FuelCell Energy Shares Slide Post Q2 Miss

FuelCell Energy Inc FCEL reported second-quarter FY22 revenue growth of 17% year-over-year to $16.4 million, missing the consensus of $32.58 million.
Revenues from Service agreements increased 300% Y/Y to $2.6 million, Generation increased 46% Y/Y to $9.1 million, and Advanced Technologies contracts decreased 34% Y/Y to $4.7 million.
Gross loss was $(7.3) million, compared to $(4.8) million in 2Q21.
Loss from operations widened to $(28.2) million compared to $(17.4) million in 2Q21.
Adjusted EBITDA totaled $(21.2) million, compared to $(11.3) a year ago.
EPS loss was $(0.08), below the consensus of $(0.05).
FCEL held cash and equivalents of $489.6 million as of April 30, 2022.
Backlog was $1.33 billion as of April 30, 2022, compared to $1.32 billion a year ago.
The company aims to deliver revenue of over $300 million by the end of FY25 and over $1 billion by the end of FY30.
Price Action: FCEL shares are trading lower by 11.3% at $3.61 during the premarket session on Thursday.

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