Latest news with #MikeHill
National Post
20-06-2025
- Business
- National Post
Vybond Opens New Corporate Headquarters in Franklin, Kentucky, Honoring a Legacy of Innovation and Community Partnership
Article content FRANKLIN, Ky. — Vybond Group, Inc., a leader in specialty tape manufacturing, officially opened its new corporate headquarters in Franklin, Kentucky, with a ribbon-cutting ceremony that celebrated both a new beginning and a return to its roots. Local leaders, community members, and company executives gathered at the historic manufacturing site, which has produced tape products since 1957. Article content This isn't just about business growth, it's about honoring the people who've made this place special. Article content The newly named Vybond headquarters is more than just an administrative shift—it's a reaffirmation of the company's long-standing connection to Simpson County. 'While we're welcoming a new name, we're also welcoming back old friends,' said Steve Thurmond, President of the Franklin-Simpson Chamber of Commerce, noting that many Vybond leaders, including CEO Mike Hill and COO John Baker, began their Vybond careers at this very site. Article content In his remarks, Hill shared the emotional significance of the moment. 'This is a homecoming. I started here in 1997, and I now have the honor of leading Vybond as it embarks on an exciting new chapter. We are investing over $20 million into new equipment and facility upgrades here in Franklin—this isn't just about business growth, it's about honoring the people who've made this place special.' Article content The plant, relocated initially from Chicago in 1957, has evolved into one of the region's longest-operating industrial facilities. Vybond's continued success is built on deep community ties, multigenerational employee loyalty, and a culture of operational excellence. 'We're on our fourth generation of workers in some families,' said Hill. 'We want to be the premier employer in the region and continue providing opportunities for decades to come.' Article content John Baker, who was named plant manager almost 20 years ago, echoed those sentiments. 'This building has stood for nearly 70 years because of its people. This place helped feed families, raise kids, and support our community. It's more than a factory—it's a part of our lives.' Article content The ceremony included recognition of local leaders and stakeholders who played a pivotal role in making Vybond's headquarters relocation possible, including the Franklin-Simpson Industrial Authority, city and county officials, and long-time community supporters. Mayor Larry Dixon and Simpson County Judge-Executive Mason Barnes both praised the company's commitment to local investment and job creation. Article content 'This facility has offered generations of families the chance to thrive,' said Mayor Dixon. 'We are proud that Vybond chose to continue that legacy here in Franklin.' Article content Judge-Executive Barnes highlighted the cultural and economic impact of Vybond's investment, saying, 'The $20 million investment is impressive, but the investment in people is even more important. It's that commitment that will carry this plant into the next 70 years.' Article content Following the formal remarks, the executive team participated in a ceremonial ribbon cutting, surrounded by hundreds of employees, guests, and community supporters. Article content Vybond operates three facilities across the U.S., with Franklin serving as the company's flagship location. With its expanded leadership team, renewed investment, and deep Kentucky roots, Vybond is poised to lead the specialty tapes industry into a new era of performance, innovation, and partnership. Article content About Vybond Article content Vybond is a leading manufacturer of high-performance pressure-sensitive adhesive tapes and specialty materials. Headquartered in Franklin, Kentucky, with facilities in New York and Rhode Island, Vybond serves a wide range of industries—from construction and medical to aerospace and consumer goods. Now operating independently under Nautic Partners, Vybond is accelerating innovation and expanding global partnerships with a customer-first approach. Article content Article content Article content Article content Article content Contacts Article content
Yahoo
06-06-2025
- Business
- Yahoo
Why FuelCell Energy (FCEL) Stock Is Trading Up Today
Shares of carbonate fuel cell technology developer FuelCell Energy (NASDAQ:FCEL) jumped 27.8% in the afternoon session after the company reported impressive first quarter 2025 (fiscal Q2) results which blew past analysts' sales estimates. Most of that strength came from product sales and service deals, especially those tied to replacing modules under a long-term agreement. Its backlog kept growing too, up almost 19%, which suggests customer demand is still healthy. Still, the good news on the sales side didn't quite make its way down the income statement. Margins remained in the red, though operating losses narrowed a bit. The pressure on margins ended up pulling down both EBITDA and EPS, which missed analysts' estimates. To get things back on track, the company's cutting costs, trimming its workforce by 22%, and putting more focus on its carbonate tech that powers distributed energy projects. So while sales momentum looks solid, the quarter showed that getting to profitability remained an uphill climb. On the leadership front, FuelCell also brought on Mike Hill as its new Chief Commercial Officer, hoping his experience can help push things forward. After the initial pop the shares cooled down and closed the day at $6.47, up 24.4% from previous close. Is now the time to buy FuelCell Energy? Access our full analysis report here, it's free. FuelCell Energy's shares are extremely volatile and have had 91 moves greater than 5% over the last year. But moves this big are rare even for FuelCell Energy and indicate this news significantly impacted the market's perception of the business. The biggest move we wrote about over the last year was 5 months ago when the stock gained 17.8% on the news that the Biden administration announced new rules clarifying that some nuclear power plants can secure tax credits for producing clean hydrogen if the credits help keep reactors running. This announcement means more funding opportunities for hydrogen producers despite some opposition from environmental groups regarding the use of nuclear to produce hydrogen. The update also provides more certainty for investors and related companies within the clean energy space. FuelCell Energy is down 37.1% since the beginning of the year, and at $6.52 per share, it is trading 77.8% below its 52-week high of $29.37 from June 2024. Investors who bought $1,000 worth of FuelCell Energy's shares 5 years ago would now be looking at an investment worth $80.34. Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link.
Yahoo
06-06-2025
- Business
- Yahoo
FuelCell Energy Reports Second Quarter of Fiscal 2025 Results
Second Quarter Fiscal 2025 Summary(All comparisons are year-over-year unless otherwise noted) Revenue of $37.4 million, compared to $22.4 million, an increase of approximately 67% Gross loss of $(9.4) million compared to $(7.1) million, an increase of approximately 33% Loss from operations of $(35.8) million compared with $(41.4) million, a decrease of approximately 13% Net loss per share was $(1.79) compared with $(2.18), a decrease of approximately 18% Backlog of $1.26 billion, compared to $1.06 billion, an increase of approximately 19% Current Business Update Announcing restructuring plan to reduce operating expenses by 30% on an annualized basis compared to operating expenses incurred in fiscal year 2024 Focusing commercial efforts on carbonate-based distributed generation, including data center, grid resilience and reliability, and carbon recovery applications Refocusing solid oxide development efforts on electrolysis validation and demonstration – pausing R&D activity Addition of Mike Hill as Chief Commercial Officer DANBURY, Conn., June 06, 2025 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (NASDAQ: FCEL) today reported financial results for its second quarter ended April 30, 2025. 'In our second fiscal quarter, we delivered sequential revenue growth and continued executing on the disciplined cost management strategy we initiated in late 2024, in recognition of the changing energy landscape,' said Jason Few, President and Chief Executive Officer. 'Additionally, today we are reiterating our focused strategy that prioritizes advancement of our carbonate platform with the goal of meeting accelerating market demand driven by AI data centers, our distributed power generation solutions, and our carbon recovery and utilization applications.' 'Our strategy includes a further global restructuring across our operations in the U.S., Canada, and Germany as part of our ongoing work to concentrate our efforts on scaling our core carbonate technologies and achieving profitability,' Few continued. 'We have seen increasing policy support for natural gas energy, which we believe will accelerate adoption of solutions like our carbonate platform, which is already deployed globally using natural gas and biofuels. We believe that the actions we have taken to reduce our workforce by approximately an incremental 22%, scale back new platform commercial development work to focus on our commercially available technology and further reduce our SG&A expenses will help to shorten our timeline to expected future profitability by reducing our cost structure, while preserving our long-term commitment to innovation in electrolysis and carbon capture.' 'Our commercial efforts continue to generate meaningful opportunities, and we believe our Dedicated Power Partners strategic partnership with Diversified Energy Co. PLC and TESIAC Corp. positions us well to accelerate our entry into the data center market and expand our penetration in deployed microgrid applications,' added Few. 'We also strengthened our leadership team with the addition of Mike Hill as our new Chief Commercial Officer this month. His deep experience in sustainable integrated energy solutions and strong grasp of the unique power demands of data centers will be instrumental as we work to establish FuelCell Energy's presence in this critical growth sector.' Michael Bishop, Executive Vice President, Chief Financial Officer and Treasurer added, 'We are taking deliberate and proactive steps to maintain a strong and flexible balance sheet while continuing to sharpen our focus on cost discipline and the execution of a growth strategy centered on our carbonate platform. Our priorities remain clear: reduce our discretionary spending, decrease our cash burn, and accelerate our trajectory toward our ultimate goal of sustained, positive adjusted EBITDA. In parallel, we are actively pursuing strategic financing to support commercial execution, including our Korea repowering project, where we successfully delivered four modules this quarter,' said Bishop. 'We believe our proven technology is well-positioned to meet the demands of the evolving energy integration and the accelerating need for distributed power generation—both through our established channels and our newly launched strategic partnership in Dedicated Power Partners. We remain focused on driving financial performance while enabling long-term, scalable growth.' Consolidated Financial Metrics Three Months Ended April 30, (Amounts in thousands, except per share data) (1) 2025 2024 Change Total revenues $ 37,406 $ 22,420 67 % Gross loss (9,438 ) (7,074 ) 33 % Loss from operations (35,810 ) (41,361 ) (13 %) Net loss (37,749 ) (37,656 ) (0 %) Net loss attributable to common stockholders (38,849 ) (32,940 ) 18 % Net loss per basic and diluted share $ (1.79 ) $ (2.18 ) (18 %) EBITDA * (24,920 ) (31,809 ) (22 %) Adjusted EBITDA * $ (19,310 ) $ (26,489 ) (27 %) (1) All historic per share figures have been retroactively adjusted to reflect the Company's reverse stock split that became effective on November 8, 2024. * A reconciliation of non-GAAP measures EBITDA and Adjusted EBITDA is contained in the appendix to this press release. Second Quarter of Fiscal 2025 Results (All comparisons are between second quarter of fiscal 2025 and second quarter of fiscal 2024 unless otherwise noted) Second quarter revenue of $37.4 million represents an increase of 67% from the comparable prior year quarter. Product revenues were $13.0 million compared to no product revenues recognized for the comparable prior year period. Service agreements revenues increased to $8.1 million from $1.4 million. The increase in service agreements revenues during the three months ended April 30, 2025 was primarily driven by module replacement revenue recognized under the Company's long-term service agreement with United Illuminating. There were three module replacements, one of which was fulfilled with a used module, during the three months ended April 30, 2025, and no module replacements during the comparable prior year period. Generation revenues decreased to $12.1 million from $14.1 million. The decrease in generation revenues for the three months ended April 30, 2025 reflects lower power output resulting from maintenance activities during the quarter. Advanced Technologies contract revenues decreased to $4.1 million from $6.9 million. Advanced Technologies contract revenues recognized under our Joint Development Agreement with ExxonMobil Technology and Engineering Company ('EMTEC') were approximately $2.3 million, revenues arising from the purchase order received from Esso Nederland B.V. ('Esso'), an affiliate of EMTEC and Exxon Mobil Corporation, related to the Rotterdam project were approximately $1.2 million and revenue recognized under government contracts and other contracts were approximately $0.6 million for the three months ended April 30, 2025. This compares to Advanced Technologies contract revenues recognized under our Joint Development Agreement with EMTEC of approximately $2.7 million, revenue recognized under the Esso purchase order of approximately $2.1 million and revenue recognized under government contracts and other contracts of approximately $2.1 million for the three months ended April 30, 2024. Gross loss for the second quarter of fiscal 2025 totaled $(9.4) million, compared to a gross loss of $(7.1) million in the comparable prior year quarter. The increase in gross loss for the second quarter of fiscal 2025 was primarily related to reduced gross margin on advanced technologies contract revenues and service agreements revenues during the second quarter of fiscal 2025, partially offset by decreased gross loss from generation revenues. The decreased gross loss from generation revenues was a result of a reduction in the expensed construction costs related to the Toyota Project, which were $0.2 million in the second quarter of fiscal 2025, compared to $2.6 million in the second quarter of fiscal 2024 (which also included expensed gas costs). Operating expenses for the second quarter of fiscal 2025 decreased to $26.4 million from $34.3 million in the second quarter of fiscal 2024. Administrative and selling expenses decreased to $16.5 million during the second quarter of fiscal 2025 from $17.7 million during the second quarter of fiscal 2024. The decrease in administrative and selling expenses is primarily due to lower compensation expense as a result of the restructuring actions taken in the fall of 2024. Research and development expenses decreased to $9.9 million during the second quarter of fiscal 2025 compared to $16.6 million in the second quarter of fiscal 2024. The decrease in research and development expenses is primarily due to a decrease in spending on our commercial development efforts related to our solid oxide power generation and electrolysis platforms and carbon separation and carbon recovery solutions compared to the comparable prior year period, as well as a shift in engineering resource allocation toward supporting funded Advanced Technologies activities. Net loss was $(37.7) million in the second quarter of fiscal 2025, compared to net loss of $(37.7) million in the second quarter of fiscal 2024. Adjusted EBITDA totaled $(19.3) million in the second quarter of fiscal 2025, compared to Adjusted EBITDA of $(26.5) million in the second quarter of fiscal 2024. Please see the discussion of non-GAAP financial measures, including Adjusted EBITDA, in the appendix at the end of this release. The net loss per share attributable to common stockholders in the second quarter of fiscal 2025 was $(1.79), compared to $(2.18) in the second quarter of fiscal 2024. The decrease in net loss per share is primarily due to the net income of $0.3 million attributable to noncontrolling interest during the three months ended April 30, 2025 (compared to the net loss of $5.5 million attributable to noncontrolling interest that benefited the comparable prior year period). The net loss per common share for the three months ended April 30, 2025 benefited from the higher number of weighted average shares outstanding due to share issuances since April 30, 2024. Restructuring and Operational Update Today, the Company is announcing its global restructuring plan with respect to its operations in the U.S., Canada and Germany. This plan aims to further reduce operating costs, realign resources toward advancing the Company's core carbonate technologies, and protect the Company's competitive position amid slower-than-expected market investments in clean energy. As part of this restructuring plan, on June 5, 2025, the Company reduced its workforce by approximately 22%. Following this reduction in workforce, the Company has a total of approximately 426 global employees. This restructuring plan follows a November 2024 global restructuring of operations. The goal of the November 2024 restructuring plan was to reduce operating costs by approximately 15% in fiscal year 2025, compared with fiscal year 2024. The November 2024 restructuring plan included a reduction in our workforce of approximately 13% and reduced spending for product development, overhead and other costs. Key actions under our new restructuring plan include: (i) a global workforce reduction (as described above), (ii) a significant reduction of discretionary overhead spending, (iii) recalibration of our Torrington manufacturing facility production schedule to align with contracted demand, rather than forecasted demand, which, without continued growth in our closed order book, would result in a decrease in our annualized production rate, (iv) the deferral of certain compensation and benefit obligations, (v) the cessation of the majority of development efforts with respect to our solid oxide technology, and (vi) other targeted cost-saving measures. With our enhanced focus on our core technologies, specifically the manufacture and sale of our carbonate platforms, and the growing demand for distributed power generation in the U.S., Asia, and Europe, we are targeting the future achievement of positive Adjusted EBITDA once our Torrington, CT manufacturing facility reaches an annualized production rate of 100 MW per year. However, for the six months ended April 30, 2025, the facility operated at an annualized production rate of approximately 31 MW, and our annualized production rate may decrease in the near term as part of our restructuring plan. Cash, Restricted Cash and Short-Term Investments Cash and cash equivalents, restricted cash and cash equivalents, and short-term investments totaled $240.0 million as of April 30, 2025, compared to $318.0 million as of October 31, 2024. Of the $240.0 million as of April 30, 2025, unrestricted cash and cash equivalents totaled $116.1 million, short-term investments totaled $60.9 million and restricted cash and cash equivalents totaled $63.1 million. Of the $318.0 million total as of October 31, 2024, unrestricted cash and cash equivalents totaled $148.1 million, short-term investments totaled $109.1 million and restricted cash and cash equivalents totaled $60.8 million. Short-term investments represent the amortized cost of U.S. Treasury Securities outstanding and held by the Company as of April 30, 2025 and October 31, 2024. During the three months ended April 30, 2025, approximately 1.6 million shares of the Company's common stock were sold under the Company's Open Market Sale Agreement, as amended, at an average sale price of $5.00 per share, resulting in gross proceeds of approximately $8.1 million before deducting sales commissions and fees, and net proceeds to the Company of approximately $7.7 million after deducting sales commissions and fees totaling approximately $0.4 million. Backlog As of April 30, (Amounts in thousands) 2025 2024 Change Product $ 98,184 $ 12,307 $ 85,877 Service 164,417 145,100 19,317 Generation 967,388 852,933 114,455 Advanced Technologies 29,608 51,112 (21,504 ) Total Backlog $ 1,259,597 $ 1,061,452 $ 198,145 As of April 30, 2025, backlog increased by approximately 18.7% to $1.26 billion, compared to $1.06 billion as of April 30, 2024, in part, as a result of the long-term service agreement entered into with Gyeonggi Green Energy Co., Ltd. ('GGE') (such long-term service agreement, the 'GGE Agreement') during the third quarter of fiscal year 2024. Backlog for the GGE Agreement has been allocated between product backlog and service backlog. Product backlog is being, and will be, recognized as revenue as the Company completes commissioning of the replacement modules. Under the GGE Agreement, commissioning of the first six 1.4-MW replacement fuel cell modules was completed in the fourth quarter of fiscal year 2024 and commissioning of the next four replacement fuel cell modules was completed in the second quarter of fiscal year 2025. An additional 16 1.4-MW replacement fuel cell modules are expected to be commissioned ratably throughout the remainder of fiscal year 2025, and the remaining 16 1.4-MW replacement fuel cell modules are expected to be commissioned in fiscal year 2026. Service backlog is being, and will be, recognized as revenue as the Company performs service at the GGE site over the term of the GGE Agreement. Backlog also increased as a result of entering into a 20-year power purchase agreement for a 7.4 MW fuel cell power plant that the Company will build in Hartford, CT. This power purchase agreement has added approximately $167.4 million in backlog. Backlog represents definitive agreements executed by the Company and our customers. Projects for which we have an executed power purchase agreement ('PPA') or hydrogen power purchase agreement ('HPPA') are included in generation backlog, which represents future revenue under long-term PPAs and HPPAs. The Company's ability to recognize revenue in the future under a PPA or HPPA is subject to the Company's completion of construction of the project covered by such PPA or HPPA. Should the Company not complete the construction of the project covered by a PPA or HPPA, it will forgo future revenues with respect to the project and may incur penalties and/or impairment charges related to the project. Projects sold to customers (and not retained by the Company) are included in product sales and service agreements backlog, and the related generation backlog is removed upon sale. Together, the service and generation portion of backlog had a weighted average term of approximately 18 years as of April 30, 2025, with weighting based on the dollar amount of backlog and utility service contracts of up to 20 years in duration at inception. Conference Call Information FuelCell Energy will host a conference call today beginning at 10:00 a.m. ET to discuss second quarter of fiscal year 2025 results as well as key business highlights. Participants can access the live call via webcast on the Company's website or by telephone as follows: The live webcast of the call and supporting slide presentation will be available at To listen to the call, select 'Investors' on the home page located under the 'Our Company' pull-down menu, proceed to the 'Events & Presentations' page and then click on the 'Webcast' link listed under the June 6th earnings call event, or click here. Alternatively, participants can dial 888-330-3181 and state FuelCell Energy or the conference ID number 1099808. The replay of the conference call will be available via webcast on the Company's Investors' page at approximately two hours after the conclusion of the call. Cautionary Language This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or our future financial performance that involve certain contingencies and uncertainties. The forward-looking statements include, without limitation, statements with respect to the Company's anticipated financial results and statements regarding the Company's plans and expectations regarding the continuing development, commercialization and financing of its current and future fuel cell technologies, the expected timing of completion of the Company's ongoing projects, the Company's business plans and strategies, the implementation, effect, and potential impact of the Company's restructuring plans, the Company's plan to reduce operating costs, the Company's plan to increase its annualized production rate at its Torrington manufacturing facility in the future, the Company's plans for and ability to achieve positive Adjusted EBITDA, the capabilities of the Company's products, and the markets in which the Company expects to operate. Projected and estimated numbers contained herein are not forecasts and may not reflect actual results. These forward-looking statements are not guarantees of future performance, and all forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation: general risks associated with product development and manufacturing; general economic conditions; changes in interest rates, which may impact project financing; supply chain disruptions; changes in the utility regulatory environment; changes in the utility industry and the markets for distributed generation, distributed hydrogen, and fuel cell power plants configured for carbon capture or carbon separation; potential volatility of commodity prices that may adversely affect our projects; availability of government subsidies and economic incentives for alternative energy technologies; our ability to remain in compliance with U.S. federal and state and foreign government laws and regulations; our ability to maintain compliance with the listing rules of The Nasdaq Stock Market; rapid technological change; competition; the risk that our bid awards will not convert to contracts or that our contracts will not convert to revenue; market acceptance of our products; changes in accounting policies or practices adopted voluntarily or as required by accounting principles generally accepted in the United States; factors affecting our liquidity position and financial condition; government appropriations; the ability of the government and third parties to terminate their development contracts at any time; the ability of the government to exercise 'march-in' rights with respect to certain of our patents; our ability to successfully market and sell our products internationally; delays in our timeline for bringing commercially viable products to market; our ability to develop additional commercially viable products; our ability to implement our strategy; our ability to reduce our levelized cost of energy and deliver on our cost reduction strategy generally; our ability to protect our intellectual property; litigation and other proceedings; the risk that commercialization of our new products will not occur when anticipated or, if it does, that we will not have adequate capacity to satisfy demand; our need for and the availability of additional financing; our ability to generate positive cash flow from operations; our ability to service our long-term debt; our ability to increase the output and longevity of our platforms and to meet the performance requirements of our contracts; our ability to expand our customer base and maintain relationships with our largest customers and strategic business allies; the risk that our restructuring plans and workforce reductions will not result in the intended benefits or savings; the risk that our restructuring plans and workforce reductions will result in unanticipated costs; the risk that our restructuring plans will yield unintended consequences to our remaining workforce and results of operations; our ability to reduce operating costs; our ability to increase our annualized production rate at our Torrington manufacturing facility in the future; and our ability to achieve positive Adjusted EBITDA in the future, as well as other risks set forth in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2025. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based. About FuelCell Energy FuelCell Energy, Inc. (NASDAQ: FCEL): FuelCell Energy is a global leader in delivering environmentally responsible distributed baseload energy platform solutions through our proprietary fuel cell technology. FuelCell Energy is focused on advancing sustainable clean energy technologies that address some of the world's most critical challenges around energy access, security, resilience, reliability, affordability, safety and environmental stewardship. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers worldwide with sustainable products and solutions for industrial and commercial businesses, utilities, governments, municipalities, and communities. SureSource, SureSource 1500, SureSource 3000, SureSource 4000, SureSource Recovery, SureSource Capture, SureSource Hydrogen, SureSource Storage, SureSource Service, SureSource Capital, FuelCell Energy, and FuelCell Energy logo are all trademarks of FuelCell Energy, Inc. Contact:FuelCell Energy, ENERGY, INC. Consolidated Balance Sheets (Unaudited) (Amounts in thousands, except share and per share amounts) April 30,2025 October 31,2024 ASSETS Current assets: Cash and cash equivalents, unrestricted $ 116,061 $ 148,133 Restricted cash and cash equivalents – short-term 12,339 12,161 Investments – short-term 60,908 109,123 Accounts receivable, net 10,033 11,751 Unbilled receivables 45,404 36,851 Inventories 123,541 113,703 Other current assets 16,178 12,736 Total current assets 384,464 444,458 Restricted cash and cash equivalents – long-term 50,716 48,589 Inventories – long-term 2,743 2,743 Project assets, net 228,202 242,131 Property, plant and equipment, net 138,188 130,686 Operating lease right-of-use assets, net 7,566 8,122 Goodwill 4,075 4,075 Intangible assets, net 14,131 14,779 Other assets 53,758 48,541 Total assets (1) $ 883,843 $ 944,124 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 17,137 $ 15,924 Current portion of operating lease liabilities 795 807 Accounts payable 22,552 22,585 Accrued liabilities 24,952 30,362 Deferred revenue 2,918 4,226 Total current liabilities 68,354 73,904 Long-term deferred revenue 4,203 3,010 Long-term operating lease liabilities 8,352 8,894 Long-term debt and other liabilities 124,138 130,850 Total liabilities (1) 205,047 216,658 Redeemable Series B preferred stock (liquidation preference of $64,020 as of April 30, 2025 and October 31, 2024) 59,857 59,857 Total equity: Stockholders' equity: Common stock ($0.0001 par value); 1,000,000,000 shares authorized as of April 30, 2025 and October 31, 2024; 22,776,193 and 20,375,932 shares issued and outstanding as of April 30, 2025 and October 31, 2024, respectively) 2 2 Additional paid-in capital 2,318,607 2,300,031 Accumulated deficit (1,707,925 ) (1,641,550 ) Accumulated other comprehensive loss (1,507 ) (1,561 ) Treasury stock, Common, at cost (31,596 and 12,543 shares as of April 30, 2025 and October 31, 2024, respectively) (1,314 ) (1,198 ) Deferred compensation 1,314 1,198 Total stockholders' equity 609,177 656,922 Noncontrolling interests 9,762 10,687 Total equity 618,939 667,609 Total liabilities, redeemable Series B preferred stock and total equity $ 883,843 $ 944,124 (1) As of April 30, 2025 and October 31, 2024, the combined assets of the variable interest entities ('VIEs') were $319,631 and $311,723, respectively, that can only be used to settle obligations of the VIEs. These assets include cash of $2,345, accounts receivable of $581, unbilled accounts receivable of $12,055, operating lease right of use assets of $1,652, other current assets of $149,636, restricted cash and cash equivalents of $739, project assets of $149,487 and other assets of $3,136 as of April 30, 2025, and cash of $2,891, accounts receivable of $674, unbilled accounts receivable of $9,479, operating lease right of use assets of $1,663, other current assets of $135,756, restricted cash and cash equivalents of $639, project assets of $157,604 and other assets of $3,018 as of October 31, 2024. The combined liabilities of the VIEs as of April 30, 2025 include short-term operating lease liabilities of $204, accounts payable of $190,548, accrued liabilities of $406, deferred revenue of $150, long-term operating lease liability of $2,131, derivative liability of $2,931 and other non-current liabilities of $292 and, as of October 31, 2024, include short-term operating lease liabilities of $204, accounts payable of $181,274, accrued liabilities of $341, deferred revenue of $20, derivative liabilities of $3,693, long-term operating lease liability of $2,142 and other non-current liabilities of $ ENERGY, INC. Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Amounts in thousands, except share and per share amounts) Three Months Ended April 30, 2025 2024 Revenues: Product $ 13,027 $ - Service 8,144 1,369 Generation 12,124 14,118 Advanced Technologies 4,111 6,933 Total revenues 37,406 22,420 Costs of revenues: Product 16,261 2,938 Service 9,067 1,267 Generation 18,411 21,424 Advanced Technologies 3,105 3,865 Total costs of revenues 46,844 29,494 Gross loss (9,438 ) (7,074 ) Operating expenses: Administrative and selling expenses 16,470 17,660 Research and development expenses 9,896 16,627 Restructuring 6 - Total costs and expenses 26,372 34,287 Loss from operations (35,810 ) (41,361 ) Interest expense (2,548 ) (2,275 ) Interest income 1,825 3,390 Other (expense) income, net (1,132 ) 2,590 Loss before provision for income taxes (37,665 ) (37,656 ) Provision for income taxes (84 ) - Net loss (37,749 ) (37,656 ) Net income (loss) attributable to noncontrolling interest 300 (5,516 ) Net loss attributable to FuelCell Energy, Inc. (38,049 ) (32,140 ) Series B preferred stock dividends (800 ) (800 ) Net loss attributable to common stockholders $ (38,849 ) $ (32,940 ) Loss per share basic and diluted: Net loss per share attributable to common stockholders $ (1.79 ) $ (2.18 ) Basic and diluted weighted average shares outstanding 21,740,193 15,099,482 FUELCELL ENERGY, INC. Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Amounts in thousands, except share and per share amounts) Six Months Ended April 30, 2025 2024 Revenues: Product $ 13,099 $ - Service 9,992 2,986 Generation 23,470 24,611 Advanced Technologies 9,842 11,514 Total revenues 56,403 39,111 Costs of revenues: Product 19,297 5,329 Service 10,735 3,155 Generation 33,705 42,318 Advanced Technologies 7,308 7,108 Total costs of revenues 71,045 57,910 Gross loss (14,642 ) (18,799 ) Operating expenses: Administrative and selling expenses 31,500 34,060 Research and development expenses 20,977 30,980 Restructuring 1,542 - Total costs and expenses 54,019 65,040 Loss from operations (68,661 ) (83,839 ) Interest expense (5,155 ) (4,613 ) Interest income 4,213 7,457 Other expense, net (448 ) (1,060 ) Loss before provision for income taxes (70,051 ) (82,055 ) Provision for income taxes (84 ) - Net loss (70,135 ) (82,055 ) Net loss attributable to noncontrolling interest (3,760 ) (30,122 ) Net loss attributable to FuelCell Energy, Inc. (66,375 ) (51,933 ) Series B preferred stock dividends (1,600 ) (1,600 ) Net loss attributable to common stockholders $ (67,975 ) $ (53,533 ) Loss per share basic and diluted: Net loss per share attributable to common stockholders $ (3.22 ) $ (3.55 ) Basic and diluted weighted average shares outstanding 21,110,664 15,076,778 Appendix Non-GAAP Financial Measures Financial results are presented in accordance with accounting principles generally accepted in the United States ('GAAP'). Management also uses non-GAAP measures to analyze and make operating decisions on the business. Earnings before interest, taxes, depreciation and amortization ('EBITDA') and Adjusted EBITDA are non-GAAP measures of operations and operating performance by the Company. These supplemental non-GAAP measures are provided to assist readers in assessing operating performance. Management believes EBITDA and Adjusted EBITDA are useful in assessing performance and highlighting trends on an overall basis. Management also believes these measures are used by companies in the fuel cell sector and by securities analysts and investors when comparing the results of the Company with those of other companies. EBITDA differs from the most comparable GAAP measure, net loss attributable to the Company, primarily because it does not include finance expense, income taxes and depreciation of property, plant and equipment and project assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation, restructuring charges, non-cash (gain) loss on derivative instruments and other unusual items, which are considered either non-cash or non-recurring. While management believes that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these measures. The measures are not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation. The Company's non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP. The following table calculates EBITDA and Adjusted EBITDA and reconciles these figures to the GAAP financial statement measure Net loss. Three Months Ended April 30, Six Months Ended April 30, (Amounts in thousands) 2025 2024 2025 2024 Net loss $ (37,749 ) $ (37,656 ) (70,135 ) (82,055 ) Depreciation and amortization (1) 10,890 9,552 20,836 18,151 Provision for income taxes 84 - 84 - Other expense (income), net (2) 1,132 (2,590 ) 448 1,060 Interest income (1,825 ) (3,390 ) (4,213 ) (7,457 ) Interest expense 2,548 2,275 5,155 4,613 EBITDA $ (24,920 ) $ (31,809 ) $ (47,825 ) $ (65,688 ) Stock-based compensation expense 4,824 3,002 6,966 5,878 Unrealized loss (gain) on natural gas contract derivative assets (3) 780 2,318 (1,066 ) 4,177 Restructuring 6 - 1,542 - Adjusted EBITDA $ (19,310 ) $ (26,489 ) $ (40,383 ) $ (55,633 )(1) Includes depreciation and amortization on our Generation portfolio of $8.7 million and $16.7 million for the three and six months ended April 30, 2025, respectively, and $7.2 million and $14.0 million for the three and six months ended April 30, 2024, respectively. (2) Other expense (income), net includes gains and losses from transactions denominated in foreign currencies, interest rate swap income earned from investments and other items incurred periodically, which are not the result of the Company's normal business operations. (3) The Company recorded a mark-to-market net loss (gain) of $0.8 million and $(1.1) million for the three and six months ended April 30, 2025, respectively, and a mark-to-market net loss of $2.3 million and $4.2 million for the three and six months ended April 30, 2024, respectively, related to natural gas purchase contracts as a result of net settling certain natural gas purchases under previous normal purchase normal sale contract designations, which resulted in a change to mark-to-market accounting. These gains and losses are classified as Generation cost of sales. 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Yahoo
20-05-2025
- Climate
- Yahoo
Burnside honors four late town marshals in memorial ceremony
Despite adverse conditions — a lack of electricity and water in the city following Friday's tornado — Burnside officials came together on Saturday to honor four of the community's officers of the law who made the greatest possible sacrifice in the line of duty. The Burnside Fallen Officer Memorial Ceremony went on as planned this past weekend, with families of those being honored coming in from all over the country — not just Kentucky, but Ohio, Indiana, Missouri, and even California and Florida. An estimated 200 people were present at Cole Park for the ceremony. Four town marshals — a position that eventually evolved into Burnside Chief of Police — who were killed as a result of their service to the community were honored, with their names being placed on the monument at the Burnside Memorial Garden at Cole Park. Burnside Police Chief Mike Hill told the Commonwealth Journal that his department had a recruit in the police academy that was doing a history project, and asked Hill questions about when Burnside's Police Department was established and other details. This led Hill to do his own research to find those answers, and in the process, learned about the four men who will be honored Saturday. When Burnside created its Memorial Garden in 2023, Hill decided that he'd like to utilize it to honor the four marshals he learned about who died as a result of their service to the city. In particular, that's because they're already permanently honored in the police academy at Eastern Kentucky University and the National Law Enforcement Officers Memorial in Washington D.C., but hadn't yet been recognized in Burnside itself. A number of speakers participated in the event, including Hill and Burnside Mayor Robert Lawson, who read a proclamation declaring that week — May 11-17 — as National Police Week in the City of Burnside, and Saturday, May 17 as Police Day. He also recognized a moment of silence for those whose lives were lost as a result of Friday's tornado in the area. Speaking to those in attendance about the recognition of the four marshals, Lawson said, "I want to say thank you to the families. That is the ultimate sacrifice, is giving your life." Also speaking were retired police chief Eddie Glover, who talked about the kind of dangers law officers face every day, noting that almost 100 officers per year are lost to violence, and that doesn't include those who take their own lives due to the stresses of the job; former mayor Jim Brooks, who spoke abut the stories he heard from his family over the years about one of those marshals, John Coomer; Brandon Becker, city councilor and chair of the Burnside Historical Society, who talked about how safe he feels in a community like Burnside and how its the police that provide that safety; and tourism commissioner Jerrica Flynn, who spoke about the role law officers play assisting her in her job. "There's a type of authenticity that you can't market, that I can't create on a campaign," she said. "... (T)hese fallen officers ... are a prime example of what you can do for your community when you are so ingrained in what you do and what you love. It's almost magical to see that type of love for others and their place of being. So for me as a tourism director, these guys make my job easy. ... That authenticity of true love for their community and that warm hospitality, it's just so easy to convey to other people and have them come back and visit again and again." JOHN COOMER On August 18, 1913, an alleged moonshiner shot and killed a Burnside Councilman, John Fitzgerald, and wounded the town marshal, John Coomer, in a pistol duel. The shooter had been to Somerset with a friend earlier that day and appeared to be drunk when he stepped off the train at Burnside. Marshal Coomer arrested Tarter and was about to take him to jail when the prisoner drew his pistol and shot Coomer in the neck, causing a severe flesh wound. He also shot a town councilman after running off toward the Burnside Ferry. On October 1, 1913, Marshal Coomer died as a result of the gunshot to his neck. However, his death certificate says his cause of death is "unknown." It was reported that Marshal Coomer made a deathbed request that the shooter, identified as a Josh Tarter, not be charged with his murder. Eventually, Tarter was apprehended and convicted of killing the councilman and sentenced to five years in prison; however, he was not charged with murdering Marshal Coomer due to the reported request the marshal made before he died. HIRAM GREGORY Burnside City Marshal Hiram Gregory was shot on April 23, 1926 while attempting to arrest a Burnside barber identified as Ed Gibson for public drunkenness. The August 23, 2002, edition of the Commonwealth Journal said that two shots entered Gregory's left arm, just below the arm pit and another in the left side below his heart. He was also shot in the forehead. Gregory died at a local hospital about six hours after he was shot. It was reported that Marshal Gregory told officers on his deathbed that Gibson was the one responsible for his wounds. He said that he received a complaint at around seven in the morning in front of the Burnside Post Office. He said he didn't see Gibson walk up near where he was standing until he was there shooting him. Marshal Gregory went on to tell officers that Gibson had threatened to kill him more than once. Gibson was arrested and charged with the Marshal's murder. During his trial Gibson denied shooting the marshal, but he was found guilty of murder by a Lincoln County jury and sentenced to life in prison. CHARLIE WRIGHT Marshal Charlie Wright was appointed to office after Hiram Gregory was shot and killed six months prior. According to historical records and news articles, on November 15, 1926, Marshal Charlie Wright was shot while attempting to arrest a bootlegger identified as Ike Guffey. At the time of the shooting, Marshal Wright was on patrol when he encountered Guffey, who was wanted for a previous offense. Wright attempted to arrest Guffey, but Guffey pulled out a gun and shot Wright in the chest. Wright was rushed to a hospital in Somerset, but he died from his injuries the following day. After the shooting, a manhunt was launched to capture Guffey, who was eventually arrested and charged with murder. During his trial, Guffey claimed that he had acted in self-defense because Wright had been abusive and had tried to shoot him first. However, this claim was disputed by eyewitnesses, and Guffey was found guilty and sentenced to life in prison. GEORGE PRENTICE SOUTHWOOD Marshal Southwood was shot and killed in the line of duty shortly before noon on September 30, 1948, by a man in a black pickup truck at the construction site of the new U.S. 27 bridge which was being built at the time. The man had been arrested previously by Southwood for public intoxication and there was no doubt a history between the men. A work stoppage was occurring at the site due to a pay dispute. There were reports of gambling at the site and Prentice was called in to investigate those reports. The killer was a local constable who was drunk at the time and onsite as well. Southwood engaged in a verbal altercation with the constable after observing alcohol in his vehicle. He ordered the constable who was the driver and his passenger out of the vehicle. The passenger was the driver's son-in-law. The son-in-law was a worker at the site. The passenger followed orders but the driver did not. During the altercation that followed, Southwood was shot twice with a .38 caliber pistol, once in the head and once in the heart, by the intoxicated man. Construction workers rushed to the scene to try to aid Southwood. The shooter fled south on U.S. 27, and after an exhaustive search across three counties that lasted 19 hours, an arrest was made. A long and large trial would follow, and the shooter would receive a life sentence. Years later, however, against the family's wishes, he would be released while ill. The stories of the four men were read by Hill at the ceremony, and all current and former officers of the law or their family representatives present were given tokens of appreciation. In addition, a member of the family of each fallen marshal was presented with an American flag hand-folded there on site by Burnside police officers. Following the ceremony, the family members spoke to the Commonwealth Journal about the opportunity afforded to them for remembrance and recognition on Saturday. Gregory accepts flag Lewis Gregory, great-grandson of late Burnside Town Marshal Hiram Gregory, accepts an American flag as a gift at Saturday's Memorial Ceremony in Burnside's Cole Park. Lewis Gregory, from Greenwood, Indiana, great-grandson of Hiram Gregory, said, "It was really a remarkable honor. ... It is very intensely meaningful for me that all of these good people came together to honor him. I never met him, I wish I had. ... The sacrifice that people in law enforcement (were) giving back then, and even now, is astounding. I served as a judge for 28 years, (and) other legal positions through the years, and I have a lot of respect for police officers." "It was a proud moment, for my whole family really," said Joe Canada of Cincinnati, great-great-grandson of Coomer. "(They shared) a lot of history I didn't know about." Eddie Wright, great-grandson of Charlie Wright, said, "I'm glad that his service is recognized. It was a long time ago; he died before he knew any of his grandkids. I think the first one was born in 1928. He served in the Spanish-American War; my great-grandmother was the last ... beneficiary of the war benefits from that. She was the last Spanish-American War widow, so to speak. It's good to see that they still recognize him after all this time. It happened almost 100 years ago. It's just a legacy." "This means the world to me and my family, honoring our ancestor and honoring the thee other gentlemen (to serve as town marshal)," said Cincinnati's Wade Southwood, great-great-grandson of Prentice Southwood. "It means the world that they're being remembered and memorialized, and also just a general celebration (of) law enforcement ... and what they do for their communities and for this nation." Southwood police car Wade Southwood brought the car that his great-great-grandfather, former Burnside Town Marshal Prentice Southwood, was driving the day he was killed in 1948. Wade Southwood also spoke briefly during the event to the crowd, and brought with him a unique vehicle — Marshal Southwood's own police car, the car he was driving the day he was shot. The car has gone down through several families and is now in Wade Southwood's possession, said Hill. The chief was appreciative that the long-planned event was able to go forward, even considering the difficulties caused by Friday's tornado in southern Pulaski County. "There (are) a lot of people who gave up their time to come here (and) travel," said Hill. "... I think it was awesome that we got to hold this event due to all the extra circumstances going on, that people still would come and share this experience with us."
NBC News
13-04-2025
- Business
- NBC News
This Washington border county is desperate for Canadians
People have roamed across the 49th parallel on the west flank of North America for hundreds of years. Lately, many are thinking twice. Canadians frequently stop by Blaine, Washington, for gas, dairy and other staples that tend to be cheaper across the border. But the trade and diplomatic fight U.S. President Donald Trump has picked with America's northern neighbor is causing more Canadians to stay home. Their boycotts have put business owners in Blaine and surrounding Whatcom County on edge, wondering how long the area's economy can survive with fewer visitors from British Columbia to fuel it. 'There's just no one around,' said Mike Hill, who runs a Chevron station in Blaine, population 6,200. Gasoline sales have dropped by 40% to 50% in the past few months, he said, and even the garbage cans by the pumps now rarely need emptying. 'It's crazy. Canadians are like our brothers and sisters with just that border between us,' Hill said. Whatcom County has been a borderland for centuries. The longtime home of Indigenous peoples including the Northwest Coast Indians, the Lummi, Nooksack, Samish and Semiahmoo, the region was later claimed by Spain, Russia, England and the United States, according to the county's official website. Once part of the disputed Oregon Country territory, it was split in two by a treaty between the British and American governments in 1846, creating the northern boundary of the western United States. Whatcom County was established eight years later, 35 years before Washington gained statehood.
