Categories Earnings, Energy

FuelCell beats Q1 revenue estimates; reports wider-than-expected loss

FuelCell Energy Inc. (NASDAQ: FCEL) topped revenue expectations for the first quarter of 2020 while losses were wider-than-expected. Shares were down 8% in premarket hours on Monday.

Revenues fell 9% year-over-year to $16.3 million but came ahead of estimates of $14.9 million. The decline was mainly due to a drop in Service and License revenues, which was partly offset by higher Generation and Advanced Technologies contract revenues.   

Net loss attributable to common stockholders was $41 million, or $0.20 per share, compared to a loss of $33 million, or $3.97 per share, last year. Analysts had forecast a loss of $0.08 per share. The lower net loss per share reflects higher weighted average shares outstanding.  

Also read: FuelCell Q1 2020 Earnings Preview

During the quarter, Generation revenues jumped by 268% to $5.4 million due to additional revenue from the Bridgeport Fuel Cell Park power purchase agreement. Advanced Technologies contract revenues rose by 15% to $5.2 million, helped by the joint development agreement with ExxonMobil (NYSE: XOM) and the development of FuelCell’s solid oxide platform.

FuelCell delivered a gross profit of $3.3 million versus a loss of $2.2 million last year, helped by its restructuring efforts in 2019 that generated lower manufacturing costs and license revenues. Operating expenses were $6.4 million, down 51% from last year.

At quarter-end, the company had a backlog of $1.36 billion. Cash and cash equivalents and restricted cash and cash equivalents totaled $73.9 million as of January 31, 2020.

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

Amazon (AMZN) ups the ante in the AI race. Is the stock a buy?

For Amazon.com, Inc. (NASDAQ: AMZN), expanding the cloud infrastructure business has been a key priority lately, while maintaining its dominance in the e-commerce market. Currently, the company is busy ramping

LEN, KBH: How did the third quarter turn out for these homebuilders?

Homebuilders Lennar Corporation (NYSE: LEN) and KB Home (NYSE: KBH) reported their third quarter 2023 earnings results recently. Both companies saw their revenues and profits fall during the period amid

KMX Earnings Preview: Will CarMax return to the fast lane this year?

CarMax, Inc. (NYSE: KMX) is preparing to publish second-quarter results on Thursday. Over the years, it has evolved into a diversified company, with the scale of operations and omnichannel strategy

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top