FuelCell Energy Inc (NASDAQ:FCEL) reported a 7% year-over-year revenue decline in the third quarter to $23.695 million, above the consensus of $22.62 million.
Service agreement revenues declined from $9.8 million year-over-year to $1.4 million due to the absence of module exchanges; generation revenues increased 22% to $13.4 million, driven by revenues generated by the Toyota and Derby projects. Advanced Technologies contract revenues increased from $4.7 million to $8.6 million.
The company reported a loss per share of $0.07, which was in line with consensus. The company reported a gross loss of $6.2 million, an improvement from $8.2 million a year ago.
Operating expenses fell to $27.4 million from $33.2 million a year ago. Adjusted EBITDA loss improved to $20.1 million from $31.6 million a year ago.
FCEL’s cash and cash equivalents, restricted cash and cash equivalents and short-term investments amounted to $326 million at the end of July. The backlog increased 12.6% to $1.20 billion, driven by a long-term service agreement with Gyeonggi Green Energy.
“We are taking proactive steps to maintain balance sheet strength while continuing to deliver on our growth objectives and positioning our platforms to capitalize on the energy transition and growing opportunities in distributed energy generation,” said Michael Bishop, Executive Vice President, Chief Financial Officer and Treasurer.
The company sold 95.2 million shares at $0.71 each in the quarter, generating $67.3 million in gross proceeds and $65.9 million in net proceeds after $1.4 million in expenses.
Price promotion: FCEL shares were up 11% to $0.4584 at last check on Thursday.
Image: Courtesy of FuelCell Energy
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This article FuelCell Energy Beats Q3 Revenue Estimates, Backlog Rises 12.6% on New Contracts originally appeared on Benzinga.com
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