PLUG - FuelCell Energy sputters after larger than forecast quarterly loss

ipopba/iStock via Getty Images FuelCell Energy (FCEL) -10.4% pre-market after posting a slightly wider than expected FQ2 GAAP loss and missing revenue estimates. FuelCell's quarterly operating loss more than doubled to $17.4M from $8.1M in the year-ago period, while revenues fell 26% Y/Y to $14M. The declines were driven by a $6.3M drop in service agreements and license revenues, as no new module exchanges occurred during the quarter, combined with higher costs related to changes in the expected timing of future module exchanges. Backlog was roughly flat at $1.32B from a year earlier. "We have increased our annualized production rate from 17 MWs at the end of fiscal 2020 to 32 MWs as of April 30, 2021, with an objective of reaching an annualized production rate of 45 MW by the end of this fiscal year, and have invested in our generation assets to improve operating output," President and CEO Jason

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FuelCell Energy sputters after larger than forecast quarterly loss