FuelCell Energy Signs First Data Center Capacity Deal, Backlog Hits $3.6B
FCEL has more than doubled off its 52-week low of $3.81.
Summary
FuelCell Energy reported Q3 revenue of $33.0M, down 29% YoY, with a net loss of $45.3M. The quarter included a $17.0M inventory charge tied to Phase 0 of the Fit Energy agreement. More importantly, the company signed its first Capacity Reservation Agreement with a major data center operator for a 75 MW project in Texas, backed by an upfront payment. Total Committed and Awarded Capacity Backlog now stands at $3.6B, up from $1.24B a year ago, driven by the Fit Energy CEPA. The company also announced a Siemens MOU and delivered carbon capture modules to ExxonMobil. Cash remains strong at $737.3M. The stock is likely to react to the data center momentum and backlog expansion despite ongoing losses.
At the time of this announcement, FCEL was trading at $14.50 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $3.81 to $37.88. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.