FuelCell Energy narrowed losses in its fiscal third-quarter thanks to higher revenues and gross margin, narrowly beating analysts' estimates.
The fuel cell technology company said for the three months ending 31 July, net loss narrowed to $12.8m (£9.2m) from a loss of $16.1m a year earlier as revenue rose 43% to $26.8m from $18.7m last year.
Loss per share narrowed to 4 cents in the latest quarter from 7 cents a year earlier.
Analysts expected loss
Analysts were expecting a loss of 5 cents per share on revenue of $21.2m, according to Zacks Investment Research.
FuelCell said higher gross margins in the quarter were due to more energy module exchanges for high-margin projects and improved power generation gross margin, which was partially offset by lower margins from its Advanced Technologies business.
"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," FuelCell president and chief executive Jason Few said in a press release.
Order backlog down 2.2%
FuelCell's order backlog decreased 2.2% to $1.30bn as of 31 July. This represents firm and anticipated orders from clients that have not been converted into revenue.
The company provides clean energy power generation solutions to utility companies, municipalities, universities, hospitals, government entities (such as the US Navy) and a variety of industrial and commercial businesses.