Boston, MA 03/11/2014 (wallstreetpr) – FuelCell Energy (NASDAQ:FCEL) Energy which provides fuel cell systems for warehouse equipment’s continues to rally in the market having announced a supply agreement with six Wal-Mart stores. The company has reported a narrow loss for its first quarter mainly driven by high plant revenues and improved fuel cell kit sales. The company’s net loss for the first quarter narrowed to $11.4 million down from a high of $12.5 million for the same quarter a year earlier. Revenues for the quarter also surged to $44.4 million up by 22%
First quarter Financials
Total revenue for the first quarter came in at $44.4 million up from $36.4 million reported for the same quarter in 2013. FuelCell Energy (NASDAQ:FCEL) product sales for the quarter came in at $34.5 million which was made up of $18.4 million of power plant revenue and fuel cell kit sales. The remaining $16.1 million was made up of power plant component sales inclusive of site engineering and construction services.
Sales for the same quarter in 2013 came in at $29.1 million which included $25.1 million of power plant revenues and fuel sale kits as well as $4 million of power plant component sales. FuelCell Energy services and license revenue for the first quarter came in at $5 million.
FuelCell Energy (NASDAQ:FCEL) loss from operations for the quarter came in at $7.6 million down from a high of $11.1 million reported in the first quarter of 2013. Net loss attributed to common shareholders for the first quarter came in at $11.4 million
Cash and cash equivalents as well as restricted cash for the quarter totaled $104.6 million as of close of business on January 31, 2014 with net cash from operating activities coming in at $5.1 million. The company was also able to complete its public offering in which it issued 25.3 million shares of its common stock with total proceeds amounting to $29.5 million.
FuelCell Energy (NASDAQ:FCEL) was up in Monday trading session by 11.33% to close the day at a high of $3.93.
