Quarterly Results: Fuelcell Sales Decline in Q3 24 - Losses Increase - Expectations Exceeded - Share Price Gains

Danbury, USA - Fuelcell Energy has presented its figures for the third quarter of 2024 (Q2 24: 01.05.24-31.07.2024). Sales decreased compared to the same quarter of the previous year and the loss increased. Nevertheless, the fuel cell manufacturer's share price rose in yesterday's trading.

Overall, Fuelcell's revenue in Q3 24 fell by 7 percent year-on-year to 23.695 million US dollars (USD) (Q3 23: USD 25.51 million). This is better than analysts had expected. On average, they had expected quarterly sales of USD 22.6 million in Q3 24.

The gross loss for the third quarter of financial year 2024 totaled USD -6.2 million, compared to a gross loss of USD -8.2 million in the same quarter of the previous year. According to Fuelcell, the reduction in gross loss was partly the result of favorable margins.

On balance, the net loss attributable to ordinary shareholders of USD -33.46 million is around 33 percent higher than in the same quarter of the previous year (Q3 23: USD -25.079 million). This results in a loss of USD -0.07 million per diluted share in Q3 24, compared to a loss of USD 0.06 million in Q3 23. Here, too, Fuelcell beat analysts' expectations, who on average expected a loss of USD 0.073 per share.

Fuelcell shares rose by 2.8 percent to EUR 0.37 on yesterday's trading day following the publication of the quarterly figures (closing price, September 5, 2024, Stuttgart Stock Exchange). Compared to the price at the end of the year, the share price is currently down 75.5 percent.

Source: IWR Online, 06 Sep 2024