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Why FuelCell Energy Stock Is Falling

FuelCell Energy Inc (NASDAQ: FCEL) shares are trading lower Thursday after the company reported worse-than-expected financial results.

Benzinga · 06/09/2022 09:01

FuelCell Energy Inc (NASDAQ:FCEL) shares are trading lower Thursday after the company reported worse-than-expected financial results.

FuelCell reported fiscal second-quarter revenue of $16.38 million, which missed the estimate of $32.58 million, according to data from Benzinga Pro. The company reported a quarterly earnings loss of 8 cents per share, which missed the estimate for a loss of 5 cents per share.

FuelCell highlighted its long-term revenue targets of $300 million by the end of fiscal 2025 and more than $1 billion by the end of fiscal 2030.

"In order to reach these goals, we are, among other things, investing in commercializing our technologies and adding to our capabilities, both in terms of manufacturing capacity and talent," said Jason Few, president and CEO of FuelCell.

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FCEL Price Action: FuelCell has traded between $12.61 and $2.87 over a 52-week period.

The stock was down 11.3% at $3.61 at time of publication.

Photo: Lorenzo Cafaro from Pixabay.