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      The FuelCell Energy Inc. (NASDAQ: FCEL) stock declines by 8.51%. Here’s what’s happening: - Stocks Telegraph

      By ST Staff

      Published on

      March 16, 2021

      2:40 PM UTC

      Last Updated on

      October 21, 2021

      9:45 AM UTC

      The FuelCell Energy Inc. (NASDAQ: FCEL) stock declines by 8.51%. Here’s what’s happening: - Stocks Telegraph

      FuelCell Energy Inc. (NASDAQ: FCEL) stock show a downswing of ‎8.51‎% during the normal trading after FCEL has announced its financial results for first-quarter fiscal 2021. FCEL is an internationally renowned company for sustainable and clean energy technologies that caters few of the most critical challenges around energy, safety, and global urbanization.

      Financial Result of Q1 Fiscal 2021

      FuelCell stock price has declined after the financial results because the revenue generated is even below the expectations. Following are the details.

      1. FCEL has recorded the revenue of $14.9 million as compared to $16.3 million in Q1 fiscal 2020.

      • Service agreements and license revenue has decreased by 12% i-e $4.9 million from $5.6 million.   
      • FCEL generation revenues decreased by 10% that is $4.9 million from $5.4 million. This is due to the temporary closing of some of the Bridgeport Fuel Cell Project plants for scheduled module exchanges
      • Advanced Technologies contract revenue also declined 3% to $5.1 million from $5.2 million.

       2. FCEL in the financial results of Q1 fiscal 2021 show a gross loss of $3.6 million compared to gross profit of $3.3 million.

      3. FCEL stock recorded a loss of $14.4 million from operations as compared to $3.1 million.

      Recent Developments

      • In the first quarter fiscal 2021, FCEL managed to enter into a power purchase agreement for 2.8 megawatt project in Derby, CT in February.
      • FCEL also started operation and testing of a prototype solid oxide electrolysis hydrogen platform during the quarter.
      • The CEO of FCEL said that in this first quarter FCEL has managed to improve their balance sheet by raising capital, paying down debt executing against their core business backlog.
      • FCEL has also continued to advance their joint research with ExxonMobil Research and Engineering Company on fuel carbon capture solution.

      Conclusion

      The financial results of FCEL for Q1 fiscal 2021 are not up to the mark but FCEL’s management is working towards making it better for the shareholders. FCEL’s future plans look promising for investors.

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