FuelCell Energy, Inc. ( FCEL ) stock slipped after the company reported third-quarter fiscal 2025 revenue of $46.7 million, up 97% from $23.7 million a year earlier but below analyst expectations of $48.3 million. However, it has since reversed those losses and is now trading higher by over 12%.

The company posted an adjusted net loss per share of 95 cents, beating the analyst estimate of a $1.44 loss. Net loss attributable to common stockholders widened to $92.5 million from $33.5 million a year earlier, with GAAP net loss per share at $3.78 versus $1.99 loss.

Product revenue surged to $26.0 million from $0.3 million, driven by $24.0 million from Gyeonggi Green Energy’s (GGE) 58.8 MW platform in Korea and $2.0 million from Ameresco. Service revenue rose to $3.1 million from $1.4 million on higher GGE platform activity.

Also Read: Insights into FuelCell Energy’s Upcoming Earnings

Generation revenue fell to $12.4 million from $13.4 million due to maintenance downtime, while Advanced Technologies revenue declined to $5.3 million from $8.6 million on lower ExxonMobil ( XOM ) and government contract contributions.

Gross loss narrowed to $5.1 million from $6.2 million. Adjusted EBITDA improved to a loss of $16.4 million from a loss of $20.1 million a year ago.

Cash, restricted cash, and short-term investments totaled $236.9 million at quarter-end, down from $318.0 million as of October 31, 2024. Unrestricted cash stood at $174.7 million.

The company raised $39.0 million in gross proceeds from stock sales during the quarter and an additional $12.1 million after quarter-end.

Backlog increased 4% to $1.24 billion from $1.20 billion a year earlier. Generation backlog grew to $955.0 million from $839.5 million, boosted by a 20-year Hartford Project PPA. Service backlog totaled $169.4 million, product backlog $96.2 million, and Advanced Technologies backlog $24.3 million.

“In our third fiscal quarter, we delivered meaningful revenue growth while advancing execution of our long-term strategy,” said President and CEO Jason Few. He highlighted carbonate platform efficiency above 50%, demand from data centers, and cost benefits from restructuring. “Looking ahead, our focus remains on scaling our core carbonate technologies to meet America’s pursuit of energy leadership while supporting rapid growth across the global markets we serve – all with the long-term goal of future profitability.”

FuelCell Energy’s clients include large energy companies like Dominion , POSCO Energy, and NRG Energy ( NRG ) ; government entities such as the Department of Energy and the U.S. Navy; and commercial companies like ExxonMobil ( XOM ) and Toyota ( TM ) for carbon capture and energy projects.

Price Action: FCEL shares are trading higher by 12.32% to $4.740 at last check Tuesday.

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