FuelCell Energy, Inc. (FCELFree Report) incurred a third-quarter fiscal 2021 net loss of 4 cents per share, narrower than the Zacks Consensus Estimate of a loss of 5 cents. Also, it compared favorably with the year-ago loss of 7 cents.

Total Revenues

FuelCell’s total revenues came in at $26.8 million, beating the Zacks Consensus Estimate of $21.2 million by 26.4%. The top line also improved 43.2% from the year-earlier period’s tally.

Segmental Details

Service and License: Total revenues were $14.3 million, up 101.7% year over year. This increase was aided by a rise in the number of module exchanges during the reported quarter.

Generation: Total revenues of $6.2 million improved 31.9% year over year. This rise was owing to higher operating output of the generation fleet portfolio.

Advanced Technologies: Total revenues of $6.2 million dropped 9.4% year over year. This decline was due to lower revenues recognized under government contracts.

Highlights of the Release

The company reported a gross profit of $1.1 million against a loss of $3.1 million recorded in third-quarter fiscal 2020.

Total operating expenses rose 53.1% year over year to $11.7 million.

Interest expense for the reported quarter was $1.6 million, down 62.7% from the prior fiscal-year level.

Backlog at the end of third-quarter fiscal 2021 was $1.30 billion, down 2.3% year over year.

Financial Update

Cash and cash equivalents (unrestricted) as of Jul 31, 2021 were $468.6 million compared with $149.9 million on Oct 31, 2020.

Long-term debt and other liabilities as of Jul 31, 2021 were $73.6 million compared with $150.7 million on Oct 31, 2020.

Zacks Rank

Currently, FuelCell has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Releases

Ameresco, Inc. (AMRCFree Report) is expected to report third-quarter 2021 results on Nov 1, 2021. The Zacks Consensus Estimate for earnings is pegged at 34 cents per share.

Covanta Holding Corporation (CVAFree Report) is expected to release third-quarter 2021 earnings performance on Nov 4, 2021. The Zacks Consensus Estimate for earnings is pegged at 18 cents per share.

Clearway Energy Inc. (CWENFree Report) is expected to report third-quarter 2021 earnings on Nov 4, 2021. The Zacks Consensus Estimate for earnings stands at 98 cents per share.

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