FuelCell Energy Inc (NASDAQ:FCEL) is trading higher Tuesday after the company announced better-than-expected third-quarter fiscal 2021 financial results.
FuelCell reported a quarterly earnings loss of 4 cents per share, which beat the estimate for a loss of 5 cents per share. The company reported quarterly revenue of $26.8 million, which beat the estimate of $20.69 million.
FuelCell said its cash and cash equivalents and restricted cash and cash equivalents totaled $494 million at the end of the quarter.
“FuelCell Energy delivered higher revenue in the third fiscal quarter, both sequentially compared to the second fiscal quarter and year over year. We are pleased by the continued execution of our project backlog and the advancement of our strategic agenda in terms of infrastructure, solutions and talent to support our ability to achieve our long-term goals,” said Jason Few, president and CEO of FuelCell.
“We made progress in advancing our inflight projects and combined with an increase in our investment in commercial capabilities and research and development activities, we believe we are positioning FuelCell Energy for long-term growth and sustainable commercial success,” Few added.
FuelCell designs manufactures, sells, installs, operates and services fuel cell products, which efficiently convert chemical energy in fuels into electricity through a series of chemical reactions.
FCEL Price Action: FuelCell has traded as high as $29.43 and as low as $1.58 over a 52-week period.
The stock was up 28.5% at $7.22 at time of publication.
Photo: courtesy of FuelCell.