Shares of FuelCell Energy Inc. were hit hard Thursday, after the maker of fuel cell technology platforms reported fiscal third-quarter losses that more than doubled and were wider than expected, but revenue that soared above forecasts.
Net losses for the quarter to July 31 widened to $30.2 million, or 8 cents a share, from $12.8 million, or 4 cents a share, in the same period a year ago.
The FactSet consensus was for a per-share loss of 6 cents.
The stock slumped 5.8% in morning trading toward a one-month low. The stock was headed for a four-week losing streak in which it has lost 26.4%.
Revenue grew 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.
Meanwhile, cost of revenue increased more than revenue, rising 83.8% to $47.3 million, amid higher marketing and consulting expenses, as the company invests in rebranding and accelerating sales and commercialization 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 was down from $489.6 million as of April 30.
The stock has declined 7.6% over the past three months through Wednesday, while the S&P 500 index