Hydrogen energy stocks dropped in morning trading.FuelCell, Plug Power, Bloom Energy fell between 2% and 14%.
Why FuelCell Energy Shares Are Falling
FuelCell Energy Inc(NASDAQ:FCEL) is trading lower Wednesday morning after the company announced worse-than-expected fiscal fourth-quarter financial results.
FuelCell reported a quarterly earnings loss of 7 cents per share, which came in below the estimate for a loss of 4 cents per share. The company reported quarterly revenue of $13.9 million, which came in below the estimate of $21.86 million and was down from 17 million year-over-year.
FuelCell said it will continue to focus on investments in the company that work to achieve long-term growth, rather than focusing on shorter-term financial metrics.
"We are pleased with the continued advancement throughout the year of our strategic agenda in terms of infrastructure, solutions and talent to support achieving our long-term goals," said Jason Few, president and CEO of FuelCell.
Few continued, "We finished fiscal year 2021 with slightly lower revenue compared to fiscal year 2020, but we continued to make important progress on our in-flight projects as well as new technology and applications under development, such as the successful demonstration of the effectiveness of our solid oxide fuel cell."
FuelCell is a fuel-cell power company that designs manufactures, sells, installs, operates and services fuel cell products, which efficiently convert chemical energy in fuels into electricity through a series of chemical reactions.