to $8.1 million from $1.4 million, primarily due to module exchanges under a long-term service agreement.
Backlog Growth
Backlog increased by approximately 18.7% to $1.26 billion compared to $1.06 billion as of April 30, 2024.
Cost Reduction
Operating expenses for Q2 fiscal year 2025 decreased to $26.4 million from $34.3 million in Q2 fiscal year 2024, indicating effective cost management.
Strategic Partnerships
Partnerships with ExxonMobil, Malaysia Marine, and Idaho National Laboratory are advancing commercialization and innovation efforts.