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FuelCell (FCEL) Q4 Loss Wider Than Expected, Sales Miss

FuelCell Energy, Inc. FCEL incurred fourth-quarter fiscal 2021 net loss of 7 cents per share, wider than the Zacks Consensus Estimate of a loss of 2 cents. Nonetheless, the metric compared favorably with the year-ago loss of 8 cents per share.

Total Revenues

FuelCell’s total revenues came in at $14 million, lagging the Zacks Consensus Estimate of $20 million by 31.5%. The top line also dropped 17.7% from the year-earlier period.

Segmental Details

Service and License: Total revenues were ($0.1) million, down 102% year over year. The decrease in revenues was primarily due to the fact that there were no module exchanges during fourth-quarter fiscal 2021.

Generation: Total revenues of $6.7 million improved 31% year over year. This rise was owing to higher operating output from the generation fleet portfolio.

Advanced Technologies: Total revenues of $7.3 million increased 14% year over year.

FuelCell Energy, Inc. Price, Consensus and EPS Surprise

FuelCell Energy, Inc. price-consensus-eps-surprise-chart | FuelCell Energy, Inc. Quote

Highlights of the Release

The company incurred a gross loss of $8.4 million compared with a loss of $8 million in fourth-quarter fiscal 2020.

Total operating expenses rose 56% year over year to $14.2 million. FCEL incurred research and development expenses of $3.5 million during fourth-fiscal quarter 2021, which reflected increased spending on hydrogen commercialization initiatives compared to the comparable prior-year period.

Interest expense for the reported quarter was $1.7 million, down 60.5% from the prior-year level.

Backlog at the end of fourth-quarter fiscal 2021 was $1.29 billion, in line with the Oct 31, 2020 level.

Financial Update

Cash and cash equivalents (unrestricted) as of Oct 31, 2021 were $460.2 million compared with $192.1 million on Oct 31, 2020.

Long-term debt and other liabilities as of Oct 31, 2021 were $78.6 million compared with $150.7 million on Oct 31, 2020.

Zacks Rank

Currently, FuelCell has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Releases

Plug Power PLUG is slated to report fourth-quarter 2021 results soon. The Zacks Consensus Estimate for the bottom line is pegged at a loss of 11 cents per share.

Ameresco, Inc. AMRC is set to report fourth-quarter 2021 results soon. The Zacks Consensus Estimate for earnings is pegged at 44 cents per share.

Ballard Power Systems BLDP is scheduled to report fourth-quarter 2021 results soon. The Zacks Consensus Estimate for the bottom line is pegged at a loss of 7 cents per share.


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Ballard Power Systems, Inc. (BLDP): Free Stock Analysis Report
 
Plug Power, Inc. (PLUG): Free Stock Analysis Report
 
FuelCell Energy, Inc. (FCEL): Free Stock Analysis Report
 
Ameresco, Inc. (AMRC): Free Stock Analysis Report
 
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