Danbury manufacturer FuelCell Energy has reported a multimillion-dollar loss in its fiscal third quarter, its second third-quarter loss in a row. It attributed the losses largely due to a decrease in product revenue.
For the fiscal quarter ended July 31, FuelCell lost $17.8 million, or 38 cents per diluted share, compared to an $11.8 million loss, or 31 cents, in the third quarter of 2016. Revenue dropped to $10.4 million from $21.7 million a year ago.
FuelCell concurrently announced a 20-megawatt sale of fuel cells in South Korea, which the company will operate and maintain; last month it announced a 40-megawatt deal with the Long Island Power Authority.
“Recent project awards combined with existing backlog now total about $1.5 billion, which is transformational for the company by providing the sales volume needed to reach profitability,” said President and CEO Chip Bottone.
