FuelCell Energy, Inc. (FCEL) saw its loss widen to $13.68 million, or $0.39 a share for the quarter ended Jan. 31, 2017. In the previous year period, the company reported a loss of $11.71 million, or $0.48 a share.
Revenue during the quarter plunged 49.22 percent to $17 million from $33.48 million in the previous year period. Gross margin for the quarter period stood at positive 10.66 percent as compared to a negative 0.50 percent for the previous year period. Operating margin for the quarter stood at negative 64.27 percent as compared to a negative 34.40 percent for the previous year period.
Operating loss for the quarter was $10.93 million, compared with an operating loss of $11.52 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $6.51 million compared to negative $9.44 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 38.31 percent for the quarter compared to negative 28.20 percent in the last year period.
"Our efforts targeting all areas of our cost structure are visible with higher margins this quarter, including from our operating portfolio of retained projects," said Chip Bottone, president and chief executive officer, FuelCell Energy, Inc. "We are advancing multiple opportunities in a broad range of markets and applications."
Working capital increases marginally
FuelCell Energy, Inc. has recorded an increase in the working capital over the last year. It stood at $134.23 million as at Jan. 31, 2017, up 3 percent or $3.91 million from $130.32 million on Jan. 31, 2016. Current ratio was at 3.90 as on Jan. 31, 2017, up from 2.74 on Jan. 31, 2016. Cash conversion cycle (CCC) has increased to 406 days for the quarter from 277 days for the last year period. Days sales outstanding went up to 234 days for the quarter compared with 146 days for the same period last year.
Days inventory outstanding has increased to 249 days for the quarter compared with 172 days for the previous year period. At the same time, days payable outstanding went up to 76 days for the quarter from 41 for the same period last year.
Debt increases substantially
FuelCell Energy, Inc. has witnessed an increase in total debt over the last one year. It stood at $9.43 million as on Jan. 31, 2017, up 381.76 percent or $7.47 million from $1.96 million on Jan. 31, 2016. FuelCell Energy, Inc. has witnessed an increase in short-term debt over the last one year. It stood at $9.43 million as on Jan. 31, 2017, up 381.76 percent or $7.47 million from $1.96 million on Jan. 31, 2016. Total debt was 2.87 percent of total assets as on Jan. 31, 2017, compared with 0.66 percent on Jan. 31, 2016. Debt to equity ratio was at 0.09 as on Jan. 31, 2017, up from 0.02 as on Jan. 31, 2016.
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