FuelCell Energy Inc. reported revenues for its fiscal fourth quarter, ending Oct. 31, 2016, of $24.5 million, compared with $51.5 million for the comparable period last year. Product sales fell to $8.4 million from $43.8 million in the same time frame, with a $500,000 gross loss in the fourth quarter of ’16 compared to a $3.1 million gross profit in the year-ago period. Service agreements and license revenues rose to $11.4 million from $5.5 million.
The Danbury company said the overall negative figures were a result of lower product sales and charges in the service business, including charges for obsolete sub-megawatt inventory.
In December FuelCell laid off 96 employees, or about 17 percent of its headcount.
“We are focused on developing and closing projects as we take near-term actions to reduce spending and our cost structure,” President/CEO Chip Bottone said.