FuelCell Energy, Inc. (Nasdaq: FCEL) -- a global leader in
decarbonizing power and producing hydrogen through our proprietary,
state-of-the-art fuel cell platforms to enable a world empowered by
clean energy -- today reported financial results for its first
quarter ended January 31, 2022 and key business highlights.
“We are pleased with the progress we made in the
first quarter of fiscal year 2022 on multiple fronts, including
confirming our access to the Korean and broader Asian markets which
contributed to our reintroduction of product sales to our revenue
mix,” said Mr. Jason Few, President and CEO. “During the quarter,
six modules from our finished goods inventory were delivered Ex
Works to POSCO Energy’s subsidiary, Korea Fuel Cell Co., Ltd.
(“KFC”), under the previously announced settlement agreement that
will enable POSCO Energy’s existing operating fleet in Korea to be
serviced. We have planned production of the additional eight
modules required to be purchased by KFC under the settlement
agreement across the balance of the calendar year.”
“We are also pleased to announce the achievement
of a critical technical milestone associated with our
differentiated carbon capture application under the Joint
Development Agreement (“JDA”) with ExxonMobil Research and
Engineering Company (“EMRE”),” continued Mr. Few. “We are proud of
the progress being made toward commercializing our unique carbon
capture solution. Our solution is engineered to capture carbon
dioxide, as well as NOx, SOx, and particulates, from an external
source while simultaneously producing power and hydrogen. In
contrast, current technologies in use for carbon capture are
expensive and consume significant amounts of energy. Subsequent to
the end of the quarter, we announced that FuelCell Energy was
awarded $6.8 million from Canada’s Clean Resources Innovation
Network to install our proprietary fuel cell technology to capture
carbon dioxide from the Scotford Upgrader facility, which is
jointly owned by Canadian Natural Resources Limited, Chevron Canada
Limited and Shell Canada Limited. We continue to believe that
carbon capture is essential to achieve limiting climate change to
either the 1.5 degree or 2.0 degree Celsius scenario set forth in
the 2015 Paris Agreement. In fact, the Intergovernmental Panel on
Climate Change Special Report on Global Warming of 1.5 degrees
Celsius highlights the importance of reaching net zero emissions by
mid-century and presents four scenarios for achieving that goal-
all require CO2 removal and three involve major use of carbon
capture and sequestration. The International Energy Agency
similarly cites that current capture and storage of ~40 Million
Tonnes Per Annum (“MTPA”) must increase by at least 100 times by
2050 to meet the scenarios laid out by the IPCC. We believe our
technology is well positioned to make important contributions to
achieving these goals.” Mr. Few continued, “We are
focused on executing against our next phase of our Powerhouse
business strategy. We look to optimize our core business; invest in
our people and capabilities; drive to commercial availability our
Advanced Technologies solutions including distributed hydrogen via
electrolysis, long duration energy storage, and carbon capture; and
expand our geographic markets. To that end, we are excited to host
our 2022 Investor Day on March 16th, where we will discuss the
unique solutions we deliver, the market opportunities that our
solutions address, how we see our Company evolving over the next
several years, and ultimately what it means for our stakeholders.
We are in a dynamic time at FuelCell Energy in terms of supporting
the accelerating energy transition with our platform capabilities
and differentiated technology. We have tremendous enthusiasm for
the role we will continue to play in decarbonizing power and
producing hydrogen.”
Consolidated Financial Metrics
In this press release, FuelCell Energy refers to
various GAAP (U.S. generally accepted accounting principles) and
non-GAAP financial measures. The non-GAAP financial measures
may not be comparable to similarly titled measures being used and
disclosed by other companies. FuelCell Energy believes that
this non-GAAP information is useful to gaining an understanding of
its operating results and the ongoing performance of its business.
A reconciliation of EBITDA, Adjusted EBITDA and any other non-GAAP
measures is contained in the appendix to this press release.
|
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Three Months Ended January 31, |
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|
|
(Amounts in thousands) |
|
2022 |
|
|
|
2021 |
|
|
Change |
|
|
|
|
Total revenues |
$ |
31,795 |
|
|
$ |
14,877 |
|
|
16,918 |
|
|
|
|
|
Gross loss |
|
(2,895 |
) |
|
|
(3,618 |
) |
|
723 |
|
|
|
|
|
Loss from operations |
|
(44,844 |
) |
|
|
(14,373 |
) |
|
(30,471 |
) |
|
|
|
|
Net Loss |
|
(46,120 |
) |
|
|
(45,960 |
) |
|
(160 |
) |
|
|
|
|
Net loss attributable to common stockholders |
|
(41,424 |
) |
|
|
(46,760 |
) |
|
5,336 |
|
|
|
|
|
Net loss per basic and diluted share |
$ |
(0.11 |
) |
|
$ |
(0.15 |
) |
|
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
(39,073 |
) |
|
|
(8,769 |
) |
|
(30,304 |
) |
|
|
|
|
Adjusted EBITDA |
$ |
(13,603 |
) |
|
$ |
(7,352 |
) |
|
(6,251 |
) |
|
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|
|
First Quarter of Fiscal 2022
Results
Note: All comparisons between periods are
between the first quarter of fiscal 2022 and the first quarter of
fiscal 2021, unless otherwise specified.
First quarter revenue of $31.8 million
represents an increase of 114% from the prior-year quarter, driven
by product revenue recognized for the first fiscal quarter as
discussed below.
- Product revenues
were $18.0 million in the first fiscal quarter of 2022 (compared to
no product revenue in the prior year period), reflecting the
delivery Ex Works of six fuel cell modules to KFC under the
settlement agreement. The settlement agreement requires KFC to
place an additional order for eight modules on or before June 30,
2022.
- Service agreements
revenues decreased 56% to $2.2 million from $4.9 million. Revenue
recognized during the first quarter of fiscal 2021 included module
exchanges at several plants and routine maintenance activities. The
decrease in revenues for the first quarter of fiscal 2022 is
primarily due to the fact that there were no new module exchanges
during the quarter.
- Generation
revenues increased 53% to $7.5 million from $4.9 million, primarily
as a result of (i) the inclusion of the 7.4MW LIPA Yaphank project
in January 2022 and the 1.4MW San Bernardino Renewable Biofuels
project in July 2021 and (ii) the higher operating output of the
generation fleet portfolio as a result of investments in
maintenance activities made in the prior year.
- Advanced
Technologies contract revenues decreased 19% to $4.1
million from $5.1 million. Compared to the first fiscal quarter of
2021, Advanced Technologies contract revenues recognized under the
Joint Development Agreement with EMRE were approximately $1.4
million lower during the first fiscal quarter of 2022, offset by an
increase in revenue recognized under government contracts of $0.3
million. During the three months ended January 31, 2022, the
Company achieved the first technical milestone under the Joint
Development Agreement. As a result, the Company will receive a
payment of $5.0 million. The Company has not recognized revenue in
connection with this milestone achievement as a result of our prior
agreement with respect to a potential future demonstration project
with EMRE at ExxonMobil’s Rotterdam refinery in The Netherlands.
Under this agreement, we agreed to either make an investment in the
amount of $5.0 million in the Rotterdam project or discount EMRE’s
purchase of the Company’s fuel cell module and detailed engineering
design for the Rotterdam project by the same amount. The Company
will continue to evaluate revenue recognition of this milestone
achievement as project negotiations with ExxonMobil (or a
subsidiary thereof) evolve.
Gross loss for the first fiscal quarter of 2022
totaled $(2.9) million, compared to a gross loss of $(3.6) million
in the comparable prior-year quarter. The decrease in gross loss
is, in part, a result of the revenue recognized in connection with
sales of modules during the quarter to KFC. In the quarter, the
Company realized lower service margin due to no new module
replacements occurring in the quarter, $3.0 million of
non-recoverable costs related to construction of the Toyota project
and a $1.0 million asset impairment charge related to a legacy
conditioning facility at our Danbury, CT headquarters.
Operating expenses for the first fiscal quarter
of 2022 increased to $41.9 million from $10.8 million in the first
fiscal quarter of 2021. Administrative and selling expenses in the
first fiscal quarter of 2022 included $24 million in non-recurring
legal fees associated with the settlement of the POSCO Energy
proceedings. Excluding these fees, administrative and selling
expenses increased due to higher sales, marketing and consulting
costs as the Company is investing in rebranding and accelerating
its sales and commercialization efforts, and an increase in
compensation expense resulting from an increase in headcount.
Research and development expenses of $5.0 million during the
quarter reflect increased spending on the Company’s hydrogen
commercialization initiatives.
Net loss was $(46.1) million in the first
fiscal quarter of 2022, compared to net loss of $(46.0) million in
the first fiscal quarter of 2021. Both periods were impacted by
non-recurring expenses. The first fiscal quarter of 2022 was
impacted by the non-recurring legal expense of $24 million
associated with the settlement of the POSCO Energy proceedings. The
first fiscal quarter of 2021 was impacted by charges associated
with a change in the fair value of the liability associated with
the warrants issued to the lenders under our now extinguished
credit agreement with Orion Energy Partners Investment Agent, LLC
and its affiliated lenders. Additionally, the first fiscal quarter
of 2021 included a loss on extinguishment of debt and a loss on
extinguishment of preferred stock obligation of a subsidiary
totaling $(12.1) million. Interest expense was also lower in the
first fiscal quarter of 2022 compared to the first fiscal quarter
of 2021.
Adjusted EBITDA totaled $(13.6) million in the
first fiscal quarter of 2022, compared to Adjusted EBITDA of $(7.4)
million in the first fiscal quarter of 2021. Please see the
discussion of non-GAAP financial measures, including Adjusted
EBITDA, in the appendix at the end of this release.
The net loss per share attributable to common
stockholders in the first fiscal quarter of 2022 was $(0.11),
compared to $(0.15) in the first fiscal quarter of 2021. The lower
net loss per common share reflects (a) the lower net loss
attributable to common stockholders despite the $24 million, or
approximately $(0.07) per share, non-recurring legal expense
associated with the settlement of the POSCO Energy proceedings, and
(b) the higher weighted average shares outstanding due to share
issuances since January 31, 2021. The lower net loss attributable
to common stockholders was partially offset by a net loss allocated
to noncontrolling interests totaling $5.5 million for the LIPA
Yaphank project tax equity financing transaction or approximately
$0.01 per share. The net loss per share in the first quarter of
fiscal 2021 includes the change in the fair value of the liability
associated with the warrants issued to the lenders under our now
extinguished credit agreement with Orion Energy Partners Investment
Agent, LLC and its affiliated lenders of $16.0 million, accounting
for approximately a $(0.05) per share impact on the reported net
loss per share. The net loss per share attributable to common
stockholders in the quarter ended January 31, 2021 also included a
loss on extinguishment of debt and a loss on extinguishment of
preferred stock obligation of subsidiary totaling $(12.1) million,
or $(0.04) per share.
Cash, Restricted Cash and Financing
Update
Cash and cash equivalents and restricted cash and cash
equivalents totaled $405.4 million as of January 31, 2022 compared
to $460.2 million as of October 31, 2021.
- As of January 31, 2022, unrestricted cash and cash equivalents
totaled $377.0 million compared to $432.2 million as of
October 31, 2021.
- As of January 31, 2022, restricted
cash and cash equivalents was $28.5 million, of which $12.7 million
was classified as current and $15.8 million was classified as
non-current, compared to $28.0 million of restricted cash and cash
equivalents as of October 31, 2021, of which $11.3 million was
classified as current and $16.7 million was classified as
non-current.
During the quarter the Company closed on a tax
equity financing transaction with Renewable Energy Investors, LLC
(“REI”), a subsidiary of Franklin Park Infrastructure, LLC, for the
7.4 MW fuel cell project (the “LIPA Yaphank Project”) located in
Yaphank, Long Island. A total of $12.4 million of was received from
REI, a noncontrolling interest in our tax equity partnership for
the LIPA Yaphank project. These proceeds were partially offset by
fees of approximately $0.7 million related to closing costs,
including title insurance expenses, advisory fees, legal and
consulting fees.
Operations Update
During the quarter, the Company continued to
make progress on projects, including commencing commercial
operation of the 7.4 MW LIPA Yaphank fuel cell project. Updates
regarding other current projects are provided below.
Groton Sub Base. As previously
reported in February 2022, during the commissioning process, the
Company observed operating parameter data from one of the two fuel
cell platforms installed at the project site that indicated a
mechanical component was not performing according to engineered
specifications. The Company recently determined that component
should be removed from the project site to facilitate the necessary
repair and upgrade. The Company is in the process of performing the
necessary repairs and upgrades to the mechanical component. Upon
completion of the repair and upgrade work and reinstallation of the
mechanical component at the project site, the Company will restart
the process of commissioning the project. Once commissioned, this
platform is expected to demonstrate the ability of FuelCell
Energy’s platforms to perform at high efficiencies and provide low
CO2 to MWh output. Incorporation of the platform into a microgrid
is expected to demonstrate the ability of FuelCell Energy’s
platforms to increase grid stability and resilience while
supporting the U.S. military’s efforts to fortify base energy
supply and demonstrate the Navy’s commitment to clean reliable
power with microgrid capabilities.
Extensions were received from the Navy and the
project’s tax equity partner, East West Bancorp, Inc. (“East West
Bank”), extending the date by which commercial operations are to be
achieved to May 15, 2022. In August 2021, the Company closed on a
tax equity financing transaction with East West Bank for this
project. East West Bank’s tax equity commitment totals $15 million.
As part of the closing in August, the Company drew down $3 million
of the total commitment.
Toyota -- Port of Long Beach,
CA. This 2.3 MW trigeneration platform will produce
electricity, hydrogen and water. Fuel cell platform equipment has
been built and delivered to the site, and civil construction work
is underway. While we have made substantial progress, we do
anticipate that commercial operations will be delayed beyond June
30, 2022, and an extension to our Hydrogen Power Purchase Agreement
will be required from Toyota who may or may not grant such
extension in its sole discretion.
Derby, CT. On-site civil
construction of this 14.0 MW project has advanced, the Company has
largely completed the foundational construction, and balance of
plant components have been delivered and installed on site. This
utility scale fuel cell platform will contain five SureSource 3000
fuel cell systems that will be installed on engineered platforms
alongside the Housatonic River.
Manufacturing Output, Capacity and
Expansion. For the three months ended January 31, 2022, we
operated at an annualized production rate of approximately 38.3 MW,
which is an increase from the annualized production rate of 22.4 MW
for the three months ended January 31, 2021. We expect to maintain
an annualized production rate in the range of 45 to 50 MW during
fiscal year 2022.
The maximum annualized capacity (module
manufacturing, final assembly, testing and conditioning) is 100 MW
per year under the Torrington facility’s current configuration when
being fully utilized. The Torrington facility is sized to
accommodate the eventual annualized production capacity of up to
200 MW per year with additional capital investment in machinery,
equipment, tooling, and inventory. We expect to make investments in
fiscal year 2022 in our factories for molten carbonate and solid
oxide production capacity expansion; the addition of test
facilities for new products and components; the expansion of our
laboratories; and upgrades to and expansion of our business
systems.
Backlog
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|
|
|
As of January 31, |
|
|
(Amounts in thousands) |
|
2022 |
|
|
2021 |
|
Change |
Product |
$ |
60,247 |
|
$ |
- |
|
$ |
60,247 |
|
Service |
|
123,722 |
|
|
141,690 |
|
|
(17,968 |
) |
Generation |
|
1,091,510 |
|
|
1,062,337 |
|
|
29,173 |
|
License |
|
- |
|
|
22,182 |
|
|
(22,182 |
) |
Advanced Technologies |
|
31,699 |
|
|
44,080 |
|
|
(12,381 |
) |
Total Backlog |
$ |
1,307,178 |
|
$ |
1,270,289 |
|
$ |
36,889 |
|
Backlog increased by approximately 3%
year-over-year resulting from the addition to backlog of product
sales and generation offset by a reduction in service and Advanced
Technologies, reflecting the continued execution of backlog and
adjustments to generation backlog, primarily resulting from (i) the
addition of product sales backlog from the module order received
from KFC, (ii) module exchanges with higher future output and
revenues expected and (iii) the inclusion of the project with
United Illuminating in Derby, Connecticut which was awarded in the
second quarter of fiscal year 2021. Advance Technologies backlog
reflects new contracts from the U.S. Department of Energy partially
offset by work performed under our Joint Development Agreement with
EMRE. Note that approximately $22.2 million of backlog which was
previously classified as “Service and license” backlog was
reclassified to "Product” backlog as a result of the settlement
agreement with POSCO Energy. This amount represents the value of
the extended warranty associated with the module order.
Only projects for which we have an executed
power purchase agreement (“PPA”) are included in generation
backlog, which represents future revenue under long-term PPAs.
Together, the service and generation portion of backlog had a
weighted average term of approximately 18 years, with weighting
based on the dollar amount of backlog and utility service contracts
of up to 20 years in duration at inception.
Backlog represents definitive agreements
executed by the Company and our customers. Projects sold to
customers (and not retained by the Company) are included in product
sales and service backlog and the related generation backlog is
removed upon the sale.
Conference Call Information
FuelCell Energy will host a conference call
today beginning at 10:00 a.m. EST to discuss first quarter results
for fiscal year 2022 as well as key business highlights.
Participants can access the live call via webcast on the Company
website or by telephone as follows:
- The live webcast of the call and
supporting slide presentation will be available at
www.fuelcellenergy.com. To listen to the call, select “Investors”
on the home page, proceed to the “Events & Presentations” page
and then click on the “Webcast” link listed under the March 10
earnings call event, or click here.
- Alternatively, participants can
dial 646-960-0699 and state FuelCell Energy or the conference ID
number 1099808.
The replay of the conference call will be
available via webcast on the Company’s Investors’ page
at www.fuelcellenergy.com approximately two hours after the
conclusion of the call.
Cautionary Language
This news release contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 regarding future
events or our future financial performance that involve certain
contingencies and uncertainties, including those discussed in our
Annual Report on Form 10-K for the fiscal year ended October 31,
2021 in the section entitled "Management's Discussion and Analysis
of Financial Condition and Results of Operations”. Forward-looking
statements include, without limitation, statements with respect to
the Company’s anticipated financial results and statements
regarding the Company’s plans and expectations regarding the
continuing development, commercialization and financing of its fuel
cell technology and its business plans and strategies. These
statements are not guarantees of future performance, and all
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
projected. Factors that could cause such a difference include,
without limitation: general risks associated with product
development and manufacturing; general economic conditions; changes
in interest rates, which may impact project financing; supply chain
disruptions; changes in the utility regulatory environment; changes
in the utility industry and the markets for distributed generation,
distributed hydrogen, and fuel cell power plants configured for
carbon capture or carbon separation; potential volatility of
commodity and energy prices that may adversely affect our projects;
availability of government subsidies and economic incentives for
alternative energy technologies; our ability to remain in
compliance with U.S. federal and state and foreign government laws
and regulations and the listing rules of The Nasdaq Stock Market;
rapid technological change; competition; the risk that our bid
awards will not convert to contracts or that our contracts will not
convert to revenue; market acceptance of our products; changes in
accounting policies or practices adopted voluntarily or as required
by accounting principles generally accepted in the United States;
factors affecting our liquidity position and financial condition;
government appropriations; the ability of the government and third
parties to terminate their development contracts at any time; the
ability of the government to exercise “march-in” rights with
respect to certain of our patents; our ability to successfully
market and sell our products internationally; our ability to
implement our strategy; our ability to reduce our levelized cost of
energy and our cost reduction strategy generally; our ability to
protect our intellectual property; litigation and other
proceedings; the risk that commercialization of our products will
not occur when anticipated or, if it does, that we will not have
adequate capacity to satisfy demand; our need for and the
availability of additional financing; our ability to generate
positive cash flow from operations; our ability to service our
long-term debt; our ability to increase the output and longevity of
our platforms and to meet the performance requirements of our
contracts; our ability to expand our customer base and maintain
relationships with our largest customers and strategic business
allies; changes by the U.S. Small Business Administration or other
governmental authorities to, or with respect to the implementation
or interpretation of, the Coronavirus Aid, Relief, and Economic
Security Act, the Paycheck Protection Program or related
administrative matters; and concerns with, threats of, or the
consequences of, pandemics, contagious diseases or health
epidemics, including the novel coronavirus, and resulting supply
chain disruptions, shifts in clean energy demand, impacts to our
customers’ capital budgets and investment plans, impacts to our
project schedules, impacts to our ability to service existing
projects, and impacts on the demand for our products, as well as
other risks set forth in the Company’s filings with the Securities
and Exchange Commission. The forward-looking statements contained
herein speak only as of the date of this press release. The Company
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any such statement contained
or incorporated by reference herein to reflect any change in the
Company’s expectations or any change in events, conditions or
circumstances on which any such statement is based.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ:
FCEL) is a global leader in sustainable clean energy technologies
that address some of the world’s most critical challenges around
energy, safety and global urbanization. As a leading global
manufacturer of proprietary fuel cell technology platforms,
FuelCell Energy is uniquely positioned to serve customers worldwide
with sustainable products and solutions for businesses, utilities,
governments and municipalities. Our solutions are designed to
enable a world empowered by clean energy, enhancing the quality of
life for people around the globe. We target large-scale power users
with our megawatt-class installations globally, and currently offer
sub-megawatt solutions for smaller power consumers in Europe. To
provide a frame of reference, one megawatt is adequate to
continually power approximately 1,000 average sized U.S. homes. We
develop turn-key distributed power generation solutions and operate
and provide comprehensive service for the life of the power plant.
Our fuel cell solution is a clean, efficient alternative to
traditional combustion-based power generation, and is complementary
to an energy mix consisting of intermittent sources of energy, such
as solar and wind turbines. Our customer base includes utility
companies, municipalities, universities, hospitals, government
entities/military bases and a variety of industrial and commercial
enterprises. Our leading geographic markets are currently the
United States and South Korea, and we are pursuing opportunities in
other countries around the world. FuelCell Energy, based in
Connecticut, was founded in 1969.
SureSource, SureSource 1500, SureSource 3000,
SureSource 4000, SureSource Recovery, SureSource Capture,
SureSource Hydrogen, SureSource Storage, SureSource Service,
SureSource Capital, FuelCell Energy, and FuelCell Energy logo are
all trademarks of FuelCell Energy, Inc.
Contact:
FuelCell Energy,
Inc.ir@fce.com203.205.2491
Source: FuelCell Energy
FUELCELL ENERGY,
INC.Consolidated Balance
Sheets(Unaudited)(Amounts in thousands, except
share and per share amounts)
|
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|
|
January 31,2022 |
|
|
October 31,2021 |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents, unrestricted |
$ |
376,963 |
|
|
$ |
432,213 |
|
Restricted cash and cash equivalents – short-term |
|
12,643 |
|
|
|
11,268 |
|
Accounts receivable, net |
|
30,702 |
|
|
|
14,730 |
|
Unbilled receivables |
|
13,558 |
|
|
|
8,924 |
|
Inventories |
|
65,386 |
|
|
|
67,074 |
|
Other current assets |
|
9,764 |
|
|
|
9,177 |
|
Total current assets |
|
509,016 |
|
|
|
543,386 |
|
|
|
|
|
|
|
Restricted cash and cash
equivalents – long-term |
|
15,825 |
|
|
|
16,731 |
|
Project assets |
|
235,602 |
|
|
|
223,277 |
|
Inventories – long-term |
|
4,586 |
|
|
|
4,586 |
|
Property, plant and equipment,
net |
|
41,124 |
|
|
|
39,416 |
|
Operating lease right-of-use
assets, net |
|
7,877 |
|
|
|
8,109 |
|
Goodwill |
|
4,075 |
|
|
|
4,075 |
|
Intangible assets, net |
|
18,346 |
|
|
|
18,670 |
|
Other assets |
|
18,240 |
|
|
|
16,998 |
|
Total assets (1) |
$ |
854,691 |
|
|
$ |
875,248 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Current portion of long-term debt |
$ |
9,722 |
|
|
$ |
10,085 |
|
Current portion of operating lease liabilities |
|
1.013 |
|
|
|
1,032 |
|
Accounts payable |
|
22,300 |
|
|
|
19,267 |
|
Accrued liabilities |
|
25,988 |
|
|
|
16,099 |
|
Deferred revenue |
|
16,237 |
|
|
|
6,287 |
|
Total current liabilities |
|
75,260 |
|
|
|
52,770 |
|
|
|
|
|
|
|
Long-term deferred revenue and
customer deposits |
|
18,277 |
|
|
|
30,427 |
|
Long-term operating lease
liabilities |
|
7,821 |
|
|
|
8,093 |
|
Long-term debt and other
liabilities |
|
81,290 |
|
|
|
78,633 |
|
Total liabilities (1) |
|
182,648 |
|
|
|
169,923 |
|
|
|
|
|
|
|
Redeemable Series B preferred
stock (liquidation preference of $64,020 as of January 31, 2022 and
October 31, 2021) |
|
59,857 |
|
|
|
59,857 |
|
Redeemable noncontrolling
interests |
|
15,449 |
|
|
|
3,030 |
|
Total equity: |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Common stock ($0.0001 par value); 500,000,000 shares authorized as
of January 31, 2022 and October 31, 2021 respectively; 366,686,186
and 366,618,693 shares issued and outstanding as of January 31,
2022 and October 31, 2021, respectively |
|
37 |
|
|
|
37 |
|
Additional paid-in capital |
|
1,908,981 |
|
|
|
1,908,471 |
|
Accumulated deficit |
|
(1,306,545 |
) |
|
|
(1,265,251 |
) |
Accumulated other comprehensive loss |
|
(910 |
) |
|
|
(819 |
) |
Treasury stock, Common, at cost (86,662 and 73,430 shares as of
January 31, 2022 and October 31, 2021, respectively) |
|
(650 |
) |
|
|
(586 |
) |
Deferred compensation |
|
650 |
|
|
|
586 |
|
Total stockholders’ equity |
|
602,233 |
|
|
|
642,438 |
|
Noncontrolling interests |
|
(5,496 |
) |
|
|
- |
|
Total equity |
|
596,737 |
|
|
|
642,438 |
|
Total liabilities, redeemable
noncontrolling interests and equity |
$ |
854,691 |
|
|
$ |
875,248 |
|
(1) |
The consolidated assets as of January 31, 2022 and October 31, 2021
include $114,133 and $54,375, respectively, of assets of the
variable interest entity (“VIE”) that can only be used to settle
obligations of the VIE. These assets include cash of $5,167,
accounts receivable of $597, operating leases right of use assets
of $1,192 and project assets of $100,832 as of January 31, 2022,
and cash of $1,364 and project assets of $53,012 as of October 31,
2021, respectively. The consolidated liabilities as of January 31,
2022 include short-term operating lease liabilities of $142,
accrued liabilities of $159 and long-term operating lease liability
of $1,458. The consolidated liabilities as of October 31,
2021 were $0. |
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, |
|
|
|
2022 |
|
|
|
2021 |
|
|
Revenues: |
|
|
|
|
|
|
|
|
Product |
|
$ |
18,000 |
|
|
|
$ |
- |
|
|
Service |
|
|
2,167 |
|
|
|
|
4,913 |
|
|
Generation |
|
|
7,496 |
|
|
|
|
4,891 |
|
|
Advanced Technologies |
|
|
4,132 |
|
|
|
|
5,073 |
|
|
Total revenues |
|
|
31,795 |
|
|
|
|
14,877 |
|
|
Costs of
revenues: |
|
|
|
|
|
|
|
|
Product |
|
|
18,207 |
|
|
|
|
2,366 |
|
|
Service |
|
|
2,372 |
|
|
|
|
5,099 |
|
|
Generation |
|
|
10,722 |
|
|
|
|
7,115 |
|
|
Advanced Technologies |
|
|
3,389 |
|
|
|
|
3,915 |
|
|
Total costs of revenues |
|
|
34,690 |
|
|
|
|
18,495 |
|
|
Gross
loss |
|
|
(2,895 |
) |
|
|
|
(3,618 |
) |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Administrative and selling expenses |
|
|
36,965 |
|
|
|
|
8,932 |
|
|
Research and development expenses |
|
|
4,984 |
|
|
|
|
1,823 |
|
|
Total costs and expenses |
|
|
41,949 |
|
|
|
|
10,755 |
|
|
Loss
from operations |
|
|
(44,844 |
) |
|
|
|
(14,373 |
) |
|
Interest expense |
|
|
(1,428 |
) |
|
|
|
(2,545 |
) |
|
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 |
) |
|
Other income (expense), net |
|
|
152 |
|
|
|
|
(978 |
) |
|
Loss
before provision for income taxes |
|
|
(46,120 |
) |
|
|
|
(45,960 |
) |
|
Provision for income taxes |
|
|
- |
|
|
|
|
- |
|
|
Net
loss |
|
|
(46,120 |
) |
|
|
|
(45,960 |
) |
|
Net loss attributable to redeemable noncontrolling interest |
|
|
(5,496 |
) |
|
|
|
- |
|
|
Net loss attributable to
FuelCell Energy, Inc. |
|
|
(40,624 |
) |
|
|
|
(45,960 |
) |
|
Series B preferred stock dividends |
|
|
(800 |
) |
|
|
|
(800 |
) |
|
Net loss
attributable to common stockholders |
|
$ |
(41,424 |
) |
|
|
$ |
(46,760 |
) |
|
Loss per
share basic and diluted: |
|
|
|
|
|
|
|
|
Net loss per share attributable to common stockholders |
|
$ |
(0.11 |
) |
|
|
$ |
(0.15 |
) |
|
Basic and diluted weighted average shares outstanding |
|
|
366,734,739 |
|
|
|
|
312,109,888 |
|
|
Appendix
Non-GAAP Financial Measures
Financial results are presented in accordance
with accounting principles generally accepted in the United States
(“GAAP”). Management also uses non-GAAP measures to analyze
and make operating decisions on the business. Earnings before
interest, taxes, depreciation and amortization (“EBITDA”) and
Adjusted EBITDA are alternate, non-GAAP measures of operations and
operating performance by the Company.
These supplemental non-GAAP measures are
provided to assist readers in determining operating performance.
Management believes EBITDA and Adjusted EBITDA are useful in
assessing performance and highlighting trends on an overall basis.
Management also believes these measures are used by companies in
the fuel cell sector and by securities analysts and investors when
comparing the results of the Company with those of other companies.
EBITDA differs from the most comparable GAAP measure, net loss
attributable to the Company, primarily because it does not include
finance expense, income taxes and depreciation of property, plant
and equipment and project assets. Adjusted EBITDA adjusts EBITDA
for stock-based compensation, restructuring charges and other
unusual items such as the non-recurring legal expense related to
the settlement of the POSCO Energy legal proceedings recorded
during the first quarter of fiscal 2022, which are considered
either non-cash or non-recurring.
While management believes that these non-GAAP
financial measures provide useful supplemental information to
investors, there are limitations associated with the use of these
measures. The measures are not prepared in accordance with GAAP and
may not be directly comparable to similarly titled measures of
other companies due to potential differences in the exact method of
calculation. The Company’s non-GAAP financial measures are not
meant to be considered in isolation or as a substitute for
comparable GAAP financial measures and should be read only in
conjunction with the Company’s consolidated financial statements
prepared in accordance with GAAP.
The following table calculates EBITDA and
Adjusted EBITDA and reconciles these figures to the GAAP financial
statement measure Net loss.
|
|
|
|
|
|
|
|
|
Three Months Ended January 31, |
|
|
|
|
(Amounts in thousands) |
|
2022 |
|
|
|
2021 |
|
|
|
|
|
Net
loss |
$ |
(46,120 |
) |
|
$ |
(45,960 |
) |
|
|
|
|
Depreciation and amortization (1) |
|
5,771 |
|
|
|
5,604 |
|
|
|
|
|
Provision for income tax |
|
- |
|
|
|
- |
|
|
|
|
|
Other
(income)/expense, net (2) |
|
(152 |
) |
|
|
978 |
|
|
|
|
|
Loss on
extinguishment of preferred stock obligation of subsidiary |
|
- |
|
|
|
934 |
|
|
|
|
|
Loss on
extinguishment of debt |
|
- |
|
|
|
11,156 |
|
|
|
|
|
Change
in fair value of common stock warrant liability |
|
- |
|
|
|
15,974 |
|
|
|
|
|
Interest
expense |
|
1,428 |
|
|
|
2,545 |
|
|
|
|
|
EBITDA |
$ |
(39,073 |
) |
|
$ |
(8,769 |
) |
|
|
|
|
Share-based compensation expense |
|
1,470 |
|
|
|
1,417 |
|
|
|
|
|
Legal
fees incurred for a legal settlement (3) |
|
24,000 |
|
|
|
- |
|
|
|
|
|
Adjusted EBITDA |
$ |
(13,603 |
) |
|
$ |
(7,352 |
) |
|
|
|
|
(1) |
Includes depreciation and amortization on our Generation portfolio
of $3.6 million and $4.4 million for the three months ended January
31, 2022 and 2021, respectively. |
(2) |
Other (income)/expense, net includes gains and losses from
transactions denominated in foreign currencies, changes in fair
value of derivatives, and other items incurred periodically, which
are not the result of the Company’s normal business
operations. |
(3) |
The Company recorded legal fees of $24 million related to a legal
settlement during the three months ended January 31, 2022, which
was recorded as an administrative and selling expense. |
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