FuelCell Energy reported total revenues for the fourth quarter of 2017 of $47.9 million, nearly double the $24.5 million it posted for the fourth quarter of 2016.
Product sales for the Danbury company totaled $39.9 million for the fourth quarter of 2017, compared to $8.4 million for the fourth quarter of 2016.
The increase was primarily due to partial deliveries under a 20 megawatt order to a South Korean construction company for a utility project to be owned by Korea Southern Power Co. Those deliveries, which began during the fourth quarter of 2017, are set to conclude in the first quarter of this year.
Service agreements and license revenue totaled $2.7 million for the fourth quarter, compared with $10.7 million for the previous fourth quarter. That difference reflected the timing of scheduled module replacements under service agreements.
Gross profit generated in the fourth quarter of 2017 totaled $3.2 million compared with a gross loss of $500,000 incurred for the fourth quarter of 2016.
“We are well-positioned for delivering projects in 2018 supported by expanding backlog and announced project awards that exceed $1.6 billion,” said FuelCell Energy President and CEO Chip Bottone, who added the company is continuing to pursue large projects on a global basis.