Fuelcell Energy boosts revenues

Danbury, USA - Fuelcell Energy has reported total revenues for the third quarter of 2013 of 53.7 million dollars compared to 29.7 million dollars for the third quarter of 2012, an increase of 81 percent. The manufacturer of fuel cell power plants reduced its operating loss from 10.5 million dollars to 4.6 million dollars.###

Product sales for the third quarter of 2013 totaled 45.4 million dollars including 39.4 million dollars of power plant revenue and fuel cell kit sales and 6 million dollars of power plant component sales and installation services. For the comparable prior year period, product sales totaled 21 million dollars including 17.8 million dollars of power plant revenues and fuel cell kit sales and 3.2 million dollars of power plant component sales and installation services.

Service and license revenues for the third quarter of 2013 totaled 3.7 million dollars compared to 6.5 million dollars for the comparable prior year period. Service revenue from scheduled module exchanges is recognized at the time of the module exchange whereas the remaining portion of service revenue from long term service agreements is recognized ratably over the life of the service contract. Service revenue declined year-over-year as there were no scheduled module exchanges under long term service agreements in the third quarter of 2013 compared to approximately 3.0 million dollars of service revenue recognized in third quarter of 2012 from module exchange actions.

Backlog doubles Service revenue is expected to trend higher in subsequent quarters along with the growing installed base, including for example, service revenue for the Bridgeport fuel cell park that is expected to begin being recognized in calendar year 2013 once the park is commissioned. Backlog totaled 380.8 million dollars as of July 31, 2013 compared to 172 million dollars as of July 31, 2012.

Source: IWR Online, 05 Sep 2013