By Dhirendra Tripathi

Investing.com – FuelCell Energy stock (NASDAQ:) tanked 15% Wednesday after the company’s fourth-quarter sales fell and losses widened to come in short of analysts’ expectations.

Oct. was closed with an order backlog in excess of $1.29 trillion, which is the same as a year ago.

Quarterly revenue for the Oct. 31 period fell 18% to $13.93 million, year-on. According to the company, this was due to a $5.6million decrease in license revenues and service agreements. It said that there were no module swaps in the fourth quarter which impacted revenue.

The company also recorded a $1 million reduction in service revenue as a result of higher future cost estimates related to future module exchanges compared to the company’s prior estimates.

From $5 million to $24 millions, the net loss increased by $5 million. However, there were many other factors that contributed to this loss.

There were also heavy impairment charges for some projects. In addition, cost estimation adjustments were made for possible module replacements. The negative impact on the margin was approximately $2.6 Million.

Due to development costs associated with two non-existent projects, the company took $1.8 million in losses.