FuelCell Energy Inc (NASDAQ:FCEL) reported a fourth-quarter FY21 revenue decline of 18% year-over-year to $13.94 million, missing the consensus of $21.86 million.
- EPS loss narrowed to $(0.07) from $(0.08) in 4Q20, missing the consensus of $(0.04).
- FY21 revenue declined by 2% Y/Y to $69.59 million; and EPS loss was $(0.31) versus $(0.42) in FY20.
- The company attributed the Q4 revenue decline to a 102% decrease in service agreements and license revenues, as there were no module exchanges during the quarter.
- Revenues by segments: Service agreements and license $(0.1) million (-102% Y/Y), Generation $6.7 million (+31% Y/Y), and Advanced Technologies $7.3 million (+14% Y/Y).
- The company reported a gross loss of $(8.4) million for Q4 versus $(8) million last year.
- Loss from operations widened to $(22.55) million, from $(17.12) million a year ago.
- Adjusted EBITDA loss expanded to $(11.86) million, compared to $(8.6) million a year ago.
- FuelCell Energy's backlog remained unchanged at $1.29 billion as of October 31, 2021.
- FuelCell Energy held cash and equivalents of $460.2 million as of October 31, 2021.
- For FY22, FuelCell expects capital expenditures of $40 million - $50 million.
- Price Action: FCEL shares are trading lower by 8.18% at $5.39 during the premarket session on Wednesday.
