- The stock price of FuelCell Energy Inc (NASDAQ: FCEL) increased over 34% during intraday trading today. This is why it happened.
The stock price of FuelCell Energy Inc (NASDAQ: FCEL) – a global leader in fuel cell technology—with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy – increased over 34% during intraday trading today. Investors are responding positively to the company’s results for the third quarter of fiscal 2021.
– Revenues of $26.8 million compared to $18.7 million
– Gross profit of $1.1 million compared to gross loss of $(3.1) million
– Loss from operations of $(10.6) million compared to $(10.8) million
– Unrestricted cash and cash equivalents of $468.6 million as of July 31, 2021
– Backlog of $1.30 billion as of July 31, 2021, compared to $1.33 billion as of July 31, 2020
“FuelCell Energy delivered higher revenue in the third fiscal quarter, both sequentially compared to the second fiscal quarter and year over year. We are pleased by the continued execution of our project backlog and the advancement of our strategic agenda in terms of infrastructure, solutions and talent to support our ability to achieve our long-term goals. We made progress in advancing our inflight projects and combined with an increase in our investment in commercial capabilities and research and development activities, we believe we are positioning FuelCell Energy for long-term growth and sustainable commercial success.”
“We are almost two years into our Powerhouse business strategy, and we continue to make progress. The ability to deliver these results while simultaneously increasing our annualized production rate, repositioning our brand for the future and building the next generation sales structure underscores the hard work and effort of the over 380 employees of FuelCell Energy. To further deepen our bench and ensure we are well positioned for the future, we recently announced additions to our team, significantly expanding our sales and marketing presence with the goal of enhancing customer engagement and effectiveness.”
“We have increased our investment in innovation and are making progress towards the availability of our Advanced Technologies solutions, including distributed hydrogen, long duration energy storage, and hydrogen production via our solid oxide platform. These offerings will complement our commercially available carbonate fuel cell platforms that provide a scalable solution to deliver against the increasing requirements of clean, distributed power and hydrogen generation to strengthen and supplement the grid power and enable the hydrogen economy. The global energy transition continues to accelerate, and we believe FuelCell Energy is positioned to answer these opportunities with our patented portfolio of platform solutions.”
— Jason Few, President and CEO
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.