Here’s why FuelCell Energy shares are up more than 30% on Tuesday
Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >
Sep 14, 2021
FuellCell Energy reports narrower-than-expected net loss for fiscal Q3.
Its gross margin improved sharply from negative 16.7% to positive 4.1%.
The Nasdaq-listed company’s revenue topped Wall Street estimates.
Shares of FuelCell Energy Inc (NASDAQ: FCEL) jumped more than 30% on Tuesday morning as the company reported a narrower-than-expected net loss for the fiscal third quarter as higher gross margins helped revenue beat Wall Street estimates.
Q3 financial performance
FuelCell Energy said its net loss in the third quarter printed at $12.8 million that translates to 4 cents per share. In the comparable quarter of last year, it had posted $16.1 million in net loss or 7 cents per share.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
The Nasdaq-listed firm generated $26.8 million in revenue that represents year-over-year growth of 43.2%. According to FactSet, experts had forecast a wider 5 cents of per-share loss on a lower $21.1 million in revenue.
FuelCell Energy’s Q3 results broke a streak of seven quarters in which it noted wider-than-expected losses.
Other notable figures
Other notable figures include service agreements and license revenue that climbed by $7.2 million in the recent quarter and a sharp increase in gross margin from negative 16.7% to positive 4.1%.
FuelCell Energy valued its cash and equivalents at $468.6 million, as per the earnings press release. The $2.21 billion company had $1.30 billion of backlog as of the end of Q3 versus the year-ago figure of $1.33 billion.
CEO Jason Few’s remarks
Commenting on the financial update, CEO Jason Few said:
“We made progress in advancing our inflight projects, and combined with an increase in our investment in commercial capabilities and research and development activities, we believe we are positioning FuelCell Energy for long-term growth and sustainable commercial success.”
67% of retail CFD accounts lose money
Energy & Power
Stocks & Shares