FuelCell Energy, Inc. (NasdaqGM:FCEL), a leading manufacturer of high efficiency, ultra-clean power plants announced 1Q08 results, including $29 million in 1Q orders–a record high for the company.
FuelCell Energy reported total revenues for Q108 (ending Jan. 31, 2008) of $15.0 million compared to $6.8 million in the same period last year. Product sales and revenues doubled to $9.8 million from $4.9 million in the 2007 first quarter.
Product backlog increased 131% over prior year to $84.7 million, and first quarter net cash use was $15.1 million, in-line with company expectations.
The first quarter net loss to common shareholders was $19.7 million, or $0.29 per basic and diluted share compared to $20.0 million, or $0.38 per basic and diluted share, in the same period last year.
Research and development expenses were lower by $1.4 million over the prior year as certain development objectives were met.
The product cost-to-revenue ratio improved by 27% to 1.99 compared to the 2.73 reported in the prior year quarter. The improved product margin versus the prior year quarter is primarily attributable to increased sales of MW-class power plants and reduction of unit costs across all product lines.
In January 2008, FuelCell Energy increased its manufacturing production rate to 25 MW annually from 11 MW to meet demand from South Korea, California and Connecticut customers.
About FuelCell Energy, Inc.
FuelCell Energy is a leader in the development and production of stationary fuel cells for commercial, industrial, municipal and utility customers. The company’s power plants have generated more than 200 million kWh of power using a variety of fuels including renewable wastewater gas, biogas from beer and food processing as well as natural gas and other hydrocarbon fuels. FuelCell Energy has partnerships with major power plant developers, trading companies and power companies around the world. The company also receives substantial funding from the U.S. Department of Energy and other government agencies for the development of leading edge technologies such as hybrid fuel cell/turbine generators and solid oxide fuel cells.
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