Proactive Investors - FuelCell Energy Inc (NASDAQ:FCEL) shares traded lower after the fuel cell technology company reported mixed results for the fourth quarter.
It reported a 43% drop in revenue from $39.2 million in the year-ago quarter to $22.5 million, while it narrowed its gross loss from $15.2 million or $0.11 per share to a loss of $1.46 million or $0.07 per share.
Wall Street analysts had expected a loss per share of $0.08 on revenue of $26.1 million.
For the full year 2023, FuelCell’s revenues decreased by 5% to $123.4 million and a loss per share of $0.26, compared to estimates of $127 million and a loss per share of $0.28, respectively.
“We were very pleased with our operational execution during the fiscal year, which we believe positions FuelCell Energy for future growth,” FuelCell CEO Jason Few said in a statement.
The company’s results come a day after it was announced that ExxonMobil affiliate Esso Nederland BV will be trialling carbonate fuel cell (CFC) technology jointly co-developed with FuelCell at a new pilot plant in Rotterdam.
This would mark the first time CFC technology will be piloted for carbon capture in an industrial environment and, if successful, it will be commercialized to reduce emissions at ExxonMobil’s locations and other industrial sites, the companies said.
FuelCell Energy shares traded down 5.9% at US$1.44 on Tuesday morning.