Here's Why FuelCell Shares Are Rising

FuelCell Energy Inc FCEL shares are trading higher by 7.58% to $3.55 during Thursday's pre-market session after the company reported better-than-expected first-quarter EPS and sales results.

What Happened: FuelCell on Thursday reported quarterly losses of 5 cents per share which beat the analyst consensus estimate of a loss of 7 cents.

The company also reported quarterly sales of $37.10 million which beat the analyst consensus estimate of $28.11 million by 32%. This sales figure represents a 16.7% increase over sales of $31.80 million in the same period last year.

FuelCell additionally reported a quarterly gross profit of $5.2 million compared to a gross loss of $2.9 million compared to the year ago quarter.

Cash and cash equivalents, restricted cash and cash equivalents and short-term investments for the company meanwhile totaled $415.4 million as of January 31, 2023, compared to $481.0 million as of October 31, 2022.

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What Else: "For the first quarter of fiscal year 2023, we reported strong revenue growth, up 17% compared to the comparable prior year quarter," said Mr. Jason Few, President and CEO.

"We delivered positive gross margin of approximately 14% and ended the quarter with a strong total cash and short-term investment position of over $400 million.

According to data from Benzinga Pro, FCEL has a 52-week high of $7.33 and a 52-week low of $2.47.