FuelCell Energy (FCEL) – Get the FuelCell Energy, Inc. report shares rose Tuesday after the fuel cell company reported stronger-than-expected results for its latest quarter.
In fiscal 2021 third quarter ended July 31, revenue increased 43% to $26.8 million, from $18.7 million last year. The latter figure easily beat FactSet’s analyst consensus of $21.1 million.
Indeed, according to FactSet, it was the largest sales increase, in percentage, in two years. A $7.2 million increase in service agreements and license revenue drove profits.
FuelCell posted a net loss of $12.8 million, or 4 cents per share, for the last quarter, shrinking from a loss of $16.1 million, or 7 cents per share, a year earlier. The latest per share figure beat analysts’ forecast of a loss of 5 cents.
And the company broke a series of seven-quarter losses that exceeded forecasts, FactSet reported.
FuelCell shares closed at $6.44 Tuesday, up 15%. It’s fallen 65% in the past six months amid valuation concerns, but continues to rise 197% over the past year amid optimism for hydrogen-related stocks.
“We have made progress in advancing our onboard projects and combined with an increase in our investment in commercial capabilities and research and development activities, we believe we position FuelCell Energy for long-term growth and sustainable commercial success” Chief Executive Jason Few said in a statement.
Analysts say FuelCell would benefit from the infrastructure bill passed by the House last month.
Under the legislation, the federal government would create a clean hydrogen strategy and invest billions of dollars to lay the foundation for a nationwide hydrogen network.