FuelCell Energy Inc FCEL reported second-quarter FY23 revenues of $38.35 million, more than double from $16.38 million a year ago, beating the consensus of $25.45 million.
“Revenue growth in the quarter was largely driven by revenues from long-term service agreements, primarily relating to the new module exchanges at the plant owned by Korea Southern Power Company (“KOSPO”) in Korea that were completed during the quarter,” commented Jason Few, President and Chief Executive Officer.
The company reported an EPS loss of $(0.09), wider than the $(0.08) posted in 2Q22, missing the consensus of $(0.07).
Operating loss expanded to $(35.86) million versus $(28.22) million a year ago. Adjusted EBITDA loss reached $(26.03) million, up from $(21.18) million in 2Q22.
FCEL held cash and cash equivalents, restricted cash and cash equivalents, and short-term investments of $353.5 million as of April 30, 2023.
Backlog decreased by ~23% to $1.022 billion as of April 30, 2023, versus $1.326 billion a year ago. The decline reflects the decision not to proceed with certain generation projects during 4Q22.
“We continue to make strategic investments in R&D to support the commercial development of our solid oxide platform and carbon capture solutions, both of which are cornerstone solution offerings under our growth strategy,” commented Jason Few.
Price Action: FCEL shares are trading lower by 1.68% at $2.34 premarket on Friday.