FuelCell Energy Stock Jumps After Optimistic Earnings Report Third Quarter Ended July 31, 2021
Sep 14, 2021 By MarketDepth
FuelCell Energy, Inc. (NASDAQ: FCEL) jumped more than 20% after the company reported financial results for its third quarter ended July 31, 2021 and key business highlights. Third quarter revenue of $26.8 million represents an increase of 43% over the prior-year quarter, driven by a $7.2 million increase in service agreements and license revenues, which was primarily due to the fact that there were more module exchanges during the quarter than in the prior year quarter.
“We made progress in advancing our inflight projects and combined with an increase in our investment in commercial capabilities and research and development activities, we believe we are positioning FuelCell Energy for long-term growth and sustainable commercial success.”Jason Few, President and CEO
“FuelCell Energy delivered higher revenue in the third fiscal quarter, both sequentially compared to the second fiscal quarter and year over year. We are pleased by the continued execution of our project backlog and the advancement of our strategic agenda in terms of infrastructure, solutions and talent to support our ability to achieve our long-term goals,” said Mr. Jason Few, President and CEO.
In the meantime Generation revenues increased 32% to $6.2 million from $4.7 million primarily due to higher operating output of the generation fleet portfolio as a result of investments in maintenance activities and an increase in the size of the fleet.
“We are almost two years into our Powerhouse business strategy, and we continue to make progress. The ability to deliver these results while simultaneously increasing our annualized production rate, repositioning our brand for the future and building the next generation sales structure underscores the hard work and effort of the over 380 employees of FuelCell Energy. To further deepen our bench and ensure we are well positioned for the future, we recently announced additions to our team, significantly expanding our sales and marketing presence with the goal of enhancing customer engagement and effectiveness.”Jason Few, President and CEO