Company Quick10K Filing
Fuelcell Energy
Price0.40 EPS-0
Shares118 P/E-1
MCap47 P/FCF-3
Net Debt75 EBIT-49
TEV123 TEV/EBIT-3
TTM 2019-07-31, in MM, except price, ratios
10-Q 2021-01-31 Filed 2021-03-16
10-K 2020-10-31 Filed 2021-01-21
10-Q 2020-07-31 Filed 2020-09-10
10-Q 2020-04-30 Filed 2020-06-12
10-Q 2020-01-31 Filed 2020-03-16
10-K 2019-10-31 Filed 2020-01-22
10-Q 2019-07-31 Filed 2019-09-09
10-Q 2019-04-30 Filed 2019-06-17
10-Q 2019-01-31 Filed 2019-03-07
10-K 2018-10-31 Filed 2019-01-10
10-Q 2018-07-31 Filed 2018-09-06
10-Q 2018-04-30 Filed 2018-06-07
10-Q 2018-01-31 Filed 2018-03-08
10-K 2017-10-31 Filed 2018-01-11
10-Q 2017-07-31 Filed 2017-09-08
10-Q 2017-04-30 Filed 2017-06-08
10-Q 2017-01-31 Filed 2017-03-09
10-K 2016-10-31 Filed 2017-01-12
10-Q 2016-07-31 Filed 2016-09-08
10-Q 2016-04-30 Filed 2016-06-09
10-Q 2016-01-31 Filed 2016-03-10
10-K 2015-10-31 Filed 2016-01-08
10-Q 2015-07-31 Filed 2015-09-09
10-Q 2015-04-30 Filed 2015-06-09
10-Q 2015-01-31 Filed 2015-03-11
10-K 2014-10-31 Filed 2015-01-09
10-Q 2014-07-31 Filed 2014-09-09
10-Q 2014-04-30 Filed 2014-06-05
10-Q 2014-01-31 Filed 2014-03-12
10-K 2013-10-31 Filed 2014-01-06
10-Q 2013-07-31 Filed 2013-09-06
10-Q 2013-04-30 Filed 2013-06-07
10-Q 2013-01-31 Filed 2013-03-12
10-K 2012-10-31 Filed 2013-01-14
10-Q 2012-07-31 Filed 2012-09-07
10-Q 2012-04-30 Filed 2012-06-08
10-Q 2012-01-31 Filed 2012-03-12
10-K 2011-10-31 Filed 2012-01-17
10-Q 2011-07-31 Filed 2011-09-09
10-Q 2011-04-30 Filed 2011-06-09
10-Q 2011-01-31 Filed 2011-03-14
10-K 2010-10-31 Filed 2011-01-14
10-Q 2010-07-31 Filed 2010-09-09
10-Q 2010-04-30 Filed 2010-06-09
10-Q 2010-01-31 Filed 2010-03-12
10-K 2009-10-31 Filed 2010-01-14
8-K 2021-02-16 Regulation FD, Exhibits
8-K 2021-02-11 Leave Agreement
8-K 2021-02-09 Other Events, Exhibits
8-K 2021-01-21 Earnings, Regulation FD, Exhibits
8-K 2021-01-19 Exhibits
8-K 2020-12-16 Leave Agreement, Exhibits
8-K 2020-12-07 Leave Agreement, Other Events, Exhibits
8-K 2020-12-01 Enter Agreement, Regulation FD, Exhibits
8-K 2020-11-30 Enter Agreement, Earnings, Other Events, Exhibits
8-K 2020-11-24
8-K 2020-10-09
8-K 2020-10-06
8-K 2020-10-06
8-K 2020-09-29
8-K 2020-09-29
8-K 2020-09-17
8-K 2020-09-10
8-K 2020-08-24
8-K 2020-06-28
8-K 2020-06-26
8-K 2020-06-23
8-K 2020-06-22
8-K 2020-06-16
8-K 2020-06-12
8-K 2020-06-05
8-K 2020-05-11
8-K 2020-05-08
8-K 2020-04-30
8-K 2020-04-20
8-K 2020-04-09
8-K 2020-04-07
8-K 2020-03-30
8-K 2020-03-18
8-K 2020-03-16
8-K 2020-02-19
8-K 2020-02-11
8-K 2020-01-22
8-K 2020-01-13
8-K 2019-12-19
8-K 2019-12-11
8-K 2019-11-20
8-K 2019-10-31
8-K 2019-10-21
8-K 2019-10-04
8-K 2019-09-27
8-K 2019-09-12
8-K 2019-09-09
8-K 2019-08-19
8-K 2019-08-08
8-K 2019-07-30
8-K 2019-07-24
8-K 2019-07-19
8-K 2019-07-18
8-K 2019-07-15
8-K 2019-07-11
8-K 2019-07-11
8-K 2019-07-03
8-K 2019-06-28
8-K 2019-06-11
8-K 2019-06-07
8-K 2019-06-05
8-K 2019-06-02
8-K 2019-05-28
8-K 2019-05-16
8-K 2019-05-08
8-K 2019-05-08
8-K 2019-04-12
8-K 2019-04-04
8-K 2019-03-29
8-K 2019-03-19
8-K 2019-03-07
8-K 2019-02-28
8-K 2019-02-21
8-K 2019-01-28
8-K 2019-01-28
8-K 2019-01-10
8-K 2018-12-19
8-K 2018-12-13
8-K 2018-11-28
8-K 2018-11-08
8-K 2018-10-31
8-K 2018-09-06
8-K 2018-08-27
8-K 2018-06-15
8-K 2018-06-13
8-K 2018-06-07
8-K 2018-04-05
8-K 2018-03-28
8-K 2018-03-08
8-K 2018-01-11

FCEL 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Nature of Business and Basis of Presentation
Note 2. Recent Accounting Pronouncements
Note 3. Revenue Recognition
Note 4. Accounts Receivable, Net and Unbilled Receivables
Note 5. Inventories
Note 6. Project Assets
Note 7. Goodwill and Intangible Assets
Note 8. Other Current Assets
Note 9. Other Assets
Note 10. Accrued Liabilities
Note 11. Leases
Note 12. Stockholders' Equity and Warrant Liabilities
Note 13. Redeemable Preferred Stock
Note 14. Loss per Share
Note 15. Restricted Cash
Note 16. Debt
Note 17. Benefit Plans
Note 18. Commitments and Contingencies
Note 19. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A.Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Default Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 fcel-ex311_7.htm
EX-31.2 fcel-ex312_6.htm
EX-32.1 fcel-ex321_8.htm
EX-32.2 fcel-ex322_9.htm

Fuelcell Energy Earnings 2021-01-31

Balance SheetIncome StatementCash Flow
38530522514565-152012201420172020
Assets, Equity
60442812-4-202012201420172020
Rev, G Profit, Net Income
6545255-15-352012201420172020
Ops, Inv, Fin

fcel-10q_20210131.htm
0000886128 false 2021 Q1 --10-31 us-gaap:PropertyPlantAndEquipmentNet us-gaap:PropertyPlantAndEquipmentNet us-gaap:OtherLiabilitiesNoncurrent us-gaap:OtherLiabilitiesNoncurrent P3Y P5Y P7Y P20Y P20Y 0000886128 2020-11-01 2021-01-31 xbrli:shares 0000886128 2021-03-12 iso4217:USD 0000886128 2021-01-31 0000886128 2020-10-31 0000886128 us-gaap:SeriesBPreferredStockMember 2021-01-31 0000886128 us-gaap:SeriesBPreferredStockMember 2020-10-31 iso4217:USD xbrli:shares 0000886128 us-gaap:LicenseAndServiceMember 2020-11-01 2021-01-31 0000886128 us-gaap:LicenseAndServiceMember 2019-11-01 2020-01-31 0000886128 us-gaap:ElectricityGenerationMember 2020-11-01 2021-01-31 0000886128 us-gaap:ElectricityGenerationMember 2019-11-01 2020-01-31 0000886128 fcel:AdvancedTechnologiesMember 2020-11-01 2021-01-31 0000886128 fcel:AdvancedTechnologiesMember 2019-11-01 2020-01-31 0000886128 2019-11-01 2020-01-31 0000886128 us-gaap:ProductMember 2020-11-01 2021-01-31 0000886128 us-gaap:ProductMember 2019-11-01 2020-01-31 0000886128 us-gaap:SeriesBPreferredStockMember 2020-11-01 2021-01-31 0000886128 us-gaap:SeriesBPreferredStockMember 2019-11-01 2020-01-31 0000886128 us-gaap:CommonStockMember 2020-10-31 0000886128 us-gaap:AdditionalPaidInCapitalMember 2020-10-31 0000886128 us-gaap:RetainedEarningsMember 2020-10-31 0000886128 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-10-31 0000886128 us-gaap:TreasuryStockMember 2020-10-31 0000886128 us-gaap:DeferredCompensationShareBasedPaymentsMember 2020-10-31 0000886128 us-gaap:CommonStockMember 2020-11-01 2021-01-31 0000886128 us-gaap:AdditionalPaidInCapitalMember 2020-11-01 2021-01-31 0000886128 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-11-01 2021-01-31 0000886128 us-gaap:TreasuryStockMember 2020-11-01 2021-01-31 0000886128 us-gaap:DeferredCompensationShareBasedPaymentsMember 2020-11-01 2021-01-31 0000886128 us-gaap:RetainedEarningsMember 2020-11-01 2021-01-31 0000886128 us-gaap:CommonStockMember 2021-01-31 0000886128 us-gaap:AdditionalPaidInCapitalMember 2021-01-31 0000886128 us-gaap:RetainedEarningsMember 2021-01-31 0000886128 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-31 0000886128 us-gaap:TreasuryStockMember 2021-01-31 0000886128 us-gaap:DeferredCompensationShareBasedPaymentsMember 2021-01-31 0000886128 us-gaap:CommonStockMember 2019-10-31 0000886128 us-gaap:AdditionalPaidInCapitalMember 2019-10-31 0000886128 us-gaap:RetainedEarningsMember 2019-10-31 0000886128 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-10-31 0000886128 us-gaap:TreasuryStockMember 2019-10-31 0000886128 us-gaap:DeferredCompensationShareBasedPaymentsMember 2019-10-31 0000886128 2019-10-31 0000886128 us-gaap:AdditionalPaidInCapitalMember 2019-11-01 2020-01-31 0000886128 us-gaap:CommonStockMember 2019-11-01 2020-01-31 0000886128 us-gaap:TreasuryStockMember 2019-11-01 2020-01-31 0000886128 us-gaap:DeferredCompensationShareBasedPaymentsMember 2019-11-01 2020-01-31 0000886128 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-11-01 2020-01-31 0000886128 us-gaap:RetainedEarningsMember 2019-11-01 2020-01-31 0000886128 us-gaap:CommonStockMember 2020-01-31 0000886128 us-gaap:AdditionalPaidInCapitalMember 2020-01-31 0000886128 us-gaap:RetainedEarningsMember 2020-01-31 0000886128 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-31 0000886128 us-gaap:TreasuryStockMember 2020-01-31 0000886128 us-gaap:DeferredCompensationShareBasedPaymentsMember 2020-01-31 0000886128 2020-01-31 0000886128 2020-12-30 2020-12-31 0000886128 fcel:SrSecuredDebtMember 2020-12-06 2020-12-07 0000886128 fcel:SrSecuredDebtMember 2020-12-07 iso4217:CAD 0000886128 fcel:EnbridgeIncMember fcel:SeriesOnePreferredSharesMember 2020-12-17 0000886128 fcel:PoscoEnergyMember 2021-01-31 0000886128 fcel:AdvancedTechnologiesContractsMember 2021-01-31 0000886128 us-gaap:ServiceAgreementsMember 2021-01-31 0000886128 us-gaap:LicensingAgreementsMember 2021-01-31 0000886128 us-gaap:OtherAssetsMember 2021-01-31 0000886128 us-gaap:OtherAssetsMember 2020-10-31 0000886128 us-gaap:GovernmentMember 2021-01-31 0000886128 us-gaap:GovernmentMember 2020-10-31 0000886128 us-gaap:CostOfSalesMember 2020-11-01 2021-01-31 0000886128 us-gaap:CostOfSalesMember 2019-11-01 2020-01-31 0000886128 fcel:ProjectAssetsOperatingMember 2021-01-31 0000886128 fcel:ProjectAssetsOperatingMember 2020-10-31 0000886128 fcel:ProjectAssetsConstructionInProgressMember 2021-01-31 0000886128 fcel:ProjectAssetsConstructionInProgressMember 2020-10-31 0000886128 srt:MinimumMember fcel:ProjectAssetsOperatingMember 2020-11-01 2021-01-31 0000886128 srt:MaximumMember fcel:ProjectAssetsOperatingMember 2020-11-01 2021-01-31 0000886128 srt:MinimumMember fcel:ProjectAssetsConstructionInProgressMember 2020-11-01 2021-01-31 0000886128 srt:MaximumMember fcel:ProjectAssetsConstructionInProgressMember 2020-11-01 2021-01-31 fcel:ProjectAsset 0000886128 2019-11-01 2020-10-31 0000886128 fcel:VersaAcquisitionMember 2021-01-31 0000886128 fcel:VersaAcquisitionMember 2020-10-31 0000886128 fcel:BridgeportFuelCellLimitedLiabilityCompanyMember 2020-11-01 2021-01-31 0000886128 fcel:BridgeportFuelCellLimitedLiabilityCompanyMember 2019-11-01 2020-01-31 0000886128 us-gaap:InProcessResearchAndDevelopmentMember 2021-01-31 0000886128 fcel:BridgeportPPAMember 2021-01-31 0000886128 us-gaap:InProcessResearchAndDevelopmentMember 2020-10-31 0000886128 fcel:BridgeportPPAMember 2020-10-31 fcel:Customer 0000886128 2016-06-29 0000886128 fcel:BridgeportFuelCellProjectMember 2020-10-31 0000886128 fcel:BridgeportFuelCellProjectMember 2021-01-31 0000886128 srt:MinimumMember 2020-11-01 2021-01-31 0000886128 srt:MaximumMember 2020-11-01 2021-01-31 xbrli:pure 0000886128 fcel:UnderwritingAgreementMember fcel:SeniorSecuredCreditFacilityMember 2020-12-03 2020-12-04 0000886128 fcel:UnderwritingAgreementMember 2020-12-04 0000886128 fcel:UnderwritingAgreementMember srt:MaximumMember 2020-12-03 2020-12-04 0000886128 fcel:UnderwritingAgreementMember 2020-12-03 2020-12-04 0000886128 fcel:UnderwritingAgreementMember 2020-12-01 0000886128 fcel:OrionEnergyPartnersInvestmentAgentLLCCreditFacilityMember fcel:InitialFundingWarrantsMember 2019-10-31 0000886128 fcel:OrionEnergyPartnersInvestmentAgentLLCCreditFacilityMember fcel:InitialFundingWarrantsMember 2019-10-30 2019-10-31 0000886128 fcel:OrionEnergyPartnersInvestmentAgentLLCCreditFacilityMember fcel:SecondFundingWarrantsMember 2019-11-22 2019-11-22 0000886128 fcel:OrionEnergyPartnersInvestmentAgentLLCCreditFacilityMember fcel:SecondFundingWarrantsMember 2019-11-22 0000886128 fcel:OrionEnergyPartnersInvestmentAgentLLCCreditFacilityMember fcel:SecondFundingWarrantsMember fcel:ExercisePriceZeroPointTwoFourTwoMember 2019-11-22 0000886128 fcel:OrionEnergyPartnersInvestmentAgentLLCCreditFacilityMember fcel:SecondFundingWarrantsMember fcel:ExercisePriceZeroPointSixTwoMember 2019-11-22 0000886128 fcel:OrionEnergyPartnersInvestmentAgentLLCCreditFacilityMember 2020-10-31 0000886128 fcel:OrionEnergyPartnersInvestmentAgentLLCCreditFacilityMember fcel:ExercisePriceZeroPointTwoFourTwoMember 2020-12-07 0000886128 fcel:OrionEnergyPartnersInvestmentAgentLLCCreditFacilityMember fcel:ExercisePriceZeroPointTwoFourTwoMember 2020-12-06 2020-12-07 0000886128 2020-12-06 2020-12-07 0000886128 2020-01-08 2020-01-08 0000886128 2020-12-07 0000886128 2020-01-08 0000886128 us-gaap:IPOMember 2017-05-02 2017-05-03 0000886128 us-gaap:IPOMember fcel:SeriesCWarrantsMember 2017-05-03 0000886128 us-gaap:IPOMember fcel:SeriesCWarrantsMember 2017-05-02 2017-05-03 0000886128 us-gaap:CommonStockMember us-gaap:IPOMember fcel:SeriesCWarrantsMember 2021-01-31 0000886128 fcel:SeriesCWarrantsMember 2020-10-31 0000886128 fcel:OrionEnergyPartnersInvestmentAgentLLCCreditFacilityMember 2020-11-01 2021-01-31 0000886128 fcel:SeriesCWarrantsMember 2021-01-31 0000886128 us-gaap:SeriesBPreferredStockMember 2005-03-30 2005-03-31 0000886128 us-gaap:SeriesBPreferredStockMember 2005-03-31 0000886128 us-gaap:PreferredClassAMember 2020-10-31 0000886128 us-gaap:PreferredClassAMember 2019-11-01 2020-01-31 0000886128 us-gaap:PreferredClassAMember 2020-11-01 2021-01-31 0000886128 srt:MinimumMember us-gaap:PreferredClassAMember 2020-11-01 2021-01-31 0000886128 srt:MaximumMember us-gaap:PreferredClassAMember 2020-11-01 2021-01-31 0000886128 fcel:EnbridgeIncorporationMember fcel:Series1PreferredSharesMember 2020-12-31 0000886128 fcel:EnbridgeIncorporationMember fcel:Series1PreferredSharesMember 2020-12-18 0000886128 fcel:EnbridgeIncorporationMember fcel:Series1PreferredSharesMember 2020-12-18 2020-12-18 0000886128 fcel:OrionWarrantsMember 2019-11-01 2020-01-31 0000886128 fcel:SeriesCWarrantsMember 2020-11-01 2021-01-31 0000886128 fcel:SeriesCWarrantsMember 2019-11-01 2020-01-31 0000886128 us-gaap:EmployeeStockOptionMember 2020-11-01 2021-01-31 0000886128 us-gaap:EmployeeStockOptionMember 2019-11-01 2020-01-31 0000886128 fcel:UnvestedRestrictedStockAwardsMember 2020-11-01 2021-01-31 0000886128 fcel:UnvestedRestrictedStockAwardsMember 2019-11-01 2020-01-31 0000886128 fcel:UnvestedRestrictedStockUnitsMember 2020-11-01 2021-01-31 0000886128 fcel:UnvestedRestrictedStockUnitsMember 2019-11-01 2020-01-31 0000886128 fcel:SeriesBCumulativePreferredStockMember 2020-11-01 2021-01-31 0000886128 fcel:SeriesBCumulativePreferredStockMember 2019-11-01 2020-01-31 0000886128 fcel:OrionEnergyPartnersCreditFacilityMember 2020-10-31 0000886128 fcel:ConnecticutGreenBankLoanMember 2021-01-31 0000886128 fcel:ConnecticutGreenBankLoanMember 2020-10-31 0000886128 fcel:ConnecticutGreenBankLoanBFCLoanMember 2021-01-31 0000886128 fcel:ConnecticutGreenBankLoanBFCLoanMember 2020-10-31 0000886128 fcel:LibertyBankTermLoanAgreementMember 2021-01-31 0000886128 fcel:LibertyBankTermLoanAgreementMember 2020-10-31 0000886128 fcel:FifthThirdBankTermLoanAgreementMember 2021-01-31 0000886128 fcel:FifthThirdBankTermLoanAgreementMember 2020-10-31 0000886128 fcel:FinanceObligationsForSaleLeaseBackTransactionsMember 2021-01-31 0000886128 fcel:FinanceObligationsForSaleLeaseBackTransactionsMember 2020-10-31 0000886128 fcel:StateOfConnecticutMember 2021-01-31 0000886128 fcel:StateOfConnecticutMember 2020-10-31 0000886128 fcel:LibertyBankPromissoryNoteMember 2021-01-31 0000886128 fcel:LibertyBankPromissoryNoteMember 2020-10-31 0000886128 fcel:OrionEnergyPartnersInvestmentAgentLLCCreditFacilityMember fcel:InitialFundingMember 2020-11-01 2021-01-31 0000886128 fcel:PayoffLetterMember 2020-12-07 0000886128 fcel:PayoffLetterMember 2020-11-30 2020-11-30 0000886128 fcel:PayoffLetterMember 2020-12-06 2020-12-07 0000886128 fcel:PayoffLetterMember srt:MaximumMember 2020-12-06 2020-12-07 0000886128 fcel:PayoffLetterMember 2020-12-16 2020-12-17 0000886128 fcel:PrepaymentPremiumAndWriteOffMember 2020-12-16 2020-12-17 0000886128 fcel:LibertyBankPromissoryNoteMember fcel:LibertyBankMember fcel:CoronavirusAidReliefAndEconomicSecurityActMember 2020-04-22 2020-04-24 0000886128 fcel:TwoThousandEighteenOmnibusIncentivePlanMember 2020-11-23 2020-11-24 0000886128 2020-11-23 2020-11-24 0000886128 us-gaap:RestrictedStockMember fcel:LongTermIncentivePlanMember 2020-11-23 2020-11-24 0000886128 us-gaap:PerformanceSharesMember 2020-11-01 2021-01-31 0000886128 fcel:TimeBasedAwardsMember 2020-11-01 2021-01-31 0000886128 fcel:TotalShareholderReturnPerformanceSharesMember 2020-11-01 2021-01-31 0000886128 fcel:TotalShareholderReturnPerformanceSharesMember 2021-01-31 0000886128 fcel:AbsolutePerformanceSharesMember 2020-11-01 2021-01-31 0000886128 fcel:AbsolutePerformanceSharesMember 2021-01-31 0000886128 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2020-11-01 2021-01-31 0000886128 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2019-11-01 2020-01-31 0000886128 us-gaap:ResearchAndDevelopmentExpenseMember 2020-11-01 2021-01-31 0000886128 us-gaap:ResearchAndDevelopmentExpenseMember 2019-11-01 2020-01-31 0000886128 fcel:PoscoEnergyMember 2020-04-27 2020-04-27 0000886128 fcel:PoscoEnergyMember 2020-06-28 2020-06-28 0000886128 2020-10-30 2020-10-31 0000886128 fcel:PoscoEnergyMember 2020-09-14 2020-09-14

 

6

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 31, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to

Commission file number: 1-14204

 

FUELCELL ENERGY, INC.  

 

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

06-0853042

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

3 Great Pasture Road

Danbury, Connecticut

 

06810

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (203825-6000

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common stock, par value $0.0001 per share

 

FCEL

 

The Nasdaq Stock Market LLC

(Nasdaq Global Market)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes       No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes       No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No  

Number of shares of common stock, par value $0.0001 per share, outstanding as of March 12, 2021:  322,429,123

 

 

 


FUELCELL ENERGY, INC.

FORM 10-Q

Table of Contents

 

 

 

 

 

Page

 

 

 

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements.

 

3

 

 

 

 

 

 

 

Consolidated Balance Sheets as of January 31, 2021 and October 31, 2020.

 

3

 

 

 

 

 

 

 

Consolidated Statements of Operations and Comprehensive Loss for the three months ended January 31, 2021 and 2020.

 

4

 

 

 

 

 

 

 

Consolidated Statements of Changes in Equity for the three months ended January 31, 2021 and 2020.

 

5

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the three months ended January 31, 2021 and 2020.

 

6

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements.

 

7

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

21

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk.

 

35

 

 

 

 

 

Item 4.

 

Controls and Procedures.

 

35

 

 

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings.

 

36

 

 

 

 

 

Item 1A.

 

Risk Factors.

 

37

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds.

 

38

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities.

 

39

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures.

 

39

 

 

 

 

 

Item 5.

 

Other Information.

 

39

 

 

 

 

 

Item 6.

 

Exhibits.

 

40

 

 

 

 

 

Signatures

 

 

 

42

 

 

2


PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

 

 

FUELCELL ENERGY, INC.

Consolidated Balance Sheets

(Unaudited)

(Amounts in thousands, except share and per share amounts)

 

 

 

January 31,

 

 

October 31,

 

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents, unrestricted

 

$

178,570

 

 

$

149,867

 

Restricted cash and cash equivalents - short-term

 

 

12,252

 

 

 

9,233

 

Accounts receivable, net

 

 

10,021

 

 

 

9,563

 

Unbilled receivables

 

 

8,243

 

 

 

8,041

 

Inventories

 

 

61,901

 

 

 

50,971

 

Other current assets

 

 

7,422

 

 

 

6,306

 

Total current assets

 

 

278,409

 

 

 

233,981

 

Restricted cash and cash equivalents - long-term

 

 

18,772

 

 

 

32,952

 

Inventories - long-term

 

 

4,586

 

 

 

8,986

 

Project assets

 

 

164,593

 

 

 

161,809

 

Property, plant and equipment, net

 

 

35,304

 

 

 

36,331

 

Operating lease right-of-use assets, net

 

 

8,524

 

 

 

10,098

 

Goodwill

 

 

4,075

 

 

 

4,075

 

Intangible assets, net

 

 

19,643

 

 

 

19,967

 

Other assets

 

 

18,488

 

 

 

15,339

 

Total assets

 

$

552,394

 

 

$

523,538

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

14,594

 

 

$

21,366

 

Current portion of operating lease liabilities

 

 

955

 

 

 

939

 

Accounts payable

 

 

8,034

 

 

 

9,576

 

Accrued liabilities

 

 

10,763

 

 

 

15,681

 

Deferred revenue

 

 

18,728

 

 

 

10,399

 

Preferred stock obligation of subsidiary

 

 

 

 

 

938

 

Total current liabilities

 

 

53,074

 

 

 

58,899

 

Long-term deferred revenue

 

 

25,579

 

 

 

31,501

 

Long-term preferred stock obligation of subsidiary

 

 

 

 

 

18,265

 

Long-term operating lease liabilities

 

 

8,327

 

 

 

9,817

 

Long-term debt and other liabilities

 

 

78,051

 

 

 

150,651

 

Total liabilities

 

 

165,031

 

 

 

269,133

 

Redeemable Series B preferred stock (liquidation preference of $64,020 as of

   January 31, 2021 and October 31, 2020)

 

 

59,857

 

 

 

59,857

 

Total equity:

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock ($0.0001 par value); 337,500,000 shares authorized as of January 31, 2021 and October 31, 2020; 322,412,296 and 294,706,758 shares issued and outstanding as of January 31, 2021 and October 31, 2020, respectively

 

 

32

 

 

 

29

 

Additional paid-in capital

 

 

1,538,311

 

 

 

1,359,454

 

Accumulated deficit

 

 

(1,210,156

)

 

 

(1,164,196

)

Accumulated other comprehensive loss

 

 

(681

)

 

 

(739

)

Treasury stock, Common, at cost (58,080 and 56,411 shares as of January 31, 2021

   and October 31, 2020, respectively)

 

 

(462

)

 

 

(432

)

Deferred compensation

 

 

462

 

 

 

432

 

Total stockholders’ equity

 

 

327,506

 

 

 

194,548

 

Total liabilities and stockholders' equity

 

$

552,394

 

 

$

523,538

 

 

See accompanying notes to consolidated financial statements

 

3


 

FUELCELL ENERGY, INC.

Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(Amounts in thousands, except share and per share amounts)

 

 

 

Three Months Ended January 31,

 

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

Product

 

$

 

 

$

 

Service and license

 

 

4,913

 

 

 

5,612

 

Generation

 

 

4,891

 

 

 

5,442

 

Advanced Technologies

 

 

5,073

 

 

 

5,210

 

Total revenues

 

 

14,877

 

 

 

16,264

 

Costs of revenues:

 

 

 

 

 

 

 

 

Product

 

 

2,366

 

 

 

2,016

 

Service and license

 

 

5,099

 

 

 

1,618

 

Generation

 

 

7,115

 

 

 

5,557

 

Advanced Technologies

 

 

3,915

 

 

 

3,792

 

Total costs of revenues

 

 

18,495

 

 

 

12,983

 

Gross (loss) profit

 

 

(3,618

)

 

 

3,281

 

Operating expenses:

 

 

 

 

 

 

 

 

Administrative and selling expenses

 

 

8,932

 

 

 

5,266

 

Research and development expenses

 

 

1,823

 

 

 

1,155

 

Total costs and expenses

 

 

10,755

 

 

 

6,421

 

Loss from operations

 

 

(14,373

)

 

 

(3,140

)

Interest expense

 

 

(2,545

)

 

 

(3,277

)

Loss on extinguishment of debt

 

 

(11,156

)

 

 

 

Loss on extinguishment of preferred stock obligation of subsidiary

 

 

(934

)

 

 

 

Change in fair value of common stock warrant liability

 

 

(15,974

)

 

 

(34,245

)

Other (expense) income, net

 

 

(978

)

 

 

531

 

Loss before provision for income taxes

 

 

(45,960

)

 

 

(40,131

)

Provision for income taxes

 

 

 

 

 

(20

)

Net loss

 

 

(45,960

)

 

 

(40,151

)

Series B preferred stock dividends

 

 

(800

)

 

 

(931

)

Net loss attributable to common stockholders

 

$

(46,760

)

 

$

(41,082

)

Loss per share basic and diluted:

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders

 

$

(0.15

)

 

$

(0.20

)

Basic and diluted weighted average shares outstanding

 

 

312,109,888

 

 

 

202,216,493

 

 

 

 

Three Months Ended January 31,

 

 

 

2021

 

 

2020

 

Net loss

 

$

(45,960

)

 

$

(40,151

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

58

 

 

 

(49

)

Total comprehensive loss

 

$

(45,902

)

 

$

(40,200

)

 

See accompanying notes to consolidated financial statements.

 

 

 

4


 

FUELCELL ENERGY, INC.

Consolidated Statements of Changes in Equity

(Unaudited)

(Amounts in thousands, except share amounts)

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional

Paid-in

Capital

 

 

 

 

Accumulated

Deficit

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Treasury

Stock

 

 

Deferred

Compensation

 

 

Total

Equity

 

Balance, October 31, 2020

 

 

294,706,758

 

 

$

29

 

 

$

1,359,454

 

 

#

 

$

(1,164,196

)

 

$

(739

)

 

$

(432

)

 

$

432

 

 

$

194,548

 

Sale of common stock, net of fees

 

 

25,000,000

 

 

 

3

 

 

 

156,363

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

156,366

 

Orion warrant exercises

 

 

2,700,000

 

 

 

 

 

 

21,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,824

 

Common stock issued, non-employee compensation

 

 

2,734

 

 

 

 

 

 

45

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45

 

Stock issued under benefit plans, net of taxes paid upon vesting        of restricted stock awards

 

 

4,521

 

 

 

 

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

Share based compensation

 

 

 

 

 

 

 

 

1,417

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,417

 

Preferred dividends — Series B

 

 

 

 

 

 

 

 

(800

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(800

)

Effect of foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

58

 

 

 

 

 

 

 

 

 

58

 

Adjustment for deferred compensation

 

 

(1,669

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30

)

 

 

30

 

 

 

 

Release of a share reserve

 

 

(48

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(45,960

)

 

 

 

 

 

 

 

 

 

 

 

(45,960

)

Balance, January 31, 2021

 

 

322,412,296

 

 

$

32

 

 

$

1,538,311

 

 

 

 

$

(1,210,156

)

 

$

(681

)

 

$

(462

)

 

$

462

 

 

$

327,506

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional

Paid-in

Capital

 

 

Accumulated

Deficit

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Treasury

Stock

 

 

Deferred

Compensation

 

 

Total

Equity

 

Balance, October 31, 2019

 

 

193,608,684

 

 

$

19

 

 

$

1,151,454

 

 

$

(1,075,089

)

 

$

(647

)

 

$

(466

)

 

$

466

 

 

$

75,737

 

Share based compensation

 

 

 

 

 

 

 

 

488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

488

 

Orion warrant exercises

 

 

9,396,320

 

 

 

1

 

 

 

25,993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,994

 

Sale of common stock, net of fees

 

 

7,938,228

 

 

 

1

 

 

 

3,501

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,502

 

Taxes paid upon vesting of restricted stock

   awards, net of stock issued under benefit

   plans

 

 

2,585

 

 

 

 

 

 

(6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6

)

Preferred dividends — Series B

 

 

 

 

 

 

 

 

(931

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(931

)

Adjustment for deferred compensation

 

 

20,012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

 

 

(29

)

 

 

 

Effect of foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(49

)

 

 

 

 

 

 

 

 

(49

)

Net los