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Q1 2022 Quarterly Figures: Fuelcell Energy Revenues Up Significantly, Losses Reduced

Danbury, USA - Fuelcell Energy has reported figures for the first quarter of fiscal year 2022 (November 2021 - January 2022). While the US fuel cell companie's overall revenue has grown, Fuelcell Energy has been able to narrow its net losses.

Overall, the company, which is listed in the RENIXX World regenerative stock index, increased revenues by 114 percent to $31.8 million in Q1 2022. The increase in revenue is primarily attributable to product sales, which amounted to USD 18.0 million. This reflects the delivery of 6 fuel cell modules to POSCO Energy's subsidiary Korea Fuel Cell Co, Ltd. (KFC). The delivery is under an agreement between the companies that provides for a further order by KFC for eight modules by 30 June 2022. In the same period last year, Fuelcell Energy reported no revenue in the products category.

Revenue from service contracts, on the other hand, fell 56 per cent from $4.9 million to $2.2 million. Revenues from power generation increased 53 per cent from $4.9 million to $7.5 million. Advanced Technologies contract revenue decreased by 19 per cent to $4.1 million (Q1 2020: $5.1 million).

Adjusted EBITDA totalled minus USD 13.6 million in the first fiscal quarter of 2022, compared to adjusted EBITDA of minus USD 7.4 million in Q1 2021. The net loss attributable to ordinary shareholders in Q1 2022 is lower than in the previous year with a minus of USD 41.4 million (Q1 2020: minus USD 46.8 million). As a result, the net loss per share attributable to ordinary shareholders was - US$0.11 in Q1 2022, compared to - US$0.15 in Q1 2021.

"We are pleased with the progress we made in the first quarter of fiscal year 2022 on multiple fronts, including confirming our access to the Korean and broader Asian markets which contributed to our reintroduction of product sales to our revenue mix," said Jason Few, president and CEO. He was also pleased to announce the achievement of a critical technical milestone related to the carbon capture application under the Joint Development Agreement with ExxonMobil Research and Engineering Company. "Our solution is engineered to capture carbon dioxide, as well as NOx, SOx, and particulates, from an external source while simultaneously producing power and hydrogen. In contrast, current technologies in use for carbon capture are expensive and consume significant amounts of energy," Few added.

Fuelcell Energy's shares are down 8.8 percent to 5.57 euros in the first three days of the trading week through Wednesday evening (03/16/2022, closing price, Stuttgart Stock Exchange). In yesterday's trading, the share gained 2 percent to 5.68 euros (17.03.20222, closing price, Stuttgart Stock Exchange). The price is thus 14 per cent below the annual high (intraday) of 6.6 euros on 11 March 2022.

Source: IWR Online, 18 Mar 2022