Shares of FuelCell Energy Inc. FCEL, -6.83% sank 5.1% toward 13-month low in premarket trading Wednesday, after the fuel cell technology company reported a wider-than-expected fiscal fourth-quarter loss as revenue surprisingly declined. The net loss for the quarter to Oct. 31 was $24.98 million, or 7 cents a share, after a loss of $19.66 million, or 8 cents a share, in the year-ago period. The number of shares outstanding increased to a weighted average of 366.67 million from 236.38 million. The FactSet consensus for per-share losses was 3 cents. Total revenue dropped 18.0% to $13.94 million, while the FactSet consensus called for 28% increase to $21.77 million. The decline in revenue was driven by a $5.6 million, or 102% decline, in service agreements and license revenue to negative $0.1 million, while the FactSet consensus was for a 22% increase to $6.6 million. The company said the backlog was largely unchanged. “Looking forward, we are focused on executing against our existing project backlog, while simultaneously increasing our annualized production rate, repositioning our brand for the future and building the next generation sales structure,” said Chief Executive Jason Few. The stock has tumbled 47.5% this year, while the S&P 500 SPX, -0.10% has climbed 27.4%.
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