FuelCell Energy Inc. reported wider losses in the third quarter of the year as its top line recorded a double-digit decline, the company reported in a filing.
- The net loss stood at $24.151 million, 28% wider than the $18.856 million recorded the same quarter last year, while diluted net loss per share improved by 13% to $0.07 from $0.08. Revenues for the period dropped by 18% to $13.935.
- President and Chief Executive Officer Jason Few said the company focused on improving its backlog and invested in its global capacities, and working to innovate technologies into commercial deployment versus addressing operational challenges in 2020.
- Year-to-date net loss widened by 13% to $104.255 million from $92.438 million, while diluted share stood at $0.31 apiece, down by 26% from $0.42 a year ago. Revenues slipped 2% to $69.585 million.
- FuelCell expects to spend between $40 million to $50 million in 2022, significantly higher than the $6.4 million this year. This year’s investments include spending on factories for carbonate and solid oxide production capacity expansion.
Chief Operating Officer and EVP Michael Lisowski said the company has achieved its targeted production as of November 2021.