FuelCell Energy Inc. narrowed its losses for the fourth quarter and fiscal 2010 amid growing demand for the Danbury firm’s technology for converting various fuels to electricity.
In the three months ended Oct. 31, FuelCell lost $12.1 million, or 11 cents a share, compared to a loss of $14.8 million, or 20 cents a share, the same period a year earlier.
Fourth-quarter revenues rose to $17.2 million from $16.7 million.
Order backlog — a leading indicator of future revenues — jumped 70 percent to $154 .3 million as of Oct. 31 from $90.7 million a year ago.
For the year, FuelCell lost $56.2 million, or 63 cents a share, smaller than the earnings deficit of $68.7 million, or 99 cents a share, in fiscal 2009.
Twelve-month revenues fell to $59.2 million from $73.8 million a year earlier.
Chairman and CEO R. Daniel Brdar said he is confident about FuelCell’s outlook due to its strong order book that includes a demo plant under construction for the Army and South Korea’s insistence that fuel cells be a factor in its energy independence and sustainability.
FuelCell says it has 50 installations worldwide using its Direct Fuel Cell brand generators to convert fossil fuels and waste biogases into electricity.
