Fuelcell Energy Earnings 2021-01-31
| Balance Sheet | Income Statement | Cash Flow |
|---|---|---|
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Assets, Equity
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Rev, G Profit, Net Income
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Ops, Inv, Fin
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6
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
| | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
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:
(Exact name of registrant as specified in its charter)
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| (I.R.S. Employer Identification No.) |
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| (Address of principal executive offices) |
| (Zip Code) |
Registrant’s telephone number, including area code: (
Securities registered pursuant to Section 12(b) of the Act:
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| Trading Symbol(s) |
| Name of each exchange on which registered |
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| The Nasdaq Stock Market LLC ( |
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.
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).
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 | ☐ |
| | ☒ | 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
Number of shares of common stock, par value $0.0001 per share, outstanding as of March 12, 2021:
FUELCELL ENERGY, INC.
FORM 10-Q
Table of Contents
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| PART I - FINANCIAL INFORMATION |
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| Item 1. |
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| Consolidated Balance Sheets as of January 31, 2021 and October 31, 2020. |
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| Consolidated Statements of Changes in Equity for the three months ended January 31, 2021 and 2020. |
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| Consolidated Statements of Cash Flows for the three months ended January 31, 2021 and 2020. |
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| Item 2. |
| Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
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| Item 3. |
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| Item 4. |
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| PART II - OTHER INFORMATION |
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| Item 1. |
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| Item 1A. |
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| Item 2. |
| Unregistered Sales of Equity Securities and Use of Proceeds. |
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| Item 3. |
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| Item 4. |
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| Item 5. |
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| Item 6. |
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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)
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| ASSETS |
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| Current assets: |
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| Cash and cash equivalents, unrestricted |
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| Restricted cash and cash equivalents - short-term |
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| Accounts receivable, net |
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| Unbilled receivables |
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| Inventories |
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| Other current assets |
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| Total current assets |
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| Restricted cash and cash equivalents - long-term |
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| Inventories - long-term |
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| Project assets |
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| Property, plant and equipment, net |
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| Operating lease right-of-use assets, net |
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| Goodwill |
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| Intangible assets, net |
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| Other assets |
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| Total assets |
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| LIABILITIES AND STOCKHOLDERS' EQUITY |
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| Current liabilities: |
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| Current portion of long-term debt |
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| Current portion of operating lease liabilities |
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| Accounts payable |
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| Accrued liabilities |
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| Deferred revenue |
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| Preferred stock obligation of subsidiary |
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| Total current liabilities |
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| Long-term deferred revenue |
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| Long-term preferred stock obligation of subsidiary |
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| Long-term operating lease liabilities |
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| Long-term debt and other liabilities |
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| Total liabilities |
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| Redeemable Series B preferred stock (liquidation preference of $ January 31, 2021 and October 31, 2020) |
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| Total equity: |
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| Stockholders’ equity: |
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| Common stock ($ |
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| Additional paid-in capital |
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| Accumulated deficit |
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| Accumulated other comprehensive loss |
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| Treasury stock, Common, at cost ( and October 31, 2020, respectively) |
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| Deferred compensation |
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| Total stockholders’ equity |
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| Total liabilities and stockholders' equity |
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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)
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| Revenues: |
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| Product |
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| Service and license |
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| Generation |
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| Advanced Technologies |
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| Total revenues |
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| Costs of revenues: |
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| Product |
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| Service and license |
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| Generation |
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| Advanced Technologies |
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| Total costs of revenues |
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| Gross (loss) profit |
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| Operating expenses: |
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| Administrative and selling expenses |
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| Research and development expenses |
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| Total costs and expenses |
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| Loss from operations |
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| Interest expense |
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| Loss on extinguishment of debt |
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| Loss on extinguishment of preferred stock obligation of subsidiary |
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| Change in fair value of common stock warrant liability |
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| Other (expense) income, net |
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| Loss before provision for income taxes |
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| Provision for income taxes |
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| Net loss |
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| Series B preferred stock dividends |
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| Net loss attributable to common stockholders |
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| Loss per share basic and diluted: |
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| Net loss per share attributable to common stockholders |
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| Basic and diluted weighted average shares outstanding |
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| Three Months Ended January 31, |
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| Net loss |
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| Other comprehensive income (loss): |
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| Foreign currency translation adjustments |
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| Total comprehensive loss |
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| $ | ( | ) |
See accompanying notes to consolidated financial statements.
4
FUELCELL ENERGY, INC.
Consolidated Statements of Changes in Equity
(Unaudited)
(Amounts in thousands, except share amounts)
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| Common Stock |
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| Shares |
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| Amount |
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| Additional Paid-in Capital |
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| Accumulated Deficit |
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| Accumulated Other Comprehensive Income (Loss) |
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| Treasury Stock |
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| Deferred Compensation |
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| Total Equity |
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| Balance, October 31, 2020 |
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| Sale of common stock, net of fees |
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| Orion warrant exercises |
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| Common stock issued, non-employee compensation |
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| Stock issued under benefit plans, net of taxes paid upon vesting of restricted stock awards |
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| Share based compensation |
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| Preferred dividends — Series B |
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| — |
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| — |
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| Effect of foreign currency translation |
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| — |
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| — |
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| Adjustment for deferred compensation |
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| — |
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| Release of a share reserve |
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| Net Loss |
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| — |
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| Balance, January 31, 2021 |
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| $ | |
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| $ | |
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| $ | ( | ) |
| $ | ( | ) |
| $ | ( | ) |
| $ | |
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| $ | |
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| Common Stock |
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| Shares |
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| Amount |
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| Additional Paid-in Capital |
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| Accumulated Deficit |
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| Accumulated Other Comprehensive Loss |
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| Treasury Stock |
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| Deferred Compensation |
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| Total Equity |
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| Balance, October 31, 2019 |
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| $ | |
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| $ | |
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| $ | ( | ) |
| $ | ( | ) |
| $ | ( | ) |
| $ | |
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| $ | |
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| Share based compensation |
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| — |
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| — |
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| — |
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| Orion warrant exercises |
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| Sale of common stock, net of fees |
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| — |
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| — |
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| — |
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| — |
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| Taxes paid upon vesting of restricted stock awards, net of stock issued under benefit plans |
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| — |
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| ( | ) |
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| — |
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| — |
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| — |
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| — |
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| ( | ) |
| Preferred dividends — Series B |
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| — |
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| — |
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| ( | ) |
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| — |
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| — |
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| — |
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| — |
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| ( | ) |
| Adjustment for deferred compensation |
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| — |
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| — |
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| — |
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| — |
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| ( | ) |
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| — |
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| Effect of foreign currency translation |
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| — |
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| — |
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| — |
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| Net los | ||||||||||||||||||||||||||||||||