Overview
- Fourth‑quarter revenue rose 12% to $55.0 million, beating estimates, as the adjusted loss per share narrowed to $0.83 from $1.85 a year earlier.
- Shares jumped roughly 30% to 35% during Thursday’s session following the results and guidance on the data‑center opportunity.
- Backlog reached about $1.19 billion as of Oct. 31, 2025, and unrestricted cash totaled $278.1 million, aided by roughly $25 million in new Export‑Import Bank financing.
- Management is targeting data centers for near‑term growth, highlighting carbonate fuel cells’ efficiency, lower emissions, staged deployment and eligibility for a 30% U.S. investment tax credit.
- Production was running at a 41 MW annualized rate with facilities able to support 100 MW on a path to positive EBITDA, though full‑year net loss widened to $191.4 million with EBITDA still negative.