FuelCell Energy Inc(NASDAQ:FCEL) Posts $44.4 Million Revenue In Q1, Loss Widens
Dallas, Texas, 03/11/2014 (ustrademedia) – FuelCell Energy Inc (NASDAQ:FCEL), a developer of fuel cell power plants, reported its first quarter results, ended January 31, 2014. The company reported a year-over-year increase in its total revenues which stood at $44.4 million, compared to $36.4 million reported in the first quarter of 2013. FuelCell Energy posted a net loss of $11.4 million, or $0.06 per basic and diluted share for the quarter.
Product sales also increased during the Q1, 2014 totalling to $34.5 million, compared to last year’s $29.1 million. Product sales comprised of power plant revenue and fuel cell kit sales of about $18.4 million, and power plant component sales plus site engineering and construction services of worth $16.1 million. Service and license revenues stood at $5 million comparable to the prior year period. During the Q1, revenue from advanced technologies contract was $5, compared to $2.3 million for Q1, 2013.
At January 31, 2014, the company had cash and cash equivalents and restricted cash of approximately $104.6 million.
President and Chief Executive Officer Chip Bottone said, “We remain on track for closing multiple megawatts of orders and my confidence level is high as we have negotiated contracts for projects where we are waiting on final customer or regulatory approval. Inquiries and activity levels globally remain high as we work to convert pipeline into backlog, supported by the validation from on-time completion of multi-megawatt fuel cell parks on two different continents.”
During the first quarter, the Company said it maintained an annual production run-rate at the Torrington production facility of 70 megawatts. “We had 74 megawatts of fuel cell parks become fully operational during the first quarter of 2014, supplying ultra-clean baseload power to electric grids and demonstrating the capability for stationary fuel cell power plants to address power generation challenges facing utilities and governments around the world.”