FuelCell Energy (NASDAQ: FCEL) reported results for the first quarter of fiscal 2021, causing its share price to fall 11.92% to $15 as its earnings fell short of expectations.
The fuel cell technology company's revenue was $14.88m compared to the previous year of $16.3m. Gross profit fell to $3.7m, compared with a profit of $3.3m in 2020.
Losses from operations were $14.4m compared to last year's $3.1m loss. The backlog of $1.27 billion was down from $1.36 billion a year ago and $1.29 billion in the prior quarter.
Positives for the firm included entering into a power purchase agreement for a 2.8-megawatt project in Derby, CT, in February. Furthermore, they commenced operation and testing of a solid oxide electrolysis hydrogen platform prototype for this quarter.
“During the first quarter, we strengthened our balance sheet by raising capital, paying down debt and executing against our core business backlog”, said President and CEO Jason Few. “Recent weather events in Texas along with electric grid reliability challenges experienced in other locations such as California, Greece, the UK, and around the world, highlight the benefits and capabilities of our platform”.
Adjusted EBITDA fell to -$7.4m compared to 2020's -$222,000, and Advanced Technologies contract revenues decreased 3% to $5.1 million from $5.2 million, as its current share price is down at $15.