FuelCell Energy' Q1 Revenue More Than Doubles Aided By Product Revenue Contribution

FuelCell Energy Inc FCEL reported first-quarter FY22 revenue growth of 114% year-over-year to $31.8 million, beating the consensus of $26.73 million.
Product revenues were $18.0 million versus no product revenue last year.
EPS loss narrowed to $(0.11) from $(0.15) in 1Q21.
The company reported a gross loss of $(2.89) million versus $(3.62) million a year ago.
Loss from operations expanded to $(44.84) million versus $(14.37) million in 1Q21.
Adjusted EBITDA loss increased to $(13.6) million versus $(7.35) million a year ago.
The company stated that the results in Q1 were negatively impacted by a non-recurring expense of $24 million, or ~$0.07 per share, related to payment of legal fees related to the settlement of the POSCO Energy dispute.
The backlog was $1.31 billion as of January 31, 2022, compared to $1.27 billion a year ago.
FCEL held cash and equivalents of $405.4 million as of January 31, 2022.
Price Action: FCEL shares are trading lower by 3.48% at $6.10 during the premarket session on Thursday.