Canadian-based Hydrogenics (NASDAQ: HYGS) reported revenue of USD 8.7 million for the fourth quarter of last year and a net loss of USD 0.20 per share. This means revenue in all of 2016 was at USD 29 million, at a net loss of USD 9.9 million. Conversely, the number of order bookings has skyrocketed and backlog totaled USD 106.6 million, of which around USD 38 million are said to be recognized as revenue in the current fiscal year
FuelCell Energy’s stock went into free fall: Within a few days, the company’s shares had lost half of their value. Management didn’t even see the need to comment on the price drop for some time. On Dec.1, 2016, the Canadian business finally broke its silence and announced in a business update that it was letting go staff to adapt to new and lower projections of annual megawatt power closer to 25 than 50 MW. The move is reported to cut costs by USD 6 million each year.
The new non-GAAP accounting is still creating confusion. Based on non-GAAP, Plug managed to increase revenue in the second quarter to above USD 36 million. But although the USD 13 million loss that the company reported for the same period was indeed a reduction compared to growth, it continues to have a negative impact on the stock price. Many of the company’s agreements are lease contracts and partial revenues must be recognized in each period. By its own account, Plug is working to provide greater clarity here.