FuelCell Energy, Inc. (NASDAQ: FCEL) is engaged as a global clean energy technology company, which is centered around its proprietary fuel cell technology. Shares of the fuel cell company are rallying 31% through early trading on Tuesday, September 14, 2021. Over the past three months, FuelCell Energy has seen average daily volume of 17.43 million shares. However, volume of 66.68 million shares or dollar volume of $491.43 million, has already exchanged hands through early trading on Tuesday.
Shares of FuelCell Energy are gaining after the company reported fiscal third quarter 2021 financial results, which came in better-than-expected. The clean energy technology company reported revenues of $26.8 million, compared to $18.7 million during the same period last year. Gross profit improved to $1.1 million, compared to a loss of $3.1 million last year. FuelCell Energy’s net loss totaled $12 million during the fiscal third quarter 2021, but this was an improvement compared to last year’s net loss of $15.3 million.
FuelCell Energy remains very well capitalized. As of July 31, 2021, the company reported cash and equivalents totaling $494 million, compared to cash assets of $192.1 million, as of October 31, 2020.
Another positive sign for FuelCell Energy was the decrease of its backlog by 2.2% to $1.30 billion. The company has continued to focus on working through its backlog by making necessary adjustments. Its backlog represents definitive agreements signed by the company and its customers, not product sales.
“FuelCell Energy delivered higher revenue in the third fiscal quarter, both sequentially compared to the second fiscal quarter and year over year. We are pleased by the continued execution of our project backlog and the advancement of our strategic agenda in terms of infrastructure, solutions and talent to support our ability to achieve our long-term goals,” said Mr. Jason Few, President and CEO. “We made progress in advancing our inflight projects and combined with an increase in our investment in commercial capabilities and research and development activities, we believe we are positioning FuelCell Energy for long-term growth and sustainable commercial success.”
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