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.
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.
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