FuelCell Energy on Thursday reported a net loss of $156.8 million during its 2024 fiscal year, which ended Oct. 31 – 45% higher than its net loss of $108.1 million in fiscal 2023.
The struggling Danbury-based company said it will reduce spending on new product development in 2025 as part of an effort to cut operating costs by 15%.
Also, FuelCell reduced its workforce in September and November, cutting a total of 90 positions across its locations in the United States, Canada and Germany.
FuelCell employed about 600 people in 2023, according to its annual report.
Also on Thursday, FuelCell reported a net loss of $39.6 million during its fourth quarter, compared to a $29.5 million loss during the fourth quarter of 2023.
FuelCell’s revenue in 2024 was $112.1 million, down from $123.4 million in 2023 – a 9% drop.
A bright spot in the company’s report was that its fourth-quarter revenue nearly doubled, from $22.5 million in 2023 to $49.3 million in 2024.
Jason Few, FuelCell’s president and CEO, attributed the increase to the company’s sale of equipment in South Korea.
“Looking ahead, we believe that global demand for energy remains strong in markets around the world, driven by data centers, AI, cryptocurrency growth, the need for more resilient and reliable grids, and carbon recovery and capture,” Few said.
He said he expects the business to be “on stronger financial footing” in 2024 due to “our previously announced global restructuring that will focus our core technologies on distributed power generation, grid resiliency and data center growth.”
FuelCell faced Nasdaq delisting earlier this year because its share price dropped below $1. In early November, the company performed a reverse stock split, which raised its share price.
The Nasdaq informed FuelCell that it had regained compliance with Nasdaq listing rules.
On Thursday morning, FuelCell stock was trading at $9.69 per share, down 1.3% from Wednesday’s close.
