Danbury-based FuelCell Energy reported a sharp jump in revenue during its fiscal third quarter, but the fuel cell manufacturer posted wider losses following restructuring efforts.
The company generated $46.7 million in revenue for the quarter that ended July 31, representing a 97% increase from $23.7 million in the same quarter last year.
The revenue growth was largely driven by its long-term service agreement with Gyeonggi Green Energy Co., and large product shipments, particularly from Korean operations.
However, the energy company reported significantly wider losses, primarily due to restructuring costs and impairment charges totaling $68.6 million. In June, FuelCell cut 22% of its workforce.
FuelCell said the charges reflect the company’s ongoing efforts to streamline operations and position itself for future profitability.
In the third quarter, FuelCell posted a net loss attributable to common stockholders of $92.5 million, or a loss of $3.78 per share, significantly wider than the $33.5 million, or $1.99 per share, loss in the same period last year.
Chief Executive Officer Jason Few said the company delivered “meaningful revenue growth while advancing execution of our long-term strategy.” He pointed to efficiency gains in its core technology and opportunities tied to growing energy demands from data centers.
Few said the company will focus on its carbonate technologies, which produce electricity, heat, hydrogen and water through an electrochemical process with low emissions.
FuellCell shares were trading at $5.17 Tuesday morning, up about 22% from Monday’s close.
