FuelCell Energy (NASDAQ:FCEL) -3.8% pre-market Thursday after reporting a wider than expected FQ2 loss even as revenues more than doubled from a year earlier and easily beat estimates.
Q2 net loss rose to $35.1M, or $0.09/share, from a loss of $31M, or $0.08/share, in the prior-year period, but sales soared 134% to $38.3M, well above $25.5M consensus estimate.
The company said higher revenue was driven by long-term service agreements, primarily relating to the new module exchanges at the plant owned by Korea Southern Power that were completed during the quarter.
Q2 revenues in Service agreements jumped by 10x to $26.2M from $2.6M, but Generation revenue fell 6.7% to $8.4M and Advanced Technologies contract revenue tumbled 20.8% to $3.7M.
FuelCell’s (FCEL) backlog fell 23% Y/Y to $1.02B, which it said was mostly the result of a reduction in Generation backlog due to the decision to not move forward with certain generation projects during last year’s Q4.
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