FuelCell Energy Stock Sinks On Wider Than Expected Q4 Loss, Despite Higher Sales

FuelCell Energy Inc FCEL has reported Q4 FY22 revenues of $39.2 million, more than double from $13.9 million a year ago, missing the consensus of $43.8 million.
The company reported an EPS loss of $(0.11), wider than the $(0.07) posted a year ago.
The gross loss totaled $(15.2) million, compared to a gross loss of $(8.4) million a year ago, driven by higher manufacturing variances, $8.7 million of non-capitalizable costs related to the construction of Toyota Motor Corporation TM project, and lower margins.
Operating loss swelled to $(42.7) million versus $(22.6) million a year ago.
Adjusted EBITDA loss reached $(36.1) million up from $(16.9) million in Q4 FY21.
Backlog decreased by approximately 15.4% Y/Y to $1.09 billion, primarily due to a reduction in generation backlog due to the decision not to move forward with certain generation projects, a reduction in service agreements backlog, and Advanced Technologies contract backlog.
Price Action: FCEL shares are down 8.18% at $2.99 on the last check Tuesday.