FuelCell Energy Beats Q3 Revenue Estimates, Backlog Surges 12.6% On New Contracts
Portfolio Pulse from Akanksha Bakshi
FuelCell Energy Inc (NASDAQ:FCEL) reported a Q3 revenue decline of 7% YoY to $23.695 million, beating estimates. Despite a loss per share of $0.07, the company improved its gross loss and adjusted EBITDA loss. Backlog increased by 12.6% due to new contracts, and shares rose 11%.
September 05, 2024 | 2:27 pm
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FuelCell Energy reported a 7% YoY revenue decline but beat estimates. The company improved its gross loss and adjusted EBITDA loss, and its backlog surged 12.6% due to new contracts. Shares rose 11% following the news.
Despite a revenue decline, FCEL beat revenue estimates and showed improvement in losses, which is positive for investor sentiment. The significant backlog increase and share price rise indicate a positive short-term impact.
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