Shares of FuelCell Energy Inc. FCEL, -7.17% sank 7.1% in premarket trading Thursday, after the maker of fuel cell technology platforms reported a wider-than-expected fiscal second-quarter loss as revenue surprisingly declined and the company continued to increase investment into research and development. For the quarter ending April 30, the net loss was $19.7 million, or 6 cents a share, after a loss of $15.6 million, or 7 cents a share, in the year-ago period. The FactSet consensus was for a per-share loss of 5 cents. Revenue fell 26% to $13.95 million from $18.88 million, while the FactSet consensus was for a slight increase to $18.91 million. While revenue fell, cost of revenue held steady at about $18.71 million, leading to a gross loss of $4.76 million after a gross profit of $167,000 last year, as no new module exchanges took place during the quarter and given higher costs related to efforts to improve fleet performance. Backlog decreased 1.5% to $1.32 billion. “We are firmly committed to achieving revenue growth by bringing projects online this year and positioning our portfolio to meet the significant market opportunities that our proprietary technology solutions are well positioned to solve,” said Chief Executive Jason Few. The stock has tumbled 30.8% over the past three months through Wednesday, while the S&P 500 SPX, -0.18% has gained 8.2%.
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