FuelCell (NASDAQ:FCEL) stock is taking a beating on Thursday following the release of the fuel cell company’s earnings report for the second quarter of 2022.
The earnings report hitting FCEL stock today starts with diluted earnings per share of -8 cents. That’s worse than the -5 cents per share that Wall Street was expecting. It’s also a wider loss than the -6 cents per share reported in the second quarter of 2021.
In addition to that, the company reported a revenue of $16.38 million. Yet again, that’s nowhere close to the $32.58 million in revenue that analysts were looking for. However, it is an improvement over the $13.95 million reported during the same time last year.
Jason Few, president and CEO of FuelCell, said the following in today’s earnings report.
“We continue to execute on our Powerhouse business strategy, and we are very pleased with our progress over the past few months, including extending our Joint Development Agreement with ExxonMobil related to our carbon capture solution and growing our generation revenue after commencing commercial operations of the 7.4 MW LIPA Yaphank fuel cell project.”
FCEL stock isn’t seeing overly heavy trading today despite the earnings miss. As of this writing, more than 9 million shares of the stock have changed hands. That’s still below its daily average trading volume of about 17.5 million shares.
FCEL stock is down 1% as of Thursday morning and was down around 10% when the market opened.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.