Shares of FuelCell Energy Inc. (FCEL) fell 2% in premarket trading on Tuesday as the fuel cell technology company reported fiscal fourth-quarter revenue that fell short of expectations. Despite narrowing net losses, product revenue dropped significantly, contributing to the overall decline in revenue.
Q4 Financial Highlights
For the quarter ending October 31, net losses decreased to $31.2 million, or 7 cents a share, compared to $43.3 million, or 11 cents a share, in the same period last year. This beat the FactSet consensus for a per-share loss of 8 cents.
However, revenue suffered a substantial decline of 42.7% to $22.46 million, missing the FactSet consensus of $25.0 million. The decline was primarily driven by a significant drop in product revenue, which saw a decrease of 56.3% to $10.5 million.
Backlog and Cash Position
FuelCell Energy Inc. also reported a decrease in backlog, which dropped 5.7% to $1.03 billion.
At the end of the quarter, the company had a total of $403.3 million in cash and short-term investments, down from $414 million at the end of the previous quarter.
Stock Performance
Despite a 26.5% rally over the past three months, FuelCell Energy Inc.'s stock has experienced a considerable tumble of 45% year to date. In comparison, the S&P 500 has climbed 23.5% this year.
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