FuelCell Energy Records 41% Revenue Decline In Q3 Hit By Lower Product Revenues
Portfolio Pulse from Akanksha Bakshi
FuelCell Energy Inc (FCEL) reported a 41% YoY decline in Q3 FY23 revenue to $25.51 million, missing the consensus of $27.72 million. The decline was due to lower product revenues and lack of module sales. The company's EPS loss improved to $(0.06) from $(0.08) in 3Q22, beating the consensus. Operating loss expanded to $(41.1) million from $(28) million a year ago. FCEL held cash and equivalents of $413.9 million as of July 31, 2023. The company's backlog decreased by ~17.2% to $1.06 billion.
September 11, 2023 | 12:26 pm
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FuelCell Energy's Q3 FY23 results showed a significant decline in revenue and an increase in operating loss. However, the company's EPS loss improved, beating the consensus. The company's backlog also decreased.
The significant decline in FuelCell Energy's revenue and the increase in operating loss indicate a challenging financial situation for the company. The improvement in EPS loss and the beat on consensus might provide some positive sentiment, but the overall financial performance is negative. The decrease in backlog suggests a potential decline in future revenues.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100