FCEL misses Q2 forecast in major fashion, shares drop 10%
- Fuelcell Energy reported Q2 adjusted EPS of $-0.08 on revenue of $16.4 million.
- Analysts had forecast EPS of $-0.05 on $32.3 million in revenue.
- FCEL stock price is down 10% to $3.66.
Fuelcell Energy (FCEL) posted earnings results that missed expectations early Thursday. For the fiscal second quarter, the quarter ending in April, Fuelcell reported an adjusted earnings per share loss of 8 cents on revenue of $16.4 million. The EPS was 3 cents below expectations, but the revenue figure was little more than half of the forecast. FCEL stock immediately dropped 10% to $3.66.
Wall Street had expected a $-0.05 adjusted EPS loss on $32.3 million in revenue from the producer of hydrogen fuel cell power plants. This compares to a $-0.05 adjusted EPS on $31.8 million in revenue in the most recent quarter – the fiscal first quarter of 2022 that ended in January.
“During our Investor Day, we highlighted the approximately $2 trillion in combined, cumulative total addressable market opportunities through 2030, which we believe may be served by our commercially available solutions and solutions that are actively under development by the company,” said FuelCell Energy CEO Jason Few in a statement. “We also shared our aspiration to have a substantial impact on addressing climate change and deliver revenue of over $300 million by the end of fiscal year 2025 and revenue of over $1 billion by the end of fiscal year 2030. In order to reach these goals, we are, among other things, investing in commercializing our technologies and adding to our capabilities, both in terms of manufacturing capacity and talent.”
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