The company’s product revenue took the hardest hit, falling to $18 million from $26 million a year ago, driven primarily by a reduction in module shipments to South Korean customers. Compounding the decline, generation revenue dropped to $8.8 million as output across the firm's portfolio waned. A significant contributor to this shortfall was the 7.4-megawatt Groton Project at the Navy’s submarine base, which remained offline throughout the quarter to accommodate essential equipment upgrades.
In section Market Quotes
FuelCell Energy Revenue Slides on Korean Market Dip and Navy Base Shutdown
A 29% revenue drop for FuelCell Energy during the third fiscal quarter signaled a difficult stretch for the company, as deliveries to South Korea stalled and a critical project at a Connecticut Navy base sat idle. The resulting $33 million in revenue missed Wall Street expectations by nearly $6 million.
Despite the top-line contraction, FuelCell managed to narrow its net loss to $45.3 million, or 64 cents per share, compared to the $92.5 million loss reported in the same period last year. However, the adjusted per-share loss still exceeded the 41-cent deficit projected by analysts. Investors reacted sharply to the results, sending shares down 9% to $15.49 in premarket trading.
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