- Revenue Growth: FY2025 revenue increased 41% to $158.2M, with Q4 revenue up 12% to $55M, despite a $191.1M net loss for the year.
- Backlog Expansion: Backlog rose 2.6% to $1.19B, supported by $25M in Korean GGE project financing and $342M in total cash liquidity.
- Production Capacity: Torrington facility aims to scale to 350MW annualized capacity, with 40% progress toward 100MW target (critical for EBITDA positivity).
- Capital Expenditures: $20–30M in 2026 for facility expansion, avoiding ATM financing, backed by $25M Ex-Im Bank loan and $342M cash reserves.
Operational Highlights and Backlog Growth
The company's backlog increased by 2.6% to $1.19 billion, reflecting the early benefits of its cost savings actions and sharper focus on its core carbonate platform. Jason Few noted that the Torrington facility could accommodate an estimated annualized production capacity of up to 350 megawatts per year with additional capital investment, and the company is roughly 40% of the way to reaching an annualized production rate of 100 megawatts per year, at which point it expects to achieve positive adjusted EBITDA.
Data Center Strategy and Emerging Opportunities
The company is focused on its data center strategy, believing its carbonate fuel cell platform addresses the needs of data centers, providing baseload reliability, modular scalability, and permitting advantages. The company sees hundreds of megawatts of pricing proposals out across the digital infrastructure ecosystem and is having conversations with data center customers about its low-emission profile and ability to recover carbon.
Valuation and Financial Position
With a P/S Ratio of 1.13 and an EV/EBITDA of -0.92, the market seems to be pricing in some level of improvement in the company's financial performance. The company's liquidity position is comfortable, with $341.8 million in cash, restricted cash, and cash equivalents, and a new $25 million debt financing transaction with the Export-Import Bank of the United States. Analysts estimate next year's revenue growth at 20.7%, indicating some level of confidence in the company's ability to execute its strategy.
Future Plans and Expectations
The company plans to expand its Torrington facility from 100 megawatts to 350 megawatts, with a modest capital investment, and expects this expansion to take less than 18 months. The company is also pursuing carbon capture opportunities, including a project with ExxonMobil to capture 90% of CO2 emissions while producing power and hydrogen, expected to be up and running in the latter half of 2026.