Markets are inching north today, but shares of FuelCell Energy (NASDAQ: FCEL) are downright flying higher following the fuel cell company's reporting of its first-quarter 2023 earnings.

As of 11:39 a.m. ET, shares of FuelCell Energy are up 8.8%, retreating from their earlier climb of 21.8%.

Beating analysts' top-line estimates of $28.1 million, FuelCell Energy reported Q1 2023 sales of $37.1 million, a year-over-year increase of 17%. The bottom line of the income statement provided additional fuel for investors' excitement. While analysts had expected FuelCell Energy to report a loss per share of $0.07, the company's loss per share was narrower: $0.05. Its improved performance also contributed to the market's excitement. During the same period last year, FuelCell Energy reported a loss per share of $0.11.

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Source Fool.com