Revenue in the period slumped 8.5% to $14.88 million, below Wall Street estimates $22.11 million.
FuelCell Energy posted a loss of $46.8 million, or 15 cents a share, compared with a loss of $41.1 million, or 20 cents a share, in the year-earlier period. Analysts surveyed by FactSet expected FuelCell Energy to report a loss of 4 cents a share.
Shares of FuelCell Energy traded Tuesday at $14.97, down 12.1%. It has skyrocketed 519% in the last six months amid investor enthusiasm for alternative energy stocks.
In the latest quarter, service agreements and license revenue at FuelCell Energy slid 12%, while generation revenue decreased 10%, thanks to a temporary suspension of several Bridgeport Fuel Cell Project plants. Advanced technologies contract revenue dipped 3%, and backlog fell 7%, FuelCell Energy said in a statement.
FuelCell Energy was one of TheStreet's top stocks last week after it announced that it joined Hydrogen Europe. This move hopes to advance and accelerate the hydrogen economy.
Investors’ strong yearning for alternative energy stocks was evident last quarter when FuelCell Energy posted a wider-than-expected fourth-quarter loss.
On Jan. 14, J.P. Morgan analyst Paul Coster downgraded the stock to the equivalent of sell.