FuelCell Energy (the Company) reported total revenues for the first quarter of 2016 of $33.5 million compared to $41.7 million for the comparable prior year period. Revenue components include:
Product sales of $25.1 million for the current period compared to $33.4 million for the comparable prior year period
Service agreements and license revenues of $6.3 million for the current period compared to $3.9 million for the comparable prior year period
Advanced Technologies contract revenues of $2.1 million for the current period compared to $4.4 million for the comparable prior year period
Revenue Backlog
Total backlog was $403.9 million as of January 31, 2016 compared to $337.0 million as of January 31, 2015 and $381.4 million as of October 31, 2015.
Services backlog totaled $303.2 million as of January 31, 2016 compared to $207.5 million as of January 31, 2015. Services backlog includes future revenue from routine maintenance, scheduled module exchanges and revenue from power purchase agreements that the Company retains on-balance sheet.
Product sales backlog totaled $65.7 million as of January 31, 2016 compared to $109.0 million as of January 31, 2015. Product sales backlog does not include the 63 megawatt Beacon Falls project which is under development.
Advanced Technologies contracts backlog totaled $35.0 million as of January 31, 2016 compared to $20.5 million as of January 31, 2015.
Cash, restricted cash and financing availability
Cash, restricted cash and financing availability totaled $174.1 million as of January 31, 2016, including:
$76.9 million of cash and cash equivalents, and $37.3 million of restricted cash
$38.7 million of borrowing availability under the NRG Energy revolving project financing facility
$21.2 million of un-used availability under the PNC Energy Capital tax equity project finance commitment
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