Danbury Manufacturer Teases New Strategy As Shares Drop

DANBURY, CT — The roller coaster ride that is the fortune of Danbury-based alternative energy manufacturer FuelCell Energy took another dip on Wednesday with the release of its fourth quarter earnings.

Q4 revenue dropped 38 percent to $11 million, which the company said primarily reflected "decreased product sales and service and license revenues." FuelCell's fiscal 2019 revenue was down 32 percent to $60.8 million, due mainly to a lag in product sales. The company markets a molten carbonate fuel cell that generates energy from various basic fuels. Its main manufacturing facilities are in Torrington.

FuelCell shares had soared more than 20 percent to about $2.25 on Tuesday with the market anticipating a rosier filing, but those gains were erased in early morning trading today.

This was the first update that FuelCell CEO Jason Few, who took the reins last August, has provided investors. Coinciding with the filing of the 8K, Few unveiled the company's new "Powerhouse transformation strategy," whereby the company expects to grow recurring revenue by a factor of three by executing a backlog or projects, enabled by funding from Orion Eergy Partners.