FuelCell Energy Inc. (FCEL) Tuesday reported a narrower loss for the first quarter, compared to a year ago, helped by lower expenses. Revenue, however, dropped from the prior year, reflecting delays in order flow amid downturn in the global economy. FuelCell also said its cost out programs are on target and its new cost-reduced fuel cell power plants are on schedule for third quarter production. FuelCell Energy shares are currently trading up, more than 16%, on the Nasdaq.
For the first quarter, net loss available to common shareholders narrowed to $19.88 million or $0.29 per share from $25.78 million or $0.38 per share in the same quarter a year ago.
Net loss for the quarter was $19.08 million, narrower than an net loss of $24.98 million in the prior-year quarter.
On average, ten analysts polled by Thomson Reuters expected a loss of $0.30 per share for the quarter. Analysts' estimate typically excludes one-time items.
Total revenues for the quarter plunged to $22.86 million from $31.64 million in the year-ago quarter, below Street estimates of $27.16 million.
Product sales and revenues were down 27.0% at $19.31 million, while research and development contracts dropped 31.7% at $3.56 million, compared to the year-earlier quarter. The prior year product sales and revenues were unusually high due to timing.
Product sales backlog as of April 30, 2009 was $59.2 million, compared to $70.9 million as of January 31, 2009 and $134.7 million as of April 30, 2008.
Total costs and expenses were down at $41.26 million, compared to $56.35 million in the corresponding quarter last year. Loss from operations narrowed to $18.40 million from loss from operations of $56.35 million in the comparable quarter a year ago.
Reduction in operating costs and expenses during February 2009 includes a 6% reduction in workforce, a freeze on the level of salaries, excluding production employees, suspension of employer contributions to the 401(k) plan, and other expense reductions.
As a result, FuelCell Energy now expects reduced cash use in 2009 compared to 2008, even if cash use for fiscal 2009 may not meet previous expectations due to delays in the contract negotiation and closure process.
Daniel Brdar, Chief Executive Officer said, "Despite the financial crisis, we continue to see demand for our products. The POSCO Power 30.8 MW order, recent Connecticut Renewable Portfolio Standards award, activities in the California market, and government initiatives for green energy and green jobs are positives for our business."
For the six-month period, FuelCell reported a net loss to common shareholders of $40.60 million or $0.59 per share, compared to a net loss available to common shareholders of $45.50 million or $0.67 in the same period a year ago.
Revenue for the period decreased to $44.59 million from $46.66 million in the prior-year period.
FCEL is currently trading at $4.72, up $0.66 or 16.26%, on a volume of 0.69 million shares.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.