FuelCell Energy stock sinks after revenue was about half what was expected

Shares of FuelCell Energy Inc.
FCEL,
-4.24%
sank 9.1% in premarket trading Thursday, after the maker of fuel cell technology platforms reported a wider-than-expected fiscal second-quarter loss and revenue that was about half what was expected. Net losses for the quarter to April 30 widened to $31.0 million, or 8 cents a share, from $19.7 million, or 6 cents a share, in the year-ago period. The FactSet consensus was for per-share losses to narrow to 5 cents. Revenue grew 17.4% to $16.38 million, missing the FactSet consensus of $32.58 million. Cost of revenue increased 28.1%, or more than revenue, to $23.69 million. The company said no modules were delivered to POSCO Energy subsidiary Kore Fuel Cell Co. Ltd. in the second quarter, but continues to expect to deliver all 20 modules by the end of the fiscal year. FuelCell’s stock has dropped 21.7% year to date through Wednesday, while the S&P 500
SPX,
-1.08%
has lost 13.7%.