FuelCell Energy Q4 Loss Misses Estimates

(RTTNews) - FuelCell Energy, Inc. (FCEL), a fuel cell company, on Wednesday posted a loss for the fourth quarter, reflecting higher expenses. The results also missed the Street view.

The Danbury-headquartered firm reported a loss of $24.98 million or $0.07 per share, for the last quarter ended in October, compared with $19.65 million or $0.08 per share, reported for the same period last year.

Seven analysts, on average, polled by Thomson-Reuters were estimating the firm to report a loss per share at $0.04. Analysts' estimates typically exclude one-time items.

The energy company's loss from operation moved up to $22.55 million for fourth quarter of current fiscal as against $17.12 million reported for the three-month period to October 2020.

Operating expenses of the last three-month period of 2021 increased to $14.2 million, from $9.1 million reported for the fourth fiscal quarter of 2020. This includes higher legal expenses associated with tax equity financings and additional share-based compensation expense due to the grants made in November 2020 under the company's long-term incentive plan.

For the three-month period to October, EBITDA loss of the company rose by 52 percent, to $17.60 million, year-over-year basis.

The quarterly revenue declined by 18 percent, to $13.93 million, year-over-year basis, primarily due to a $5.6 million decrease in service agreements and license revenues.

Analysts, on average, had expected the company to report revenue of $21.86 million.