FuelCell Energy (NASDAQ:FCEL) reported a smaller-than-expected loss for the fiscal third quarter alongside a year-over-year drop in revenue driven by a lack of module sales.
For the quarter ended July 31, 2023, the fuel cell technology platform manufacturer reported revenue of $25.5 million, down from $43.1 million in the year-ago quarter but ahead of the Street estimate of $25.2 million, according to Zacks Consensus Estimate.
“This was primarily a result of lower product revenues due to the lack of module sales compared to sales in the comparable prior year quarter of replacement modules to Korea Fuel Cell Co., Ltd.,” FuelCell Energy (NASDAQ:FCEL) CEO Jason Few noted in a statement.
“Excluding the revenues generated by the sale of modules to KFC in the prior year quarter, overall revenues in the third quarter were up slightly compared to the prior-year quarter.”
It narrowed its loss per share from $0.08 in the same period last year to $0.06, ahead of the expected $0.08.
FuellCell Energy shares were modestly higher at Monday’s open, up 0.3% at US$1.45.
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