FuelCell Energy Inc. narrowed its fiscal fourth-quarter and annual losses as the Danbury firm shifted its focus to less expensive versions of its clean-burning, high-efficiency electricity generators.
FuelCell lost $16.2 million, or 21 cents a share, in the three months ended Oct. 31., smaller than its loss of $24.3 million, or 35 cents a share, a year ago due to expense reductions.
Fourth-quarter revenues also dropped to $20.4 million from $26.2 million.
For the year, the company lost $72.5 million, or $1 a share, down from $96.6 million, or $1.41 a share, lost last year. Annual revenues were $88 million, down from $100.7 million the previous year.
Chairman and CEO R. Daniel Brdar said FuelCell began producing its new lower cost megawatt-class power plants in the second half of its fiscal year to boost sale volume move the company to profitability.
Brdar also noted its licensing deal signed earlier in the year with South Korea’s POSCO Power, which included POSCO buying an equity stake in FuelCell.
He said the POSCO deal should reduce product costs as well as expand its global manufacturing capacity and market reach.
