Shares of sustainable clean energy technology and solutions provider FuelCell Energy (NASDAQ:FCEL) are ticking lower at the time of writing today after the company announced second-quarter numbers.
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During the quarter, revenue surged nearly 134% year-over-year to $38.3 million, outperforming estimates by $11.5 million. Net loss per share at $0.09 though, came in wider than expectations by $0.01. The growth in the topline came on the back of long-term service agreements (chiefly from the completion of new module exchanges at a Korea Southern Power Company-owned plant).
Additionally, FuelCell is also seeing rising customer interest in its carbon separation and utilization/capture solutions. The company had a cash pile of $353.5 million and a total order backlog of $1.02 billion at the end of the quarter.
FueCell shares have dropped nearly 41.5% over the past year while short interest in the stock still remains elevated at about 16.4% at present.
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