BE - FuelCell Energy: POSCO Settlement The Sole Bright Spot In An Otherwise Abysmal Report
- Company announces abysmal Q4 results with both top- and bottom-line results missing consensus estimates by a mile.
- Ongoing execution issues have substantially weakened economics of the company's important Tri-Generation project with Toyota in Long Beach.
- Company continues to use large amounts of cash to cover increased operating losses and grow its project asset base. Free cash flow for the quarter was negative $38.2 million.
- Management abandoned all previously-communicated financial targets for FY2022 and instead prepared investors for a massive investment spree.
- Settlement with POSCO Energy likely to result in substantial product revenues and strong top line growth next year.
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FuelCell Energy: POSCO Settlement The Sole Bright Spot In An Otherwise Abysmal Report