FuelCell Energy Inc (NASDAQ:FCEL) losses falls in Q3 2021

Free $100 Forex No-Deposit Bonus

FuelCell Energy Inc (NASDAQ:FCEL) stock fell 8.23% (As on Sep 15, 12:11:36 PM UTC-4, Source: Google Finance) after the company reduced its losses for the third quarter of FY 21. Gross profit for the third fiscal quarter of 2021 were of total $1.1 million, compared to a gross loss of $(3.1) million in the comparable prior-year quarter. The company has reported net loss of $(12.0) million in the third fiscal quarter of 2021, compared to net loss of $(15.3) million in the third fiscal quarter of 2020, due, in part, to higher gross margin for the third fiscal quarter of 2021 compared to the third fiscal quarter of 2020. Additional contributing factors included lower interest expense due to the early repayment of the Orion Facility and the fact that there was no charge for the change in fair value of common stock warrant liability, partially offset by higher operating expenses for the period and the fact that there was no gain on the extinguishment of financing obligation recorded in the quarter. Adjusted EBITDA totaled $(5.2) million in the third fiscal quarter of 2021, compared to Adjusted EBITDA of $(5.6) million in the third fiscal quarter of 2020. Cash and cash equivalents and restricted cash and cash equivalents were of total $494.0 million as of July 31, 2021 compared to $192.1 million as of October 31, 2020.

FCEL in the third quarter of FY 21 has reported the adjusted loss per share of 4 cents, beating the analysts’ estimates for the adjusted loss per share of 5 cents. The company had reported the adjusted revenue growth of 43 percent to $26.8 million in the third quarter of FY 21, beating the analysts’ estimates for revenue of $20.7 million. The revenue growth is driven by a $7.2 million increase in service agreements and license revenues, which was primarily due to the fact that there were more module exchanges during the quarter than in the prior year quarter. Service agreements and license revenues grew 102% to $14.3 million from $7.1 million. The growth in revenue is primarily due to the fact that there were more module exchanges during the quarter, generating approximately $13.4 million of revenue in the current year quarter compared to revenue of $6.0 million in the prior year quarter. Advanced Technologies contract revenues declined 9% to $6.2 million from $6.9 million. Generation revenues rose 32% to $6.2 million from $4.7 million mainly due to higher operating output of the generation fleet portfolio as a result of investments in maintenance activities and an increase in the size of the fleet.

Copyright © 2021. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.