FuelCell Energy Beats Q3 Revenue Estimates, Stock Rises 12.6% on New Contracts

FuelCell Energy Inc (NASDAQ:FCEL) reported a 7% year-over-year decline in third-quarter revenue to $23.695 million, beating the consensus estimate of $22.62 million.

Service contract revenue fell to $1.4 million from $9.8 million for the year due to a lack of module exchanges; Generation revenue increased 22% to $13.4 million, driven by revenue from the Toyota and Derby projects. Advanced technology contract revenue increased to $8.6 million from $4.7 million.

The company reported a loss per share of $0.07, which was in line with consensus. The company reported a gross loss of $6.2 million, an improvement from $8.2 million the previous year.

Operating expenses fell to $27.4 million from $33.2 million a year ago. Adjusted EBITDA loss improved to $20.1 million from a loss of $31.6 million last year.

FCEL’s cash and cash equivalents, restricted cash and cash equivalents and short-term investments totaled $326 million at the end of July. Backlog increased 12.6% to US$1.20 billion due to a long-term service agreement with Gyeonggi Green Energy.

“We are taking proactive steps to help maintain balance sheet strength while continuing to meet our growth goals and position our platforms to capitalize on the energy transition and the growing opportunity for distributed power generation,” said Michael Bishop, Executive Vice President , financial director. , and Treasurer.

The company sold 95.2 million shares at $0.71 each in the quarter, raising $67.3 million in gross proceeds and $65.9 million net after $1.4 million in fees.

Price action: FCEL shares are trading 11% higher at $0.4584 at last check on Thursday.

Image: Courtesy of FuelCell Energy

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