Shares of FuelCell Energy Inc. were hit hard on Thursday after the fuel cell technology platform maker reported third-quarter tax losses that more than doubled and were bigger than expected, but revenue that exceeded forecasts.
Net losses for the quarter to July 31 widened to $30.2 million, or 8 cents per share, from $12.8 million, or 4 cents per share, in the same period a year ago.
The FactSet consensus was for a loss per share of 6 cents.
The stock fell 5.8% in morning trade to a one-month low. The title was heading for a four-week losing streak in which it lost 26.4%.
Revenue rose 60.7% to $43.1 million, well above the FactSet consensus of $35.8 million and to mark the strongest quarterly revenue in five years.
recorded $18.0 million in product revenue, after none a year ago, to beat the FactSet consensus of $13.9 million. Services and generation revenue also beat expectations, while advanced technologies lagged.
Meanwhile, cost of revenue rose more than revenue, rising 83.8% to $47.3 million, amid higher marketing and consulting spend as the company invests in change branding and accelerated sales and marketing efforts, and higher spending on research and development.
Backlog decreased 1.1% to $1.28 billion, while unrestricted cash and cash equivalents of $456.5 million at the end of the quarter were down from compared to $489.6 million as of April 30.
The stock is down 7.6% in the past three months through Wednesday, while the S&P 500 SPX index,