Why FuelCell Energy Stock Is Falling Today

FuelCell Energy Inc FCEL shares are trading lower Thursday after the company reported a wider-than-expected net loss in the third quarter.

FuelCell said fiscal third-quarter revenue increased 61% year-over-year to $43.1 million, which beat average analyst estimates of $35.81 million, according to Benzinga Pro. The company reported a quarterly net loss of 8 cents per share, which missed average analyst estimates for a loss of 6 cents per share.

FuelCell said it ended the quarter with $479.6 million in cash and equivalents. 

"For the third quarter, we achieved our strongest quarterly revenue in five years, reflecting product sales and continued progress on our Powerhouse business strategy," said Jason Few, president and CEO of FuelCell.

FuelCell said it has completed manufacturing eight modules needed to fulfill an order placed by Korea Fuel Cell in June 2022. The company expects to deliver those modules and recognize the resulting revenue in the fourth quarter.

"Global policy support for clean energy continues to drive our confidence in our target to deliver revenue of over $300 million by the end of fiscal year 2025 and revenue exceeding $1 billion by the end of fiscal year 2030," Few said.

FuelCell 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.

See Also: Top Financial Stories Thursday, September 8

FCEL Price Action: FuelCell has a 52-week high of $7.32 and a 52-week low of $2.87.

The stock was down 4.97% at $3.80 at time of publication.

Photo: courtesy of FuelCell.

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