FuelCell Energy, Inc. (FCEL) saw its loss narrow to $13.24 million, or $0.33 a share for the quarter ended Apr. 30, 2017. In the previous year period, the company reported a loss of $15.37 million, or $0.56 a share.

Revenue during the quarter dropped 28.56 percent to $20.42 million from $28.58 million in the previous year period. Gross margin for the quarter period stood at positive 1.88 percent as compared to a negative 0.55 percent for the previous year period. Operating margin for the quarter stood at negative 56.31 percent as compared to a negative 44.46 percent for the previous year period.

Operating loss for the quarter was $11.50 million, compared with an operating loss of $12.71 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at negative $8.03 million compared to negative $10.67 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 39.35 percent for the quarter compared to negative 37.34 percent in the last year period.

"We are continuing to expand our ownership model in North America as we announced projects with two new utility customers as well as a university," said Chip Bottone, president and chief executive officer, FuelCell Energy. "We regained marketing rights to the Asian market and have already submitted multi-megawatt proposals to prospective customers and are having discussions with our partner POSCO Energy regarding a long term module procurement agreement for FuelCell Energy to supply modules for the existing installed fleet in South Korea."