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FuelCell Energy Inc (NASDAQ:FCEL) is trading lower Wednesday morning after the company announced worse-than-expected fiscal fourth-quarter financial results.
FuelCell reported a quarterly earnings loss of 7 cents per share, which came in below the estimate for a loss of 4 cents per share. The company reported quarterly revenue of $13.9 million, which came in below the estimate of $21.86 million and was down from 17 million year-over-year.
FuelCell said it will continue to focus on investments in the company that work to achieve long-term growth, rather than focusing on shorter-term financial metrics.
"We are pleased with the continued advancement throughout the year of our strategic agenda in terms of infrastructure, solutions and talent to support achieving our long-term goals," said Jason Few, president and CEO of FuelCell.
Few continued, "We finished fiscal year 2021 with slightly lower revenue compared to fiscal year 2020, but we continued to make important progress on our in-flight projects as well as new technology and applications under development, such as the successful demonstration of the effectiveness of our solid oxide fuel cell."
Related Link: FuelCell Energy Stock Slips After Missing Q4 Estimates
FuelCell is a fuel-cell power company that designs manufactures, sells, installs, operates and services fuel cell products, which efficiently convert chemical energy in fuels into electricity through a series of chemical reactions.
FCEL Price Action: FuelCell has traded as high as $29.43 and as low as $5.33 over a 52-week period.
The stock was down 12.6% at $5.13 at time of publication.
Photo: courtesy of FuelCell.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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