Danbury clean-energy systems manufacturer FuelCell Energy Inc. lost $10.7 million in the third quarter amid slowed sales, particularly among its higher margin products.
The company’s net loss was $10.7 million, or 6 cents a diluted share, in the three months ended July 31 wider than its loss of $8.6 million, or 7 cents a share, suffered the same period a year ago, the company said Thursday.
Third-quarter revenues fell to $29.7 million vs. $31.2 million the same period a year ago.
Wall Street reacted Thursday to the company’s missed revenue and earnings targets by sending its stock down 12 cents, or 12 percent, to 88 cents in late morning trading.
Fuel cells create electricity and heat through an electrochemical process producing no greenhouse gas emissions.
The company said slower sales impacted on its Torrington production facility, raising the cost to each fuel cell. FuelCell’s cost of production in the latest quarter was $30.3 million vs. $29.1 million a year earlier.
The company said it sold more fuel cell kits, where the customer assembles the power plant onsite, while FuelCell sold fewer power plants, where the company assembles the product at its Torrington facility. Power plants have a higher margin than kits.