FCELB - FuelCell Energy - Ongoing Project Execution Issues But First Carbon Capture Milestone Met

• Company reports Q1/FY2022 results ahead of expectations due to initial product revenue recognition from the recent settlement agreement with POSCO Energy.
• During the quarter, the company achieved the first technical milestone under its joint carbon capture solutions development agreement with a division of ExxonMobil.
• Margins in the all-important Generation segment continue to be impacted by management's failure to timely procure renewable natural gas for the Tri-Generation project with Toyota in Long Beach.
• Both the Toyota and the Groton Submarine Base project experienced additional delays.
• Ongoing project execution issues, massive cash burn and elevated valuation relative to closest competitor Bloom Energy should keep investors sidelined.

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