What's Going On With FuelCell (FCEL) Shares

FuelCell Energy Inc FCEL shares are trading lower by 3.25% to $2.24 Friday afternoon. The stock is declining following the company's recent report of second-quarter FY23 revenues totaling $38.35 million, more than double the $16.38 million recorded a year ago, surpassing the consensus estimate of $25.45 million.

Jason Few, the President and Chief Executive Officer, attributed the revenue growth to long-term service agreements, particularly related to the completion of new module exchanges at the plant owned by Korea Southern Power Company ("KOSPO") in Korea during the quarter.

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The company meanwhile disclosed an EPS loss of 9 cents, wider than the 8 cent loss reported in second-quarter 2022, falling short of the consensus estimate of a loss of 7 cents.

Furthermore, the operating loss expanded to $35.86 million compared to a loss of $28.22 million in the previous year, while the adjusted EBITDA loss increased to $26.03 million from a loss of $21.18 million in second-quarter 2022.

According to data from Benzinga Pro, FCEL has a 52-week high of $5.50 and a 52-week low of $1.77.