Danbury-headquartered FuelCell Energy Inc. (Nasdaq: FCEL) reported revenues of $25.5 million for its third quarter ending July 31, down from $43.1 million from the third quarter of 2022.
The company recorded a Q3 gross loss of $8.2 million, compared to a $4.2 million gross loss from one year earlier. Its net loss per share was -$0.06, versus the net loss per share of -$0.08 in the previous year”™s third quarter.
“For the third quarter of fiscal year 2023, reported revenues were down versus the comparable prior year quarter,” said President and CEO Jason Few. “This was primarily a result of lower product revenues due to the lack of module sales compared to sales in the comparable prior year quarter of replacement modules to Korea Fuel Cell Co., Ltd. (KFC). Excluding the revenues generated by the sale of modules to KFC in the prior year quarter, overall revenues in the third quarter were up slightly compared to the prior year quarter.”
Few also noted the company”™s Tri-gen platform at the Toyota Long Beach project in California, the extension of its joint development agreement with ExxonMobil Technology and Engineering Co. and projects in Korea as examples of successful endeavors in progress.
“We continue to execute on our strategy, proving our technologies in critical applications and supporting decarbonization across the globe,” he said. “We believe that strong and growing demand for clean energy technologies combined with government policy support has generated significant potential in our markets.”
