FuelCell Energy Beats Projections In Q2, Fuels Hope With New Projects
Portfolio Pulse from Akanksha Bakshi
FuelCell Energy Inc (NASDAQ:FCEL) reported a mixed Q2 fiscal 2024 with a 42% revenue decline year-over-year to $22.42 million, beating the consensus of $21.35 million. Despite a gross loss of $7.1 million and an EPS loss of $0.07, the company saw a 67% increase in Generation revenues and a 3.8% rise in backlog. New projects and agreements, including a significant deal with GGE and a partnership with Ameresco, Inc., are fueling optimism.
June 10, 2024 | 1:42 pm
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FuelCell Energy Inc reported a mixed Q2 fiscal 2024 with a 42% revenue decline year-over-year to $22.42 million, beating the consensus of $21.35 million. Despite a gross loss of $7.1 million and an EPS loss of $0.07, the company saw a 67% increase in Generation revenues and a 3.8% rise in backlog. New projects and agreements, including a significant deal with GGE and a partnership with Ameresco, Inc., are fueling optimism.
Despite the revenue decline and gross loss, FCEL beat revenue and EPS projections, which is a positive indicator. The significant increase in Generation revenues and backlog, along with new projects and partnerships, suggest potential for future growth and stability.
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