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January 12, 2017 CT Green Guide

FuelCell’s 4Q loss climbs on weak sales

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.

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