Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>FuelCell Energy, Inc. (FuelCell Energy) recently reported its financial results for the third quarter of fiscal year 2025.</li><li>The company demonstrated significant revenue growth, reporting $46.7 million, a 97% increase compared to the previous year.</li><li>This increase was primarily driven by strong product revenues, notably from the delivery of replacement modules to Gyeonggi Green Energy Company (GGE) in South Korea and sales to Ameresco.</li></ul>

FuelCell Energy, Inc. (FuelCell Energy) recently reported its financial results for the third quarter of fiscal year 2025.The company demonstrated significant revenue growth, reporting $46.7 million, a 97% increase compared to the previous year.This increase was primarily driven by strong product revenues, notably from the delivery of replacement modules to Gyeonggi Green Energy Company (GGE) in South Korea and sales to Ameresco.

FuelCell Energy’s Data Center Push – Will Reliable Fuel Cells Become the Backbone of AI Infrastructure?

<ul><li>FuelCell Energy provides a consolidated update for its first fiscal quarter of 2025, which showcases both achievements and ongoing challenges.</li><li>The company reported revenues of $19 million for the quarter, marking an increase from $16.7 million in the corresponding period of the previous year.</li><li>Despite the revenue boost, FuelCell Energy incurred a net loss attributable to common stockholders of $29.1 million, translating to a loss per share of $1.42, a slight increase from the $1.37 per share loss in the first quarter of fiscal 2024.</li></ul>

FuelCell Energy provides a consolidated update for its first fiscal quarter of 2025, which showcases both achievements and ongoing challenges.The company reported revenues of $19 million for the quarter, marking an increase from $16.7 million in the corresponding period of the previous year.Despite the revenue boost, FuelCell Energy incurred a net loss attributable to common stockholders of $29.1 million, translating to a loss per share of $1.42, a slight increase from the $1.37 per share loss in the first quarter of fiscal 2024.

FuelCell Energy: An Insight into Its Partnership with Diversified Energy & TESIAC & Key Growth Levers!

<ul><li>FuelCell Energy recently released its financial results for the fourth quarter and fiscal year-end 2024, highlighting a mix of robust revenue growth and significant restructuring initiatives aimed at positioning the company for future profitability.</li><li>Revenue for the fourth quarter rose dramatically by 120% year-over-year, reaching $49.3 million, primarily driven by module sales to Gyeonggi Green Energy (GGE) in South Korea.</li><li>Despite this quarterly increase, the full fiscal year 2024 revenue showed a decline compared to the previous year.</li></ul>

FuelCell Energy recently released its financial results for the fourth quarter and fiscal year-end 2024, highlighting a mix of robust revenue growth and significant restructuring initiatives aimed at positioning the company for future profitability.Revenue for the fourth quarter rose dramatically by 120% year-over-year, reaching $49.3 million, primarily driven by module sales to Gyeonggi Green Energy (GGE) in South Korea.Despite this quarterly increase, the full fiscal year 2024 revenue showed a decline compared to the previous year.

FuelCell Energy: Expanding Manufacturing Capabilities To Better Capitalize On Emerging Opportunities! - Major Drivers

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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<ul><li>The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore opportunities for the divestment of EPQL.</li><li>Engro Connect reported 75% revenue growth, driven by an increase in site count to 14,975, placing it among the top 20 independent tower companies globally.</li><li>EFERT sales declined by 29% YoY to Rs80.6bn in 1H2025, due to lower offtakes. To highlight, urea volumes decreased by 22.5% YoY to 2,351K tons.</li></ul>

The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore opportunities for the divestment of EPQL.Engro Connect reported 75% revenue growth, driven by an increase in site count to 14,975, placing it among the top 20 independent tower companies globally.EFERT sales declined by 29% YoY to Rs80.6bn in 1H2025, due to lower offtakes. To highlight, urea volumes decreased by 22.5% YoY to 2,351K tons.

Topline Flash Note: Engro Holdings (ENGROH): Corporate Briefing Key Takeaways

<ul><li>The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore opportunities for the divestment of EPQL.</li><li>Engro Connect reported 75% revenue growth, driven by an increase in site count to 14,975, placing it among the top 20 independent tower companies globally.</li><li>EPCL reported a challenging period as the business remains under pressure due to lower core delta (at decade-low levels) led by decline in China demand, and rising energy costs.</li></ul>

The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore opportunities for the divestment of EPQL.Engro Connect reported 75% revenue growth, driven by an increase in site count to 14,975, placing it among the top 20 independent tower companies globally.EPCL reported a challenging period as the business remains under pressure due to lower core delta (at decade-low levels) led by decline in China demand, and rising energy costs.

Topline Flash Note: Meezan Bank (MEBL): Corporate Briefing Key Takeaways

United States

FuelCell Energy, Inc. develops and commercializes fuel cell power plants for electric power generation. The Company also has contracts to develop its fuel cells for use of alternative fuels and for marine transportation applications. FuelCell has research and development contracts with government and industry.

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FuelCell Energy (FCEL US)

FuelCell Energy’s Data Center Push – Will Reliable Fuel Cells Become the Backbone of AI Infrastructure?

FuelCell Energy, Inc. (FuelCell Energy) recently reported its financial results for the third quarter of fiscal year 2025. The company...

Baptista Research

FuelCell Energy: An Insight into Its Partnership with Diversified Energy & TESIAC & Key Growth Levers!

FuelCell Energy provides a consolidated update for its first fiscal quarter of 2025, which showcases both achievements and ongoing challenges. The...

Baptista Research

FuelCell Energy: Expanding Manufacturing Capabilities To Better Capitalize On Emerging Opportunities! - Major Drivers

FuelCell Energy recently released its financial results for the fourth quarter and fiscal year-end 2024, highlighting a mix of robust revenue...

Baptista Research

Topline Flash Note: Engro Holdings (ENGROH): Corporate Briefing Key Takeaways

The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore...

Topline Securities

Topline Flash Note: Meezan Bank (MEBL): Corporate Briefing Key Takeaways

The company stated that it has reassessed its strategic decision regarding the divestment of thermal assets but remains open to explore...

Topline Securities

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