2023-03-09 09:25:18 ET
FuelCell Energy ( NASDAQ: FCEL ) +7.8% pre-market Thursday after reporting a smaller than expected FQ1 loss and higher than expected revenues.
FuelCell ( FCEL ) swung to Q1 gross profit of $5.2M from a year-ago gross loss of $2.9M, a direct result of favorable product margins as revenue recognized in Q1 2023 had no corresponding costs, along with lower manufacturing variances compared to the year-earlier quarter.
Q1 adjusted EBITDA totaled negative $14.4M, compared to negative $13.6M in the prior-year period.
Q1 revenues rose 17% Y/Y of $37.1M, driven by higher service and generation revenue recognized.
Backlog fell 19% Y/Y to $1.06B as of January 31, primarily as a result of a reduction in generation backlog due to the decision to not move forward with certain generation projects during Q4.
"We delivered positive gross margin of approximately 14% and ended the quarter with a strong total cash and short-term investment position of over $400m," President and CEO Jason Few said.
FuelCell ( FCEL ) shares have gained 24% so far this year but lost 47% during the past 12 months .
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FuelCell Energy surges after stronger than forecast quarter