FuelCell Energy stock gains after reported losses were narrower than expected

Shares of FuelCell Energy Inc. (FCEL) rose 1.4% in premarket trading Monday, after the fuel cell technology company reported a fiscal third-quarter loss that was narrower than expected but revenue that fell more than forecast, due primarily to lower product revenue. For the quarter to July 31, net losses narrowed to $25.1 million, or 6 cents a share, from $30.2 million, or 8 cents a share, in the year-ago period. That beat the FactSet per-share loss consensus of 8 cents. Revenue dropped 40.8% to $25.51 million, below the FactSet consensus of $27.7 million. The company said it didn't record any product revenue in the latest quarter, compared with $18.0 million recognized a year ago for module sales to Korea Fuel Cell Co. Ltd. The company said it ended the quarter with total cash and short-term investments of about $414 million. The stock has tumbled 38.2% over the past three months through Friday, while the S&P 500 has gained 3.7%.

-Tomi Kilgore

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09-11-23 0756ET

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