Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

January 12, 2017 CT Green Guide

FuelCell’s 4Q loss climbs on weak sales

By Matt Pilon

Danbury-based FuelCell Energy said Thursday that its fiscal fourth quarter losses deepened by 41 percent over the year, largely driven by a steep decline in revenue from product sales.

FuelCell reported a net loss of $13.7 million, or 41 cents per diluted share, for its fiscal quarter ended Oct. 31. In the same quarter a year ago, FuelCell lost $9.7 million, or 38 cents per share.

The company booked revenue of $24.5 million for the quarter, down from $51.5 million last year. Product sales fell from $43.8 million to $8.4 million, while service and licensing revenue nearly doubled to $11.4 million.

FuelCell learned weeks before the end of the fiscal quarter that a 63-megawatt fuel-cell park in Beacon Falls had not been selected by state officials in a major clean-energy procurement. The proposed project would have a significant impact on FuelCell’s revenue.

The company announced a round of layoffs on Dec. 1, which will result in a $3 million charge in its current fiscal year, including cash severance payments.

Read more

FuelCell pairs with Exxon on carbon capture

Developers eye $500M N. Britain tech park

Fuel-cell makers strike out on major CT deals

FuelCell acquires New Britain plant

Sign up for Enews

Most Recent

Most Recent

Related Content

Thumbnail FuelCell Energy launches new platform
Thumbnail Utility executive joins FuelCell Energy 
Thumbnail Hyperfine names new CFO 
Thumbnail FuelCell Energy announces $13M in debt financing for Derby projects

0 Comments

Order a PDF