- FuelCell Energy ( NASDAQ: FCEL ) shares fell up to 4% pre-market on Thursday after reporting a larger than expected Q3 GAAP loss .
- The company generated loss per share of -$0.08 worse than the estimates of -$0.06 loss. Net Loss widened from -$11.99M in the year-ago quarter to -$28.9M. Q3 adjusted EBITDA was negative $20.77M vs. -$5.17M a year ago.
- The company attributed the losses to a gross loss compared to a gross profit in the third quarter of fiscal 2021 and higher operating expenses.
- Operating expenses surged to $23.8M from $11.7M in the third quarter of fiscal 2021.
- Revenue grew 61% Y/Y to $43.1M, topping Wall Street estimates. Backlog at the end of the quarter totaled $1.284B, compared to $1.299B last year.
- CEO Jason Few said, "For the third quarter, we achieved our strongest quarterly revenue in five years, reflecting product sales and continued progress on our Powerhouse business strategy. We are focused on continuing to improve our execution of our project backlog and growing our generation portfolio."
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FuelCell Energy stock slips as losses deepen