Shares of FuelCell Energy Inc (NASDAQ: FCEL) jumped more than 30% on Tuesday morning as the company reported a narrower-than-expected net loss for the fiscal third quarter as higher gross margins helped revenue beat Wall Street estimates.
Q3 financial performance
FuelCell Energy said its net loss in the third quarter printed at $12.8 million that translates to 4 cents per share. In the comparable quarter of last year, it had posted $16.1 million in net loss or 7 cents per share.
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The Nasdaq-listed firm generated $26.8 million in revenue that represents year-over-year growth of 43.2%. According to FactSet, experts had forecast a wider 5 cents of per-share loss on a lower $21.1 million in revenue.
FuelCell Energy’s Q3 results broke a streak of seven quarters in which it noted wider-than-expected losses.
Other notable figures
Other notable figures include service agreements and license revenue that climbed by $7.2 million in the recent quarter and a sharp increase in gross margin from negative 16.7% to positive 4.1%.
FuelCell Energy valued its cash and equivalents at $468.6 million, as per the earnings press release. The $2.21 billion company had $1.30 billion of backlog as of the end of Q3 versus the year-ago figure of $1.33 billion.
CEO Jason Few’s remarks
Commenting on the financial update, CEO Jason Few said:
“We made progress in advancing our inflight projects, and combined with an increase in our investment in commercial capabilities and research and development activities, we believe we are positioning FuelCell Energy for long-term growth and sustainable commercial success.”
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