FCEL — what changed in the latest 10-Q

Text added 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…

• Service agreements revenues for the three months ended April 30, 2026 decreased $4.0 million to $4.2 million from $8.1 million for the three months ended April 30, 2025. The decrease in service agreements revenues during the three months ended April 30, 2026 was primarily due to the fact that there …

• Cost of service agreements revenues decreased $5.6 million to $3.5 million for the three months ended April 30, 2026 from $9.1 million for the three months ended April 30, 2025, primarily because there were no costs associated with module exchanges during the three months ended April 30, 2026, compa…

• Generation revenues for the three months ended April 30, 2026 totaled $8.7 million, which represents a decrease of $3.4 million from the $12.1 million of generation revenues recognized for the three months ended April 30, 2025. The decrease in generation revenues reflects lower output from plants in…

• We currently have four projects with fuel sourcing risk, which are the Toyota Project, the 14.0 MW Derby Fuel Cell Project and the 2.8 MW SCEF Fuel Cell Project, the latter two of which are located in Derby, Connecticut (collectively, the “Derby Projects”), and our 7.4 MW project in Yaphank, Long Is…

Text removed vs the prior filing · source: 10-Q · 2026-03-09

• terminate any or all of our government contracts; or we will be able to achieve any other result anticipated in any other forward-looking statement contained herein.

• Service agreements revenues for the three months ended January 31, 2026 increased $1.3 million to $3.2 million from $1.8 million for the three months ended January 31, 2025. The increase in service agreements revenues during the three months ended January 31, 2026 was primarily driven by revenue rec…

• Cost of service agreements revenues increased $1.2 million to $2.8 million for the three months ended January 31, 2026 from $1.7 million for the three months ended January 31, 2025, primarily driven by the cost of providing service under the Company’s LTSA with GGE.

• Revenues from generation for the three months ended January 31, 2026 totaled $11.0 million, which represents a decrease of $0.4 million from the $11.3 million of generation revenues recognized for the three months ended January 31, 2025. The decrease in generation revenues reflects lower output from…

• We currently have four projects with fuel sourcing risk, which are the Toyota Project, the 14.0 MW Derby Fuel Cell Project and the 2.8 MW SCEF Fuel Cell Project, the latter two of which are located in Derby, Connecticut (collectively, the “Derby Projects”), and our 7.4 MW project in Yaphank Long Isl…

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

• Cash is invested overnight with high credit quality financial institutions and therefore we are not exposed to market risk on our cash holdings from changing interest rates. Based on our overall interest rate exposure as of April 30, 2026, including all interest rate sensitive instruments, a change …

• As of April 30, 2026, approximately 1% of our total cash and cash equivalents were in currencies other than U.S. dollars (primarily the Euro, Canadian dollar and Korean Won) and we have no plans of repatriation. We make purchases from certain vendors and receive payment from certain customers in cur…

• On May 19, 2023, in connection with the closing of the OpCo Financing Facility, the Company entered into an ISDA 2002 Master Agreement and an ISDA Schedule to the 2002 Master Agreement with Investec Bank plc as a hedge provider, and an ISDA 2002 Master Agreement and an ISDA Schedule to the 2002 Mast…

• 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 removed vs the prior filing · source: 10-Q · 2026-03-09

• The Company began to invest in U.S. Treasury Securities during fiscal year 2023. Outstanding U.S. Treasury Securities were classified as held-to-maturity and were recorded at amortized cost. As of January 31, 2026, all of our previously-held U.S. Treasury Securities had matured and the funds receive…

• Cash is invested overnight with high credit quality financial institutions and therefore we are not exposed to market risk on our cash holdings from changing interest rates. Based on our overall interest rate exposure as of January 31, 2026, including all interest rate sensitive instruments, a chang…

• As of January 31, 2026, approximately 1% of our total cash and cash equivalents were in currencies other than U.S. dollars (primarily the Euro, Canadian dollars and Korean Won) and we have no plans of repatriation. We make purchases from certain vendors and receive payment from certain customers in …

• On May 19, 2023, in connection with the closing of the OpCo Financing Facility, the Company entered into an ISDA 2002 Master Agreement and an ISDA Schedule to the 2002 Master Agreement with Investec Bank plc as a hedge provider, and an ISDA 2002 Master Agreement and an ISDA Schedule to the 2002 Mast…

• Certain of our PPAs for project assets in our generation operating 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 in…

Text added 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 · 2026-03-09

• 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 added 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…

Text removed vs the prior filing · source: 10-Q · 2026-03-09

• On January 5, 2026, Shankar Achanta, Executive Vice President, Chief Product and Technology Officer of the Company, adopted a Rule 10b5-1 trading arrangement, as defined in Item 408(a) of Regulation S-K (the “Rule 10b5-1 Plan”). The Rule 10b5-1 Plan was entered into during an open trading window in …

• No other director or Section 16 officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K, during the three months ended January 31, 2026.