Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

September 5, 2024

FuelCell Energy reports $35.1M loss in Q3, despite gains from new Derby fuel cell park

Contributed Danbury-based FuelCell Energy's new 14-megawatt fuel cell park in Derby.
By Andrew Larson

Danbury-based FuelCell Energy Inc. reported a $35.1 million loss during its third-quarter conference call Thursday morning, as it faces potential delisting by the Nasdaq exchange unless it can raise its stock price above $1 before the end of November.

The fuel cell company’s loss during the third-quarter of 2023 was $23.6 million.

Also for the third quarter of 2024, the company reported revenue of $23.7 million, compared to $25.5 million last year — a 7% decline.

The company reported a loss of 7 cents per share.

Michael Bishop, executive vice president, chief financial officer and treasurer of FuelCell, said the company is taking “proactive steps” to keep its finances strong while also focusing on its efforts to capitalize on the “energy transition and the growing distributed power generation opportunity.”

Despite losses in other areas, the company said generation revenues jumped 22% to $13.4 million in the third quarter, driven by its recently opened 14-megawatt fuel cell park in Derby and its new “Tri-gen” system that produces renewable electricity, hydrogen and usable water at Toyota’s port facility in Long Beach, California.

The company stock hasn’t traded above $1 since June 11.

In August, FuelCell announced a plan for a reverse stock split to get its stock price above $1 to prevent delisting. 

FuelCell will hold a special stockholder meeting on Oct. 31 to consider and vote on the proposed reverse stock split.

On Thursday morning, the company’s stock was trading at about 40 cents per share. 

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF