Danbury manufacturer FuelCell Energy said its third-quarter losses grew, largely due to a drop in product revenue.
For the fiscal quarter ended July 31, FuelCell lost $17.8 million, or 38 cents per diluted share, compared to an $11.8 million loss, or 31 cents, in the third quarter of 2016.
The larger loss came amid lower revenue, which fell to $10.4 million from $21.7 million a year ago.
Also on Thursday, FuelCell announced a 20-megawatt sale of fuel cells in South Korea, which the company will operate and maintain. Last month it announced a 40-megawatt deal in Long Island.
Along with those new deals, the company’s earnings report names a recent change in Connecticut law as one of its “business highlights.”
The legislature this year authorized a sizable state-led clean energy acquisition that is expected to make it easier for fuel cell makers to win long-term energy contracts.
