FCELB — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-09-02

• On June 22, 2026, the Company entered into a Capital Equipment Purchase Agreement (the “CEPA”) with Fit Energy USA LP (“Fit”), by its general partner, Fit US Inc. The estimated contract value of the CEPA totaled approximately $2.6 billion, across Phases 0, 1, 2 and 3. Pursuant to the CEPA, the Compa…

• We expect to begin delivery of the initial phase (Phase 0) of 30 MW of generating capacity in the fourth quarter of fiscal year 2026.

• Our revenues and cost of revenues for the three months ended July 31, 2026 and 2025 were as follows:

• Total revenues for the three months ended July 31, 2026 of $33.0 million reflects a decrease of $13.7 million from $46.7 million for the same period in the prior year. Cost of revenues for the three months ended July 31, 2026 of $57.5 million reflects an increase of $5.6 million from $51.9 million f…

• Our product revenues and related costs for the three months ended July 31, 2026 and 2025 were as follows:

Text removed vs the prior filing · source: 10-Q · 2026-06-08

• As outlined in the “Liquidity and Capital Resources” section below, demand for our carbonate platform capacity continues to build alongside broader energy and infrastructure needs. In response, in May 2026, the Company started the execution phase of its plan to expand its carbonate manufacturing cap…

• Comparison of the Three Months Ended April 30, 2026 and 2025

• Our revenues and cost of revenues for the three months ended April 30, 2026 and 2025 were as follows:

• Total revenues for the three months ended April 30, 2026 of $35.6 million reflects a decrease of $1.8 million from $37.4 million for the same period in the prior year. Cost of revenues for the three months ended April 30, 2026 of $48.5 million reflects an increase of $1.7 million from $46.8 million …

• Our product revenues and related costs for the three months ended April 30, 2026 and 2025 were as follows:

Text added vs the prior filing · source: 10-Q · 2026-09-02

• Certain of our PPAs for project assets in our generation portfolio expose us to fluctuating fuel price risks as well as the risk of being unable to procure the required amounts of fuel and the lack of alternative available fuel sources. We seek to mitigate our fuel risk using strategies including: (…

• Yaphank Project (through September 2028), six years of the twenty year PPA for our 14.0 MW and 2.8 MW Derby Projects (through October 2029), and for the initial four years of the Toyota project (through May 2027); and (iii) potentially entering into future financial hedges with investment grade coun…

Text removed vs the prior filing · source: 10-Q · 2026-06-08

• derivative will be remeasured to fair value quarterly with the resulting gains/losses recorded to other income/expense. The fair value adjustments for the three and six months ended April 30, 2026 resulted in gains of $0.3 million and $0.7 million, respectively. The fair value adjustments for the th…

• Certain of our PPAs for project assets in our generation portfolio expose us to fluctuating fuel price risks as well as the risk of being unable to procure the required amounts of fuel and the lack of alternative available fuel sources. We seek to mitigate our fuel risk using strategies including: (…

Text added vs the prior filing · source: 10-Q · 2026-09-02

• Our management carried out an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report…

Text removed vs the prior filing · source: 10-Q · 2026-06-08

• Our management carried out an evaluation, under the supervision and with the participation of our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and

• procedures as of the end of the period covered by this report. Based on that evaluation, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report to…

Text removed vs the prior filing · source: 10-Q · 2026-06-08

• As previously disclosed in a Current Report on Form 8-K filed on August 24, 2023 and discussed in this Quarterly Report on Form 10-Q under Part II, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Commitments and Significant Contractual Obligations—Outsta…

• Due to the planned equipment upgrade to address performance issues encountered with the SureSource 4000 fuel cells utilized at the 7.4 MW project at the Navy Base in Groton, Connecticut (the “Groton Project”) and the cessation of electricity production at the Groton Project pending such upgrade (as …

• service coverage ratio covenants under the Groton Senior and Subordinated Back Leverage Credit Agreements (the “Potential DSCR Defaults.”)

• Specifically, on June 5, 2026, Liberty Bank, in its capacities as administrative agent and lender, Amalgamated Bank, in its capacity as lender, and Groton Holdco Borrower entered into a Waiver, Consent and Amendment Agreement with respect to the Groton Senior Back Leverage Credit Agreement (the “Sen…

• In addition, on June 5, 2026, Connecticut Green Bank, in its capacities as administrative agent and lender, and Groton Holdco Borrower entered into a Waiver, Consent and Amendment Agreement with respect to the Groton Subordinated Back Leverage Credit Agreement (the “CGB Waiver”). Under the CGB Waive…