Overview

* FuelCell Energy ( FCEL ) Q3 revenue up 97% yr/yr, missing analyst expectations

* Adjusted EPS beats analyst expectations, reflecting operational improvements

* Company's backlog increased 4% to $1.24 bln, driven by new agreements

Outlook

* FuelCell Energy ( FCEL ) focuses on scaling carbonate technologies for future growth

* Company sees opportunities in surging power demand from data centers

* FuelCell Energy ( FCEL ) aims to lower costs and sharpen focus on core technologies

* Company positions for growth with distributed power generation momentum

Result Drivers

* PRODUCT REVENUE INCREASE - Product revenues surged to $26 mln from $0.3 mln, driven by $24 mln in revenue from a long-term service agreement with Gyeonggi Green Energy Co., Ltd. for fuel cell modules in Korea

* SERVICE AGREEMENTS - Service agreements revenue rose to $3.1 mln, primarily due to the long-term service agreement with GGE for services provided to its fuel cell power plant in Korea

* GENERATION REVENUE DECLINE - Generation revenues fell to $12.4 mln from $13.4 mln, attributed to lower output from plants in the generation operating portfolio due to routine maintenance activities

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss $46.74 $48.30

Revenue mln mln (7

Analysts

)

Q3 Beat -$0.95 -$1.4 (6

Adjusted Analysts

EPS )

Q3 Net -$91.90

Income mln

Q3 Miss -$16.38 -$14.80

Adjusted mln mln (7

EBITDA Analysts

)

Q3 EBIT -$95.36

mln

Q3 -$85.62

EBITDA mln

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 6 "hold" and 2 "sell" or "strong sell"

* The average consensus recommendation for the renewable energy equipment & services peer group is "buy."

* Wall Street's median 12-month price target for Fuelcell Energy Inc ( FCEL ) is $7.40, about 43% above its September 8 closing price of $4.22

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)