FuelCell reports Q1 EPS (5c), consensus (7c)

Reports Q1 revenue $37.1M, consensus $28.11M. "For the first quarter of fiscal year 2023, we reported strong revenue growth, up 17% compared to the comparable prior year quarter," said Mr. Jason Few, President and Chief Executive Officer. "We delivered positive gross margin of approximately 14% and ended the quarter with a strong total cash and short-term investment position of over $400 million. Revenues in the quarter included service revenues recognized for four new module exchanges, two at our Woodbridge, Connecticut project and another two at Korea Southern Power Company. We also saw an increase of recurring generation revenues of 27% in the quarter. Generation revenues now include revenues generated by the operation of our platform at the U.S. Navy Submarine Base in Groton, CT, which began commercial operations during the first quarter."