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FuelCell Energy narrows fiscal Q1 losses in 2018

FuelCell Energy Inc. narrowed its adjusted EBITDA loss to $2.8 million in the first quarter of fiscal 2018, from an adjusted EBITDA loss of $6.5 million in the year-ago period.

The company recorded a net loss attributable to common shareholders of $8.4 million, or a loss of 12 cents per share, for the three-month period ended Jan. 31, compared to a loss of $14.5 million, or a loss of 39 cents per share, a year earlier. The loss in the 2018 fiscal first quarter includes a deemed dividend totaling $3.5 million on series C preferred shares.

Revenues for the quarter rose to $38.6 million, from $17.0 million in the prior-year period, while gross profit grew to $4.6 million, from $1.8 million, results released March 8 showed.

FuelCell's backlog surged year over year to $638.5 million as of Jan. 31, compared to $437.3 million as of Jan. 31, 2017.

"We continue to see favorable momentum in our marketplace, both in U.S. federal policy and with project execution and development. The passage and execution of the two legislative bills in February levels the playing field for fuel cells and will attract capital investment, which will enable us to continue to expand our market reach of this ultra-clean, efficient energy solution," President and CEO Chip Bottone said in a statement.