FuelCell Energy surges after Q2 beat; shares push above $1

FuelCell Energy (NASDAQ:FCEL) +16.2% in Monday’s trading after reporting a slightly smaller than expected FQ2 loss and slightly higher revenues than forecast by analysts, with total backlog rising past $1B.

Q2 net loss fell to $32.9M, or $0.07/share, from a loss of $35.1M, or $0.09/share, in the year-earlier period, and total revenues sank 41.5% Y/Y to $22.4M but finished above $21.3M analyst consensus estimate, as generation revenue jumped 67% to $14.1M and advanced technologies sales surged 86% to $6.9M, but service revenue sank 95% to $1.4M.

FuelCell (FCEL) said total backlog rose 3.8% Y/Y to $1.06B, with generation backlog down 8% to $852.9M but service backlog soaring 97% to $145.1M and advanced technologies backlog more than doubling to $51.1M.

The report comes just days after the company said it received a delisting notice from Nasdaq because its stock price failed to meet the $1 minimum bid requirement; the stock has not closed above $1 since April 15, and the share price currently is hovering near that level.