| | Published : March 10th, 2011 | Reports First Quarter Results and Latest Accomplishments |
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FuelCell Energy Reports First Quarter Results and Latest Accomplishments
- California investor-owned utility orders 1.4 megawatt DFC1500
- Fuel Cells Earn Prominent Position within South Korean Renewable Portfolio Standard Pricing Mechanism
- Initial order from the United Kingdom for a Direct FuelCell power plant
- Margins improve with cost ratio moving to 1.09
- $18 million raised from registered direct offering
- $70 million of cash and investments at January 31, 2011 �
DANBURY, Conn., March 9, 2011 (GLOBE NEWSWIRE) --� FuelCell Energy, Inc. (Nasdaq:FCEL), a leading manufacturer of ultra-clean, efficient and reliable power plants using renewable and other fuels for commercial, industrial, government, and utility customers, today reported results for its first quarter ended January 31, 2011 along with its latest accomplishments.�
Financial Results
FuelCell Energy reported total revenues for the first quarter of 2011 of $28.1 million compared to $14.6 million in the same period last year. � Product sales and revenues in the first quarter were $25.8 million compared to $12.8 million in the prior year quarter as production was increased to meet growing order volume.� Product sales and revenues for the first quarter of 2011 included $20.4 million of power plants, fuel cell modules, and fuel cell power plant components, $2.5 million of revenue primarily from the sale of capital equipment to POSCO Power for their fuel cell module assembly facility as well as construction and installation services, and $2.9 million of revenue from service and power purchase agreements.
Margins for product sales and revenues improved by $2.9 million over the prior year quarter with the product cost-to-revenue ratio moving to 1.09-to-1.00 in the first quarter of 2011 from 1.41-to-1.00 in the first quarter of 2010. Results reflect improved product margins combined with lower commissioning and warranty costs compared to the first quarter of 2010.
Total product sales and service backlog as of January 31, 2011 was $159.2 million compared to $84.1 million as of January 31, 2010. � Product order backlog was $78.9 million and $58.3 million as of January 31, 2011 and 2010, respectively. � Backlog for long-term service agreements was $80.3 million and $25.8 million as of January 31, 2011 and 2010, respectively. � �
Research and development contract revenue was $2.3 million for the first quarter of 2011 compared to $1.8 million for the first quarter of 2010.� � The Company's research and development backlog totaled $7.9 million as of January 31, 2011 compared to $11.9 million as of January 31, 2010, decreasing as phase two of the solid oxide fuel cell development contract with the U.S. Department of Energy (DOE) nears successful completion.� The Company submitted a proposal to the DOE to participate in the multi-year third phase of the solid oxide fuel cell development program.�
Net loss to common shareholders for the first quarter of 2011 improved to $11.7 million, or $0.10 per basic and diluted share, compared to $15.4 million or $0.18 per basic and diluted share in the first quarter of 2010.� Higher product margins drove this improvement.� � �
Total cash, cash equivalents and investments in U.S. Treasuries were $70.2 million as of January 31, 2011. � Net use of cash, cash equivalents, and investments for the first quarter was $3.2 million compared to net use of $7.2 million in the first quarter of 2010, excluding the net proceeds of $17.8 million from the registered direct offering of common stock and revolver borrowings of $1.0 million.� The favorable impact of improved product margins combined with strong cash receipts from U.S. orders resulted in lower cash utilization during the first quarter of 2011 compared to the prior year quarter.� Capital spending for the first quarter was $0.3 million and depreciation expense was $1.6 million.�
Corporate Highlights
"Solid financial results this quarter, including the favorable impact of product cost reductions combined with growing revenue and production volume, highlight the progress being made," said Chip Bottone, President and CEO of FuelCell Energy, Inc. � "The FuelCell team is focusing on three key areas including, revenue growth, customer satisfaction and operational excellence as we expand our markets.� Our products are helping our customers solve their power generation and environmental challenges as well as helping them meet their sustainability goals."
Market Activity
FuelCell Energy is a world leader in the development and production of stationary fuel cells.� Direct FuelCell (DFC�) power plants are generating power at more than 50 locations globally and have cumulatively generated over 700 million kilowatt hours (kWh) of clean power. � Key geographic and vertical markets are driving sales of DFC power plants.�
California: � Our products address the need by utilities for ultra-clean baseload distributed generation.� During the first quarter of 2011, Southern California Edison ordered a 1.4 MW DFC1500 to be installed at California State University, San Bernardino.� This order follows previous authorization by the California Public Utilities Commission (CPUC) for Southern California Edison and Pacific Gas & Electric to pursue utility owned fuel cell installations.� The CPUC recognizes fuel cells as preferred distributed generation resources due to clean natural gas and renewable baseload power generation that lessens reliance on the electrical transmission grid and represents incremental capacity that avoids or reduces investment in the transmission and distribution system.
Universities represent an attractive market for DFC power plants due to the virtual lack of pollutants that helps universities reach their sustainability goals combined with on-site power generation that enhances energy security.� California State University, San Bernardino will be the fifth California university with a DFC power plant, representing eight megawatts in total power generation capacity.�
United Kingdom: � The Crown Estates ordered a DFC power plant during the first quarter of 2011 for installation in central London, England.� The ultra-clean emission profile of the DFC plant combined with reduced greenhouse gas emissions support the sustainability goals of The Crown Estates and were the primary drivers for the order.� This order represents the first DFC power plant sold by the Company in the United Kingdom.�
The British government recently issued a series of proposals to address aggressive climate targets while balancing the need for replacing a significant portion of existing power generation that is nearing the end of its functional lifespan.� Estimates are that about a quarter of the existing power generation capacity in the UK will need to be replaced by 2020.� Fuel cells operating on natural gas or renewable biogas are a compelling solution for the needs of the British power market as they provide ultra-clean and efficient baseload power.� � �
South Korea: � At the end of December 2010, the South Korean Ministry of Knowledge Economy confirmed the Renewable Portfolio Standard (RPS) and established the pricing mechanism for new & renewable (NRE) power under the mandates of the RPS.� Utilities and independent power producers in South Korea are expected to purchase NRE power generation plants now that the pricing mechanics of the RPS have been confirmed.� Penalties for non-compliance are expected to encourage conformance with the RPS.� Fuel cells operating on natural gas and renewable biogas earned a prominent � position within the pricing mechanism and are expected to represent a significant portion of NRE purchasing as the clean, efficient and distributed generation attributes of fuel cells meet the needs of utilities and the requirements of the RPS. �
Responding to this market opportunity, POSCO Power continues to expand its clean power generation business using the Company's fuel cell technology.� POSCO Power has begun production at their 100 MW fuel cell module assembly facility using fuel cell components manufactured at FuelCell Energy's production facility and will provide balance-of-plant (BOP) for the South Korean market from their existing 100 MW BOP facility. � Announcement of the RPS pricing mechanism, combined with the recent completion of local capacity for fuel cell module assembly, is expected to drive their next order for fuel cell components.
Production
Production levels are currently at 35 MW annually compared to production of 22 MW for 2010 to meet backlog.� Anticipating increasing order volume, the Company expects to further increase production levels during 2011.� � �
Advanced Technology Programs
DFC hydrogen generation: The DFC300-H2 power plant installed at the Orange County Wastewater treatment facility has begun to produce hydrogen for vehicle refueling along with ultra-clean electricity and high quality heat used for the wastewater treatment process.� The plant is operating on natural gas and is expected to begin operating on renewable biogas in the next few months.� The demonstration is being performed under sub-contract to Air Products and Chemicals, Inc, with the majority of funding provided by the U.S. Department of Energy (DOE).
Solid Oxide Fuel Cell Development: The Company continues to partner with Versa Power Systems Inc., for the development of a Large Scale Coal-Based Solid Oxide Fuel Cell under the U.S. Department of Energy Solid State Energy Conversion Alliance (SECA) Program. � The FuelCell Energy/Versa team met cost and performance objectives for a minimum 25 kW fuel cell stack in phase two of the program.�
Conference Call Information
FuelCell Energy will host a conference call with investors beginning at 10:00 a.m. Eastern Time on March 10, 2011 to discuss the first quarter 2011 results.
Participants can access the live call via webcast on the Company website or by telephone as follows:
- The live webcast of this call will be available on the Company website at www.fuelcellenergy.com.� To listen to the call, select 'Investors' on the home page, then click on 'events & presentations' and then click on 'Listen to the webcast'
- Alternatively, participants in the U.S. or Canada can dial 877-303-7005
- Outside the U.S. and Canada, please call 678-809-1045
- The passcode is 'FuelCell Energy'
The webcast of the conference call will be archived on the Company's Investors' page at www.fuelcellenergy.com.� Alternatively, the replay of the conference call will be available approximately two hours after the conclusion of the call until midnight Eastern Time on Wednesday, March 16, 2011:
- From the U.S. and Canada please dial 800-642-1687
- Outside the U.S. or Canada please call 706-645-9291
- Enter confirmation code 46585555
About FuelCell Energy
DFC� fuel cells are generating power at over 50 locations worldwide. The Company's power plants have generated over 700 million kWh of power using a variety of fuels including renewable wastewater gas, biogas from beer and food processing, as well as natural gas and other hydrocarbon fuels. FuelCell Energy has partnerships with major power plant developers and power companies around the world. The Company also receives funding from the U.S. Department of Energy and other government agencies for the development of leading edge technologies such as fuel cells. For more information please visit our website at www.fuelcellenergy.com
This news release contains forward-looking statements, including statements regarding the Company's plans and expectations regarding the continuing development, commercialization and financing of its fuel cell technology and business plans. 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, manufacturing, changes in the regulatory environment, customer strategies, changes in critical accounting policies, � potential volatility of energy prices, rapid technological change, competition, and the Company's ability to achieve its sales plans and cost reduction targets, 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 to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.
Direct FuelCell, DFC, DFC/T, DFC-H2 and FuelCell Energy, Inc. are all registered trademarks of FuelCell Energy, Inc. � DFC-ERG is a registered trademark jointly owned by Enbridge, Inc. and FuelCell Energy, Inc.
FUELCELL ENERGY, INC. |
Consolidated Balance Sheets |
(Unaudited) |
(Amounts in thousands, except share and per share amounts) |
� |
� |
� |
� |
January 31, 2011 |
October 31, 2010 |
ASSETS |
� |
� |
Current assets: |
� |
� |
� Cash and cash equivalents |
$26,085 |
$20,467 |
� Investments -- U.S. treasury securities |
39,537 |
25,019 |
� Accounts receivable, net |
23,288 |
18,066 |
� Inventories, net |
32,352 |
33,404 |
� Other current assets |
6,343 |
5,253 |
Total current assets |
127,605 |
102,209 |
� |
� |
� |
Property, plant and equipment, net |
25,391 |
26,679 |
Investments -- U.S. treasury securities |
4,529 |
9,071 |
Investment in and loans to affiliate |
9,653 |
9,837 |
Other assets, net |
3,494 |
2,733 |
Total assets |
$170,672 |
$150,529 |
� |
� |
� |
LIABILITIES AND EQUITY |
� |
� |
Current liabilities: |
� |
� |
� Current portion of long-term debt and other liabilities |
$1,998 |
$976 |
� Accounts payable |
10,065 |
10,267 |
� Accounts payable due to affiliate |
407 |
575 |
� Accrued liabilities |
15,819 |
16,721 |
� Deferred revenue |
37,902 |
25,499 |
Total current liabilities |
66,191 |
54,038 |
� |
� |
� |
Long-term deferred revenue |
7,750 |
8,042 |
Long-term debt and other liabilities |
4,112 |
4,056 |
Total liabilities |
78,053 |
66,136 |
Redeemable preferred stock of subsidiary |
17,374 |
16,849 |
Redeemable preferred stock (liquidation preference of $64,020 at January 31, 2011 and October 31, 2010) |
59,857 |
59,857 |
Total Equity: |
� |
� |
� Shareholders' equity |
� |
� |
Common stock ($.0001 par value); 150,000,000 shares authorized; 123,633,555 and 112,965,725 shares issued and outstanding at January 31, 2011 and October 31, 2010, respectively. |
12 |
11 |
Additional paid-in capital |
682,656 |
663,951 |
Accumulated deficit |
(666,561) |
(655,623) |
Accumulated other comprehensive income (loss) |
13 |
11 |
Treasury stock, Common, at cost (5,679 shares at January 31, 2011 and October 31, 2010) |
(53) |
� (53) |
Deferred compensation |
53 |
53 |
Total shareholders' equity |
16,120 |
8,350 |
� Noncontrolling interest in subsidiaries |
(732) |
(663) |
Total equity |
15,388 |
7,687 |
Total liabilities and equity |
$170,672 |
$150,529 |
� |
� |
FUELCELL ENERGY, INC. |
Consolidated Statements of Operations |
(Unaudited) |
(Amounts in thousands, except share and per share amounts) |
� |
� |
� |
Three Months Ended January 31, |
� |
2011 |
2010 |
Revenues: |
� |
� |
� Product sales and revenues |
$25,760 |
$12,808 |
� Research and development contracts |
2,320 |
1,808 |
� Total revenues |
28,080 |
14,616 |
� |
� |
� |
Costs and expenses: |
� |
� |
� Cost of product sales and revenues |
28,059 |
18,013 |
� Cost of research and development contracts |
2,337 |
2,096 |
� Administrative and selling expenses |
4,050 |
4,156 |
� Research and development expenses |
4,246 |
4,620 |
Total costs and expenses |
38,692 |
28,885 |
� |
� |
� |
Loss from operations |
(10,612) |
(14,269) |
� |
� |
� |
� Interest expense |
(54) |
(63) |
� Loss from equity investment |
(198) |
(148) |
� Interest and other income, net |
400 |
319 |
� |
� |
� |
Loss before redeemable preferred stock of subsidiary |
(10,464) |
(14,161) |
� |
� |
� |
� Accretion of redeemable preferred stock of subsidiary |
(525) |
(557) |
� |
� |
� |
Loss before provision for income taxes |
(10,989) |
(14,718) |
� |
� |
� |
Provision for income taxes |
(18) |
-- |
� |
� |
� |
Net loss |
(11,007) |
(14,718) |
� |
� |
� |
Net loss attributable to noncontrolling interest |
69 |
86 |
� |
� |
� |
Net loss attributable to FuelCell Energy, Inc. |
(10,938) |
(14,632) |
� |
� |
� |
� Preferred stock dividends |
(800) |
(802) |
� |
� |
� |
Net loss to common shareholders |
$ (11,738) |
$ (15,434) |
� |
� |
� |
Net loss per share to common shareholders |
� |
� |
Basic |
$ (0.10) |
$ (0.18) |
Diluted |
$ (0.10) |
$ (0.18) |
� |
� |
� |
Weighted average shares outstanding |
� |
� |
Basic |
115,086,014 |
84,401,558 |
Diluted |
115,086,014 |
84,401,558 | CONTACT: FuelCell Energy, Inc.
Kurt Goddard, Vice President Investor Relations
203-830-7494
ir@fce.com
|
You are subscribed to FuelCell Energy, Inc. Investor Relations'' e-mail alerts as .com.
FuelCell Energy is a world leader in the development and production of stationary fuel cells.� Direct FuelCell (DFC�) power plants are generating power at more than 50 locations globally and have cumulatively generated over 700 million kilowatt hours (kWh) of clean power. � Key geographic and vertical markets are driving sales of DFC power plants.�
California: � Our products address the need by utilities for ultra-clean baseload distributed generation.� During the first quarter of 2011, Southern California Edison ordered a 1.4 MW DFC1500 to be installed at California State University, San Bernardino.� This order follows previous authorization by the California Public Utilities Commission (CPUC) for Southern California Edison and Pacific Gas & Electric to pursue utility owned fuel cell installations.� The CPUC recognizes fuel cells as preferred distributed generation resources due to clean natural gas and renewable baseload power generation that lessens reliance on the electrical transmission grid and represents incremental capacity that avoids or reduces investment in the transmission and distribution system.
Universities represent an attractive market for DFC power plants due to the virtual lack of pollutants that helps universities reach their sustainability goals combined with on-site power generation that enhances energy security.� California State University, San Bernardino will be the fifth California university with a DFC power plant, representing eight megawatts in total power generation capacity.�
United Kingdom: � The Crown Estates ordered a DFC power plant during the first quarter of 2011 for installation in central London, England.� The ultra-clean emission profile of the DFC plant combined with reduced greenhouse gas emissions support the sustainability goals of The Crown Estates and were the primary drivers for the order.� This order represents the first DFC power plant sold by the Company in the United Kingdom.�
The British government recently issued a series of proposals to address aggressive climate targets while balancing the need for replacing a significant portion of existing power generation that is nearing the end of its functional lifespan.� Estimates are that about a quarter of the existing power generation capacity in the UK will need to be replaced by 2020.� Fuel cells operating on natural gas or renewable biogas are a compelling solution for the needs of the British power market as they provide ultra-clean and efficient baseload power.� � �
South Korea: � At the end of December 2010, the South Korean Ministry of Knowledge Economy confirmed the Renewable Portfolio Standard (RPS) and established the pricing mechanism for new & renewable (NRE) power under the mandates of the RPS.� Utilities and independent power producers in South Korea are expected to purchase NRE power generation plants now that the pricing mechanics of the RPS have been confirmed.� Penalties for non-compliance are expected to encourage conformance with the RPS.� Fuel cells operating on natural gas and renewable biogas earned a prominent � position within the pricing mechanism and are expected to represent a significant portion of NRE purchasing as the clean, efficient and distributed generation attributes of fuel cells meet the needs of utilities and the requirements of the RPS. �
Responding to this market opportunity, POSCO Power continues to expand its clean power generation business using the Company's fuel cell technology.� POSCO Power has begun production at their 100 MW fuel cell module assembly facility using fuel cell components manufactured at FuelCell Energy's production facility and will provide balance-of-plant (BOP) for the South Korean market from their existing 100 MW BOP facility. � Announcement of the RPS pricing mechanism, combined with the recent completion of local capacity for fuel cell module assembly, is expected to drive their next order for fuel cell components.
Production
Production levels are currently at 35 MW annually compared to production of 22 MW for 2010 to meet backlog.� Anticipating increasing order volume, the Company expects to further increase production levels during 2011.� � �
Advanced Technology Programs
DFC hydrogen generation: The DFC300-H2 power plant installed at the Orange County Wastewater treatment facility has begun to produce hydrogen for vehicle refueling along with ultra-clean electricity and high quality heat used for the wastewater treatment process.� The plant is operating on natural gas and is expected to begin operating on renewable biogas in the next few months.� The demonstration is being performed under sub-contract to Air Products and Chemicals, Inc, with the majority of funding provided by the U.S. Department of Energy (DOE).
Solid Oxide Fuel Cell Development: The Company continues to partner with Versa Power Systems Inc., for the development of a Large Scale Coal-Based Solid Oxide Fuel Cell under the U.S. Department of Energy Solid State Energy Conversion Alliance (SECA) Program. � The FuelCell Energy/Versa team met cost and performance objectives for a minimum 25 kW fuel cell stack in phase two of the program.�
Conference Call Information
FuelCell Energy will host a conference call with investors beginning at 10:00 a.m. Eastern Time on March 10, 2011 to discuss the first quarter 2011 results.
Participants can access the live call via webcast on the Company website or by telephone as follows:
- The live webcast of this call will be available on the Company website at www.fuelcellenergy.com.� To listen to the call, select 'Investors' on the home page, then click on 'events & presentations' and then click on 'Listen to the webcast'
- Alternatively, participants in the U.S. or Canada can dial 877-303-7005
- Outside the U.S. and Canada, please call 678-809-1045
- The passcode is 'FuelCell Energy'
The webcast of the conference call will be archived on the Company's Investors' page at www.fuelcellenergy.com.� Alternatively, the replay of the conference call will be available approximately two hours after the conclusion of the call until midnight Eastern Time on Wednesday, March 16, 2011:
- From the U.S. and Canada please dial 800-642-1687
- Outside the U.S. or Canada please call 706-645-9291
- Enter confirmation code 46585555
About FuelCell Energy
DFC� fuel cells are generating power at over 50 locations worldwide. The Company's power plants have generated over 700 million kWh of power using a variety of fuels including renewable wastewater gas, biogas from beer and food processing, as well as natural gas and other hydrocarbon fuels. FuelCell Energy has partnerships with major power plant developers and power companies around the world. The Company also receives funding from the U.S. Department of Energy and other government agencies for the development of leading edge technologies such as fuel cells. For more information please visit our website at www.fuelcellenergy.com
This news release contains forward-looking statements, including statements regarding the Company's plans and expectations regarding the continuing development, commercialization and financing of its fuel cell technology and business plans. 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, manufacturing, changes in the regulatory environment, customer strategies, changes in critical accounting policies, � potential volatility of energy prices, rapid technological change, competition, and the Company's ability to achieve its sales plans and cost reduction targets, 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 to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.
Direct FuelCell, DFC, DFC/T, DFC-H2 and FuelCell Energy, Inc. are all registered trademarks of FuelCell Energy, Inc. � DFC-ERG is a registered trademark jointly owned by Enbridge, Inc. and FuelCell Energy, Inc.
FUELCELL ENERGY, INC. |
Consolidated Balance Sheets |
(Unaudited) |
(Amounts in thousands, except share and per share amounts) |
� |
� |
� |
� |
January 31, 2011 |
October 31, 2010 |
ASSETS |
� |
� |
Current assets: |
� |
� |
� Cash and cash equivalents |
$26,085 |
$20,467 |
� Investments -- U.S. treasury securities |
39,537 |
25,019 |
� Accounts receivable, net |
23,288 |
18,066 |
� Inventories, net |
32,352 |
33,404 |
� Other current assets |
6,343 |
5,253 |
Total current assets |
127,605 |
102,209 |
� |
� |
� |
Property, plant and equipment, net |
25,391 |
26,679 |
Investments -- U.S. treasury securities |
4,529 |
9,071 |
Investment in and loans to affiliate |
9,653 |
9,837 |
Other assets, net |
3,494 |
2,733 |
Total assets |
$170,672 |
$150,529 |
� |
� |
� |
LIABILITIES AND EQUITY |
� |
� |
Current liabilities: |
� |
� |
� Current portion of long-term debt and other liabilities |
$1,998 |
$976 |
� Accounts payable |
10,065 |
10,267 |
� Accounts payable due to affiliate |
407 |
575 |
� Accrued liabilities |
15,819 |
16,721 |
� Deferred revenue |
37,902 |
25,499 |
Total current liabilities |
66,191 |
54,038 |
� |
� |
� |
Long-term deferred revenue |
7,750 |
8,042 |
Long-term debt and other liabilities |
4,112 |
4,056 |
Total liabilities |
78,053 |
66,136 |
Redeemable preferred stock of subsidiary |
17,374 |
16,849 |
Redeemable preferred stock (liquidation preference of $64,020 at January 31, 2011 and October 31, 2010) |
59,857 |
59,857 |
Total Equity: |
� |
� |
� Shareholders' equity |
� |
� |
Common stock ($.0001 par value); 150,000,000 shares authorized; 123,633,555 and 112,965,725 shares issued and outstanding at January 31, 2011 and October 31, 2010, respectively. |
12 |
11 |
Additional paid-in capital |
682,656 |
663,951 |
Accumulated deficit |
(666,561) |
(655,623) |
Accumulated other comprehensive income (loss) |
13 |
11 |
Treasury stock, Common, at cost (5,679 shares at January 31, 2011 and October 31, 2010) |
(53) |
� (53) |
Deferred compensation |
53 |
53 |
Total shareholders' equity |
16,120 |
8,350 |
� Noncontrolling interest in subsidiaries |
(732) |
(663) |
Total equity |
15,388 |
7,687 |
Total liabilities and equity |
$170,672 |
$150,529 |
� |
� |
FUELCELL ENERGY, INC. |
Consolidated Statements of Operations |
(Unaudited) |
(Amounts in thousands, except share and per share amounts) |
� |
� |
� |
Three Months Ended January 31, |
� |
2011 |
2010 |
Revenues: |
� |
� |
� Product sales and revenues |
$25,760 |
$12,808 |
� Research and development contracts |
2,320 |
1,808 |
� Total revenues |
28,080 |
14,616 |
� |
� |
� |
Costs and expenses: |
� |
� |
� Cost of product sales and revenues |
28,059 |
18,013 |
� Cost of research and development contracts |
2,337 |
2,096 |
� Administrative and selling expenses |
4,050 |
4,156 |
� Research and development expenses |
4,246 |
4,620 |
Total costs and expenses |
38,692 |
28,885 |
� |
� |
� |
Loss from operations |
(10,612) |
(14,269) |
� |
� |
� |
� Interest expense |
(54) |
(63) |
� Loss from equity investment |
(198) |
(148) |
� Interest and other income, net |
400 |
319 |
� |
� |
� |
Loss before redeemable preferred stock of subsidiary |
(10,464) |
(14,161) |
� |
� |
� |
� Accretion of redeemable preferred stock of subsidiary |
(525) |
(557) |
� |
� |
� |
Loss before provision for income taxes |
(10,989) |
(14,718) |
� |
� |
� |
Provision for income taxes |
(18) |
-- |
� |
� |
� |
Net loss |
(11,007) |
(14,718) |
� |
� |
� |
Net loss attributable to noncontrolling interest |
69 |
86 |
� |
� |
� |
Net loss attributable to FuelCell Energy, Inc. |
(10,938) |
(14,632) |
� |
� |
� |
� Preferred stock dividends |
(800) |
(802) |
� |
� |
� |
Net loss to common shareholders |
$ (11,738) |
$ (15,434) |
� |
� |
� |
Net loss per share to common shareholders |
� |
� |
Basic |
$ (0.10) |
$ (0.18) |
Diluted |
$ (0.10) |
$ (0.18) |
� |
� |
� |
Weighted average shares outstanding |
� |
� |
Basic |
115,086,014 |
84,401,558 |
Diluted |
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84,401,558 | CONTACT: FuelCell Energy, Inc.
Kurt Goddard, Vice President Investor Relations
203-830-7494
ir@fce.com
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FuelCell Energy, Inc. 3 Great Pasture Road , Danbury, CT 06813 Service provided by Shareholder.com |
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FuelCell Energy Inc.
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CODE : FCEL |
ISIN : US35952H1068 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
FuelCell Energy is based in United states of america. FuelCell Energy is listed in Germany and in United States of America. Its market capitalisation is US$ 71.1 millions as of today (€ 66.5 millions). Its stock quote reached its highest recent level on September 29, 2000 at US$ 99.38, and its lowest recent point on June 28, 2019 at US$ 0.13. FuelCell Energy has 81 632 865 shares outstanding. |
Annual reports of FuelCell Energy Inc. |
Financings of FuelCell Energy Inc. |
Nominations of FuelCell Energy Inc. |
Financials of FuelCell Energy Inc. |
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Project news of FuelCell Energy Inc. |
Corporate news of FuelCell Energy Inc. |
7/26/2017 | FuelCell Energy Announces the Award of Three Fuel Cell Proje... |
5/5/2016 | ExxonMobil and FuelCell Energy, Inc. Pursue Novel Technology... |
1/14/2016 | FuelCell Energy Announces 5.6 Megawatt Fuel Cell Project Wit... |
1/14/2016 | Renewable Hydrogen From Tri-Generation Fuel Cells Included U... |
1/8/2016 | Why Are These Stocks Surging on Friday? |
1/4/2016 | FuelCell Energy (FCEL) Soars on Pfizer Partnership |
1/4/2016 | Why Are These Stocks Surging on Monday? |
1/4/2016 | Analyst Estimates Suggest Upsides for Renewable Energy Compa... |
1/4/2016 | FuelCell Energy Announces Project Finance Facility with PNC ... |
1/4/2016 | 9:02 am FuelCell Energy announces 5.6 megawatt fuel cell pro... |
1/4/2016 | FuelCell Energy Announces 5.6 Megawatt Fuel Cell Project Wit... |
12/31/2015 | What Do Analysts Estimate for Renewable Energy? |
12/23/2015 | Analyzing Renewable Energy Companies’ Sales and Gross Profit |
12/18/2015 | FuelCell Energy Management Expects Break-Even at 90 Megawatt... |
12/18/2015 | FuelCell Energy’s Outlook and Analysts’ Recommendations |
12/17/2015 | FuelCell Energy Relies Heavily on Strategic Partners for Fun... |
12/17/2015 | FuelCell Energy’s Service Revenues Down, Product Revenues Up |
12/17/2015 | FuelCell Energy Falls after Reverse Split and Fiscal 4Q15 Re... |
12/15/2015 | Edited Transcript of FCEL earnings conference call or presen... |
12/15/2015 | FuelCell Falls Short on the Bottom Line |
12/15/2015 | FuelCell Energy Q4 Loss Wider than Expected, Revenues Top |
12/15/2015 | FuelCell Energy Reports Fourth Quarter 2015 Financial Result... |
12/15/2015 | FuelCell Energy Announces Project Finance Facility with PNC ... |
12/15/2015 | FuelCell Energy Announces Reverse Stock Split |
12/14/2015 | FuelCell Energy reports 4Q loss |
12/14/2015 | FuelCell Energy Reports Fourth Quarter 2015 Financial Result... |
12/13/2015 | Top 6 Earnings for the Week Ahead |
12/10/2015 | Should You Buy FuelCell Energy, Inc. (FCEL)? |
11/19/2015 | FuelCell Energy Commences Expansion of North American Manufa... |
11/2/2015 | FuelCell Energy and County of Alameda Announce 20-Year Power... |
10/28/2015 | FuelCell Energy Announces Definitive Agreements With the U.S... |
10/28/2015 | 8:31 am FuelCell Energy and county of Alameda announce 20-ye... |
10/28/2015 | FuelCell Energy and County of Alameda Announce 20-Year Power... |
10/5/2015 | FuelCell Energy Announces Definitive Agreements With the U.S... |
9/17/2015 | FuelCell Energy Reports Third Quarter 2015 Financial Results... |
9/17/2015 | FuelCell Energy Achieves Another Industry Milestone With Fou... |
9/9/2015 | Edited Transcript of FCEL earnings conference call or presen... |
9/8/2015 | FuelCell Energy Progressing Scalable and Affordable Carbon C... |
9/8/2015 | FuelCell Energy reports 3Q loss |
9/2/2015 | FuelCell Energy Selected for Carbon Capture Project by DOE |
9/1/2015 | FuelCell Energy, Inc. Announces Third Quarter Financial Resu... |
9/1/2015 | FuelCell Energy Progressing Scalable and Affordable Carbon C... |
8/31/2015 | FuelCell Energy Announces Additional Fuel Cell Sales to Sout... |
8/31/2015 | FuelCell Energy, Inc. Announces Third Quarter Financial Resu... |
8/28/2015 | EERC to Help Develop New Process to Convert Natural Gas Into... |
8/18/2015 | Mid-Day Market Update: Tuesday's Top Shorted Stocks |
8/10/2015 | FuelCell Energy Announces Appointment of Two New Members to ... |
8/10/2015 | 8:31 am FuelCell Energy announces the sale of 5.6 MW of fuel... |
8/10/2015 | FuelCell Energy Announces Additional Fuel Cell Sales to Sout... |
8/6/2015 | FuelCell Energy to Present at the Jefferies 2015 Industrials... |
8/6/2015 | FuelCell Energy Announces Appointment of Two New Members to ... |
8/4/2015 | FuelCell Energy Announces Project Development Agreement With... |
8/4/2015 | FuelCell Energy to Present at the Jefferies 2015 Industrials... |
7/30/2015 | FuelCell Energy Advancing Solid Oxide Fuel Cell Commercializ... |
7/30/2015 | FuelCell Energy Announces Project Development Agreement With... |
7/16/2015 | FuelCell Energy Advancing Solid Oxide Fuel Cell Commercializ... |
7/7/2015 | FuelCell Energy, Windstream And Others Insiders Have Been Bu... |
7/1/2015 | Chairman’s Purchases Fail to Lift FuelCell Energy Shares |
6/15/2015 | Falling Earnings Estimates Signal Weakness Ahead for FuelCel... |
6/9/2015 | Losses Continue at FuelCell |
6/7/2015 | 8 Key Earnings Previews for the Week Ahead |
4/16/2015 | Ballard Power Gets Order from China for Fuel Cell Modules - ... |
4/15/2015 | BATTCOM Could Catalyze ITKG After BASF Exhibits Electriplast... |
4/9/2015 | FuelCell Energy Applauds Issuance of Executive Order for Sus... |
4/2/2015 | FuelCell Energy to Install New Plant in Pepperidge Farm - An... |
4/2/2015 | Photo Release -- Competitive Carbon Reduction Solution Advan... |
4/2/2015 | FuelCell Energy Reports First Quarter 2015 Financial Results |
4/2/2015 | Pepperidge Farm Strengthens Its Recipe for Sustainability, A... |
4/2/2015 | FuelCell Energy Applauds Issuance of Executive Order for Sus... |
4/1/2015 | Pepperidge Farm Strengthens Its Recipe for Sustainability, A... |
3/14/2015 | FuelCell Energy Completes Sale of University Micro-grid Proj... |
3/11/2015 | FuelCell Q1 Loss Narrower than Expected; Revenues Lag - Anal... |
3/10/2015 | FuelCell Energy reports 1Q loss |
3/10/2015 | FuelCell Energy Reports First Quarter 2015 Financial Results |
3/9/2015 | Retailers & Other Companies To Watch For In Earnings This We... |
3/5/2015 | Photo Release -- Competitive Carbon Reduction Solution Advan... |
2/27/2015 | FuelCell Energy, Inc. Announces First Quarter Financial Resu... |
2/27/2015 | FuelCell Energy Completes Sale of University Micro-grid Proj... |
2/26/2015 | Ballard Power's Q4 Loss Wider than Expected, Lags Revenues -... |
2/25/2015 | FuelCell Energy, Inc. Announces First Quarter Financial Resu... |
2/13/2015 | Quantum Fuel Systems (QTWW) Falls: Stock Goes Down 7.9% - Ta... |
1/20/2015 | Photo Release -- U.S. Senator Blumenthal Expresses Industry ... |
12/15/2014 | FuelCell Energy reports 4Q loss |
12/15/2014 | FuelCell Energy Solutions Announces Final Acceptance of Larg... |
12/12/2014 | FuelCell Energy Reaches Industry Milestone of Three Billion ... |
12/11/2014 | UIL Holdings Displays Industry and Environmental Leadership ... |
11/7/2014 | Photo Release -- FuelCell Energy Announces Dedication Event ... |
11/4/2014 | FuelCell Energy Announces Fuel Cell Module Sales to South Ko... |
10/30/2014 | State backs FuelCell Energy project with $20M |
10/29/2014 | FuelCell Energy Announces Manufacturing Expansion Project to... |
10/14/2014 | Photo Release -- U.S. EPA Administrator McCarthy Visits Fuel... |
2/27/2014 | Event Reminder for FuelCell Energy, Inc. |
2/5/2014 | New SEC Document(s) for Marathon Oil Corporation |
1/29/2014 | New SEC Document(s) for FuelCell Energy, Inc. |
1/22/2014 | New SEC Document(s) for Marathon Oil Corporation |
1/6/2014 | New SEC Document(s) for FuelCell Energy, Inc. |
12/10/2013 | New SEC Document(s) for Marathon Oil Corporation |
12/10/2013 | Announces Two Billion Kilowatt Hours of Environmentally Frie... |
11/18/2013 | New SEC Document(s) for Marathon Oil Corporation |
10/31/2013 | New SEC Document(s) for Marathon Oil Corporation |
10/24/2013 | Announces Market Development Updates in Asia for Efficient a... |
10/21/2013 | Event Reminder for FuelCell Energy, Inc. |
10/18/2013 | New SEC Document(s) for Marathon Oil Corporation |
10/9/2013 | Announces Solid Oxide Fuel Cell Development Updates |
10/8/2013 | Solutions Announces Delivery of German-Made Fuel Cell Power ... |
9/27/2013 | New SEC Document(s) for Marathon Oil Corporation |
9/24/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
9/16/2013 | New SEC Document(s) for Marathon Oil Corporation |
9/12/2013 | Event Reminder for FuelCell Energy, Inc. |
9/5/2013 | Announces Teaming and Co-Marketing Agreement With NRG Energy... |
8/7/2013 | New SEC Document(s) for Berry Petroleum Company |
8/1/2013 | Applauds Creation of Fraunhofer Center for Energy Innovation... |
8/1/2013 | Announces New Website for European Operation and German Manu... |
7/30/2013 | New SEC Document(s) for Marathon Oil Corporation |
7/12/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
6/20/2013 | Announces Pricing of Senior Unsecured Convertible Notes Offe... |
6/20/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
6/18/2013 | Event Reminder for FuelCell Energy, Inc. |
6/17/2013 | New SEC Document(s) for Marathon Oil Corporation |
6/7/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
5/31/2013 | New SEC Document(s) for Marathon Oil Corporation |
5/8/2013 | New SEC Document(s) for Marathon Oil Corporation |
4/26/2013 | New SEC Document(s) for Marathon Oil Corporation |
4/24/2013 | New SEC Document(s) for Richmont Mines, Inc. |
4/18/2013 | Provides Business Update |
4/17/2013 | Announces Megawatt-Class Power Plant Order From Hartford Ste... |
4/15/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
4/8/2013 | Event Reminder for FuelCell Energy, Inc. |
4/8/2013 | Solutions to Hold Press Conference at Hannover Messe Hydroge... |
4/1/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
3/27/2013 | Unveils a New Website and Logo |
3/22/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
3/12/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
2/19/2013 | New SEC Document(s) for Marathon Oil Corporation |
2/5/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
1/31/2013 | New SEC Document(s) for Marathon Oil Corporation |
1/22/2013 | Announces Stationary Fuel Cell Power Plant Service Agreement... |
1/18/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
1/16/2013 | Event Reminder for FuelCell Energy, Inc. |
1/7/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
12/10/2012 | New SEC Document(s) for Marathon Oil Corporation |
11/6/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
11/5/2012 | New SEC Document(s) for Marathon Oil Corporation |
11/5/2012 | Announces 121.8 Megawatt Order, Largest Ever Received by the... |
11/5/2012 | Announces Manufacturing Agreement With Partner, POSCO Energy |
11/5/2012 | Event Reminder for FuelCell Energy, Inc. |
11/1/2012 | New SEC Document(s) for Berry Petroleum Company |
10/24/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
10/24/2012 | New SEC Document(s) for Marathon Oil Corporation |
10/17/2012 | Highlights Advances With the Development of a 59 Megawatt Fu... |
10/17/2012 | Event Reminder for FuelCell Energy, Inc. |
10/16/2012 | Announces Operation of World's Largest Carbon Neutral Fuel C... |
10/3/2012 | Team Awarded $6.0 Million Contract to Continue Development o... |
10/2/2012 | New SEC Document(s) for Marathon Oil Corporation |
9/27/2012 | Event Reminder for FuelCell Energy, Inc. |
9/12/2012 | Event Reminder for FuelCell Energy, Inc. |
9/7/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
9/5/2012 | New SEC Document(s) for Marathon Oil Corporation |
8/27/2012 | Applauds Congressman Larson and Senator Blumenthal's Plan to... |
8/24/2012 | Provides Update Regarding Contract Negotiations With South K... |
8/7/2012 | Announces First Stationary Fuel Cell Power Plant Sale by Ger... |
7/26/2012 | Awarded $3.8 Million Contract by U.S. Navy to Develop Power ... |
6/19/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
6/7/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
5/30/2012 | Photo Release -- FuelCell Energy Outlines Growing South Kore... |
5/30/2012 | Event Reminder for FuelCell Energy, Inc. |
5/29/2012 | Announces Service Agreement Renewals |
5/16/2012 | Announces European Market Developments |
5/14/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
5/9/2012 | Event Reminder for FuelCell Energy, Inc. |
5/9/2012 | New SEC Document(s) for Apache Corporation |
5/8/2012 | Announces Acceleration of Existing South Korean Order |
5/2/2012 | Announces Completion of Investment by South Korean Partner |
4/27/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
4/27/2012 | New SEC Document(s) for Richmont Mines, Inc. |
4/7/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
3/21/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
3/14/2012 | Photo Release -- FuelCell Energy and Air Products Sign Memor... |
3/12/2012 | and POSCO Energy Announce Expanded Partnership |
3/9/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
2/29/2012 | New SEC Document(s) for Apache Corporation |
2/28/2012 | Announces Signing of a Long Term Service Agreement with a Ca... |
2/22/2012 | Announces Cooperation With Fraunhofer IKTS to Develop the Eu... |
2/21/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
2/7/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
1/18/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
1/11/2012 | Event Reminder for FuelCell Energy, Inc. |
1/11/2012 | Delivers One Billion Kilowatt Hours of Ultra-Clean Power Gen... |
12/14/2011 | New SEC Document(s) for FuelCell Energy, Inc. |
12/12/2011 | Enters Into Partnership Agreement With Abengoa to Develop Lo... |
11/30/2011 | Event Reminder for FuelCell Energy, Inc. |
10/10/2011 | Announces Sale of 1.4 Megawatt Power Plant to Provide Ultra-... |
10/6/2011 | Announces $1.0 Million Phase II Award for Hydrogen Separatio... |
10/3/2011 | Announces $3.0 Million Award for Carbon Capture Utilizing Di... |
9/16/2011 | Event Reminder for FuelCell Energy, Inc. |
9/8/2011 | New SEC Document(s) for FuelCell Energy, Inc. |
9/7/2011 | Announces Asian Market Expansion With Sale of Ultra-Clean Fu... |
8/16/2011 | Announces Co-Production of Renewable Hydrogen for Vehicle Fu... |
8/8/2011 | New SEC Document(s) for Apache Corporation |
8/8/2011 | New SEC Document(s) for Constellation Energy Group |
8/4/2011 | Announces Signing of Two Long Term Service Agreements for Po... |
8/3/2011 | New SEC Document(s) for FuelCell Energy, Inc. |
5/24/2011 | Event Reminder for FuelCell Energy, Inc. |
5/12/2011 | Event Reminder for FuelCell Energy, Inc. |
5/9/2011 | New SEC Document(s) for Apache Corporation |
5/9/2011 | New SEC Document(s) for Constellation Energy Group |
5/5/2011 | New SEC Document(s) for Richmont Mines, Inc. |
5/3/2011 | Team Awarded $11.7 Million Contract to Further Develop Clean... |
4/26/2011 | New SEC Document(s) for FuelCell Energy, Inc. |
4/12/2011 | New SEC Document(s) for FuelCell Energy, Inc. |
4/12/2011 | Awarded Research Contracts for Renewable Biogas Processing a... |
4/7/2011 | New SEC Document(s) for Apache Corporation |
3/30/2011 | New SEC Document(s) for FuelCell Energy, Inc. |
3/10/2011 | Reports First Quarter Results and Latest Accomplishments |
2/24/2011 | New SEC Document(s) for FuelCell Energy, Inc. |
2/8/2011 | New SEC Document(s) for FuelCell Energy, Inc. |
8/19/2010 | Sells Two DFC300 Power Plants to be Fueled With Renewable Bi... |
8/17/2010 | Sells 1.4 Megawatt Fuel Cell Power Plant to Provide Renewabl... |
8/9/2010 | Power Plants to be Installed at U.S. Naval Submarine Base Ne... |
7/28/2010 | Announces the Exercise of the Public Offering of Common Stoc... |
7/27/2010 | to Supply Fuel Cell Power Plant for Reliable and Secure Powe... |
7/6/2010 | Promotes Anthony Rauseo to Newly Created Chief Operating Off... |
6/30/2010 | Announces Closing of $30.0 Million Public Offering of Common... |
6/25/2010 | Prices $30 Million Public Offering of Common Stock |
6/24/2010 | Announces Proposed Public Offering of Common Stock |
6/3/2010 | to Supply Direct FuelCell Power Plants to California Utility |
3/24/2010 | Announces Passage of Renewable Portfolio Standard by South K... |
3/11/2010 | Releases Data for First Year of Ultra-Clean Hybrid Power Pla... |
3/10/2010 | Awarded $2.1 Million for Fuel Cell to be Incorporated into A... |
12/9/2009 | New SEC Document(s) for FuelCell Energy, Inc. |
11/2/2009 | New SEC Document(s) for FuelCell Energy, Inc. |
10/28/2009 | Sign License Agreement to Localize Products for South Korean... |
10/5/2009 | Awarded $1.5 Million for Electrochemical Hydrogen Separator ... |
9/15/2009 | Awarded $1.9 Million From American Recovery and Reinvestment... |
6/22/2009 | Announces Closing of $24.2 Million Registered Direct Offerin... |
6/16/2009 | $24.2 Million Registered Direct Offering |
6/9/2009 | POSCO Power Orders 30.8 MW of FuelCell Energy Modules and Co... |
6/5/2009 | Power Plant to Provide Ultra-Clean Energy for Government Bui... |
6/2/2009 | New SEC Document(s) |
3/11/2009 | Connecticut Department of Public Utility Control Issues Revi... |
2/20/2009 | Pepperidge Farm Joins With FuelCell Energy, Inc. and Connect... |
2/20/2009 | Enbridge and FuelCell Energy Power Up World's First DFC-ERG ... |
2/20/2009 | U.S. Marine Corps Orders Environmentally Friendly, Efficient... |
1/17/2009 | Connecticut Department of Public Utility Control Issues Draf... |
1/13/2009 | Team Awarded $30.2 Million Contract to Further Develop Clean... |
9/17/2008 | Connecticut Clean Energy Fund Submits Recommendations for Cl... |
6/24/2008 | New SEC Document(s) for FuelCell Energy, Inc. |
6/24/2008 | Initial Statement of Beneficial Ownership |
6/23/2008 | Names J.H. England to Board of Directors |
5/9/2008 | Connecticut Approves Financing Commitments for Two Hospital ... |
4/29/2008 | Connecticut Department of Public Utility Control Approves Fi... |
4/23/2008 | Orders 25.6 Megawatts of FuelCell Energy Power Plants and F... |
1/31/2008 | Connecticut Department of Public Utility Control Issues Fina... |
1/17/2008 | Receives $4 Million Loan From the State of Connecticut |
12/24/2007 | Connecticut Department of Public Utility Control Issues Draf... |
12/20/2007 | 1.2 Megawatt Power Plant Attains California Certifications ... |
12/11/2007 | Sells 4.8 Megawatts of Ultra-Clean Power Plants to South Ko... |
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