FCL is one such company that has exploded onto the big stage this year- carrying onto the momentum that electric vehicles have brought. The shares of this company have increased by 300%- after the high, it received before the COVID-19 situation. The company has easily surpassed the benchmark that was set before them by the S&P 500 Index.
The reason behind FCL recovering and flourishing so well is that money has been spreading on to other sectors of EV- in the form of battery, battery charging, and material stocks. Most of the seasoned traders would definitely remember FCL as one of the companies that first emerged into the alternative energy circle.
Q3 FY 2020 Earnings Release for FCL
FCL brought out its third quarter result on the 10th of September for the July quarter. The company had reported an EPS loss of around $-0.07 which had been adjusted with the analysts estimate of a loss of $-0.06. The revenue of FCL had increased by 105% per year, to $18.7 million which comfortably beat out the analyst estimates of $16 million. The backlog, too, decreased to about $1.33 billion due to the joint development program that was agreed upon with EMRE.
With the Biden government coming to power, FCL seems to be a viable speculative play. The administration has brought out its intent to cut down on the industry for fossil fuels and promote cleaner energy. These are all terminologies that would fit in well with the narrative that FCL believes in- and will surely be the product of the SureSource power plant. This power plant reportedly uses fuel cells so that clean power can be generated.