FuelCell Energy – Figures not yet convincing


April 8, 2023

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FuelCell Energy – Figures not yet convincing

The numbers for the fourth quarter of fiscal 2022 (start Oct. 31, 2021): Turnover indeed rose 88% year-over-year to make 130.5 million USD in fiscal year 2022 (39.2 million USD in Q4 compared to 13.9 million USD year-over-year), however the reported loss of minus 147.2 million USD should be viewed critically. With the turnover, in my view, special factors like an order to be handled of ex-partner Posco in South Korea should be taken into consideration.

The order volume for the year fell from 1.288 billion USD to 1.090 billion USD. Only positive was the cash position, which was raised to 458.1 million USD compared to the 432.2 million USD on Oct. 31. This is related to an ATM program where shares are continuously placed on the stock exchange. For me, it raises the question of why the stock market, the investors, is backing this so?


Positive to evaluate are the declarations that they possess a leading electrolysis technology, specifically SOFC, and could produce hydrogen with it at very favorable conditions in the future. The company is investing in various production facilities in the USA as well as in Canada. The cooperation with ExxonMobil, involving the carbon capture technology of FuelCell Energy, continues, even if with less of an invest on the side of ExxonMobil.

ExxonMobil is meanwhile the subject of massive criticism for practicing greenwashing with its climate activities (CO2 emissions, among other things). The nature of this research partnership is not entirely transparent. What potential order volumes for FuelCell Energy are affiliated with this?


FuelCell Energy platform located on the U.S. Navy Submarine Base in Groton, CT


Source: FuelCell Energy

Good news with regard to projects that are now going into implementation: Through a PPA (power purchasing agreement), FuelCell Energy is selling electricity from the US Navy’s Groton sub base (6 MW) to the Connecticut Municipal Electric Energy Cooperative.

FuelCell Energy is operating more and more FC power plants under its own distribution management, that is, it sells the energy by means of long-term purchase contracts. For Toyota, a 2.3-MW plant in Long Beach, CA is being operated to produce electricity, hydrogen and water. Per year, the company can supply 41.5 MW of power. In 2023, it is to be 45 MW. The first goal is an annual output from new plants of 100 MW and manufacturing capacity to reach 200 MW per year.

FuelCell Energy is therefore positioning itself as a player in the ramp-up of the hydrogen economy and will receive funding through the Inflation Reduction Act. The carbon capture technology will, according to statements by the company, be a leading one. The share will continue along its path, but the continuous ATM program gives me pause.


Each investor must always be aware of their own risk when investing in shares and should consider a sensible risk diversification. The FC companies and shares mentioned here are small and mid cap, i.e. they are not standard stocks and their volatility is also much higher. This report is not meant to be viewed as purchase recommendations, and the author holds no liability for your actions. All information is based on publicly available sources and, as far as assessment is concerned, represents exclusively the personal opinion of the author, who focuses on medium- and long-term valuation and not on short-term profit. The author may be in possession of the shares presented here.

Written by author Sven Jösting, March 5th, 2023


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