FUELCELL ENERGY Announces Third Quarter Fiscal Year 2023 Earnings Results
September 13, 2023
☀️Earnings Overview
On September 11, 2023, FUELCELL ENERGY ($NASDAQ:FCEL) reported their earnings results for the third quarter of FY2023 ending July 31, 2023. The total revenue for this quarter noted a year-over-year decrease of 40.8%, amounting to USD 25.5 million. Net income for the quarter was at USD -24.3 million, an improvement from the figure reported in the previous year of -29.4 million.
Stock Price
Monday marked the release of FUELCELL ENERGY‘s third quarter fiscal year 2023 earnings results. The stock opened at $1.4 and closed at $1.4, showing a 3.5% decrease from its previous closing price of $1.4. All in all, FUELCELL ENERGY saw a dip in their Q3 FY2023 earnings results, but the company remains confident in their ability to deliver strong financial results in the coming quarters. With the growth of renewable energy sources, FUELCELL ENERGY’s commitment to developing innovative clean energy solutions will remain a major force in the industry. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Fuelcell Energy. More…
| Total Revenues | Net Income | Net Margin |
| 140.13 | -122.87 | -92.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Fuelcell Energy. More…
| Operations | Investing | Financing |
| -148.5 | -145.66 | 151.42 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Fuelcell Energy. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 945.25 | 177.4 | 1.71 |
Key Ratios Snapshot
Some of the financial key ratios for Fuelcell Energy are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 29.2% | – | -80.7% |
| FCF Margin | ROE | ROA |
| -156.4% | -9.7% | -7.5% |
Analysis
At GoodWhale, we have conducted an analysis of FUELCELL ENERGY‘s financials. According to our Star Chart, FUELCELL ENERGY has an intermediate health score of 4/10 considering its cashflows and debt, suggesting that it might be able to sustain future operations in times of crisis. FUELCELL ENERGY is strong in asset, medium in growth and weak in dividend, profitability. As a result, we classify FUELCELL ENERGY as a “cheetah” – a type of company that has achieved high revenue or earnings growth but is considered less stable due to lower profitability. Such a company may be of interest to investors who are looking for high-growth stocks but who are also willing to take on more risk by having a less stable portfolio. It may also be of interest to those who want to diversify their portfolios with higher-risk but potentially higher-reward investments. More…
Peers
The company’s fuel cells are used in a variety of applications, including backup power, cogeneration, and combined heat and power. FuelCell Energy Inc’s competitors include Plug Power Inc, Ballard Power Systems Inc, and Bloom Energy Corp.
– Plug Power Inc ($NASDAQ:PLUG)
Plug Power Inc is a publicly traded company that designs, develops, manufactures, and sells hydrogen fuel cell systems for use in industrialforklifts and other material handling equipment. As of 2022, the company had a market cap of $8.57 billion and a return on equity of -8.6%. The company’s products are used in a variety of applications, including material handling, backup power, and portable power.
– Ballard Power Systems Inc ($TSX:BLDP)
Ballard Power Systems Inc is a Canadian fuel cell company that develops and manufactures proton exchange membrane fuel cells. The company has a market capitalization of $2.16 billion and a return on equity of -8.43%. Ballard Power Systems is a leading supplier of fuel cells for transportation applications such as buses, trucks, trains, marine vessels, and forklift trucks. The company’s fuel cells are also used in stationary applications such as backup power generation and combined heat and power.
– Bloom Energy Corp ($NYSE:BE)
In 2022, Bloom Energy Corp had a market capitalization of $3.75 billion and a return on equity of 112.18%. The company provides a variety of energy solutions, including fuel cells, solar panels, and batteries. It also offers a range of services, such as installation, financing, and maintenance.
Summary
Investors in FuelCell Energy may be disappointed with the company’s third quarter results of FY2023, with total revenue decreasing by 40.8% to USD 25.5 million and net income amounting to USD -24.3 million. This represents a slight improvement from the previous year’s figure of -29.4 million, however, the stock price dropped in response to the news. Despite the marginal improvement in profitability, it may be difficult for investors to remain bullish on FuelCell Energy’s outlook in the near-term given the current market conditions.
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