FuelCell Energy Inc. (NASDAQ:FCEL) reported third-quarter revenue fell 7% from a year earlier to $23.695 million, beating the consensus of $22.62 million.
Service contract revenue fell from $9.8 million to $1.4 million year-over-year due to the lack of module exchanges. Production revenue jumped 22% to $13.4 million, driven by revenue from Toyota and Derby projects. Advanced technology contract revenue increased from $4.7 million to $8.6 million.
The company reported a loss per share of $0.07, matching consensus. The company reported a gross loss of $6.2 million, an improvement from $8.2 million a year earlier.
Operating expenses decreased to $27.4 million from $33.2 million a year ago. Adjusted EBITDA loss improved to $20.1 million from a loss of $31.6 million last year.
As of the end of July, FCEL’s cash and cash equivalents, restricted cash and cash equivalents, and short-term investments totaled $326 million. The order backlog increased by 12.6% to $1.20 billion, driven by a long-term service agreement with Gyeonggi Green Energy.
“We are taking proactive steps to help preserve balance sheet strength while continuing to execute on our growth objectives and position our platforms to capitalize on the energy transition and the growing opportunity for distributed power generation,” said Michael Bishop, Executive Vice President, Chief Financial Officer and Treasurer.
The company sold 95.2 million shares at $0.71 each during the quarter, raising $67.3 million in gross proceeds and $65.9 million net after $1.4 million in fees.
Price action: FCEL shares are trading up 11% at $0.4584 at last check Thursday.
Image: Courtesy of FuelCell Energy
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