Fourth Quarter Revenue Surge
Fourth quarter revenue more than doubled year-over-year, reaching $49.3 million, driven mainly by module sales to Gyeonggi Green Energy in South Korea.
Global Restructuring Plan
FuelCell Energy announced a global restructuring plan focused on realigning team and capital to focus on core technologies, aiming for a 15% reduction in operating costs in fiscal year 2025.
Increase in Backlog
Finished the fiscal year with a backlog of approximately $1.16 billion, an increase of approximately 13.1% compared to the previous year.
Strong Liquidity Position
The company ended the fourth quarter with $318 million in cash, cash equivalents, and short-term investments, providing a strong position to invest in growth.