A steep drop in product sales revenue helped drive a larger first-quarter loss for Danbury’s FuelCell Energy, the manufacturer reported Thursday.
FuelCell reported a net loss of $14.5 million, or 39 cents per diluted share, for the quarter ended Jan. 31, up from a loss of $12.5 million, or 48 cents, a year ago.
Revenue was nearly cut in half, falling from $33.5 million to $17 million over the year.
The revenue drop was due to the company’s Asian partner, POSCO, manufacturing its own fuel-cell plants under license and royalty agreements. Product revenue for the first quarter was just $1.8 million, down from $25.1 million in the year-ago quarter.
FuelCell reported upticks in other revenue categories, including service, generation and advanced technologies.
Connecticut’s fuel cell industry, which has struggled of late, recently appealed to state legislators to pass a bill that would require utilities to purchase more fuel-cell power.