Benzinga - FuelCell Energy Inc (NASDAQ: FCEL) shares are trading lower Tuesday morning after the company reported worse-than-expected financial results.
What Happened: FuelCell reported fourth-quarter revenue of $39.2 million, which missed average analyst estimates of $43.81 million, according to Benzinga Pro. The company reported a quarterly net loss of 11 cents per share, which missed estimates for a loss of 7 cents per share.
FuelCell said growth investments are reflected in its results. The company is focused on advancing its platform, increasing engineering capabilities and expanding its sales and marketing team.
"FuelCell Energy is in a period of transition, investing across our business to support the strong market opportunity that we believe exists for our Company," said Jason Few, president and CEO of FuelCell.
"As we transition into fiscal year 2023, these investments will grow and accelerate as we deploy capital for plant, equipment and the talent needed to meaningfully increase the total manufacturing capacity across our technology platforms."
FuelCell ended the quarter with $481 million in cash and equivalents. The company's backlog decreased by approximately 15.4% to $1.09 billion as of the end of October.
FuelCell is a global manufacturer of proprietary fuel cell technology platforms.
FCEL Price Action: FuelCell has a 52-week high of $7.32 and a 52-week low of $2.77.
The stock was down 7.98% at $3 at time of publication, according to Benzinga Pro.
Photo: courtesy of FuelCell.
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