Global Restructuring and Cost Discipline
FuelCell Energy launched a global restructuring plan at the start of the fiscal year, successfully reducing operating expenses and narrowing losses. Operating costs are expected to be reduced by approximately 15% in fiscal year 2025 compared to fiscal year 2024.
Significant Partnerships and Growth Opportunities
FuelCell Energy announced a partnership with Diversified Energy and Tessiak to deliver up to 360 megawatts of electricity to data centers in Virginia, West Virginia, and Kentucky. Additionally, a joint development agreement was signed with Malaysia Marine and Heavy Engineering to co-develop hydrogen production systems across Asia, New Zealand, and Australia.
Advanced Technology and Demonstration Projects
The company progressed on advanced demonstration projects, including a collaboration with ExxonMobil for carbon capture technology and a delivered solid oxide electrolysis sales system to the US Department of Energy Idaho's National Laboratory.
Revenue Growth and Financial Performance
Total revenues for the first quarter of fiscal 2025 were $19 million, up from $16.7 million in the prior year. The gross loss decreased from $11.7 million in the previous year to $5.2 million. Backlog increased to $1.31 billion from $1.03 billion year-over-year.