FuelCell Energy, Inc. (FCEL) stock soared 0.33% in the pre-market trading session at the price of $6.14 despite no fundamental reason. The last published news on the company’s website was its third quarter of 2021 financial results. FCEL is a leading clean energy technology that serves customers worldwide by delivering sustainable products and solutions for businesses, governments, and municipalities.
FCEL Third Quarter of Fiscal 2021 Financial Results
On 14th September 2021, FCEL published an earnings report for its third quarter ended 31st July 2021. CEO of FCEL, Mr. Jason Few, remarked that compared to the second fiscal quarter, they had achieved higher revenue in the third fiscal quarter. They are pleased by the continued advancement of their strategic agendas related to infrastructure, solutions, and long-term goals. They have increased their investment in commercial capabilities and research activities combined with progress in advancing their inflight projects. They are positioning FuelCell Energy into long-term growth and sustainable business success, he added.
Third Quarter Fiscal 2021 Highlights
FCEL reported revenue of $26.8 million for the third quarter ended 31st July 2021. It indicates a growth of 43% over the previous year’s same quarter. The increase in revenue resulted from a $7.2 million gain in service agreements and license revenues. Gross profit was $1.1 million for the third fiscal quarter ended 31st July 2021. The reported gross loss was $(3.1) million in the comparable quarter of 2020. Operating expenses increased by $11.7 million in the third fiscal quarter of 2021. For the same quarter of the prior year, operating expenses were $7.6 million. Net loss was $(12.0) million in the third fiscal quarter ended 31st July 2021. FCEL reported a net loss of $(15.3) million in the third fiscal quarter of 2020.
Net loss attributable to common stockholders was $(0.04) per share in the third fiscal quarter of 2021 compared to $(0.07) in the comparable quarter of 2020. The lower net loss per common share resulted from the higher weighted average shares outstanding and the lower net loss attributable to common stockholders. Unrestricted cash and cash equivalents totaled $468.6 million as of 31st July 2021. The reported cash and cash equivalents were $149.9 million as of 31st October 2020. FCEL reported an Adjusted EBITDA of $(5.2) million in the third fiscal quarter of 2021. The Adjusted EBITDA was $(5.6) million in the third fiscal quarter of the prior year.