Company profile

Ticker
FCEL
Exchange
CEO
Jason B. Few
Employees
Incorporated
Location
Fiscal year end
Former names
ENERGY RESEARCH CORP /NY/
SEC CIK
IRS number
60853042

FCEL stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

10 Sep 20
16 Jan 21
31 Oct 21

News

Quarter (USD) Jul 20 Apr 20 Jan 20 Jul 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Oct 19 Oct 18 Oct 17 Oct 16
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 107.28M 107.28M 107.28M 107.28M 107.28M 107.28M
Cash burn (monthly) (positive/no burn) (positive/no burn) 5.11M 6.29M 3.29M 2.06M
Cash used (since last report) n/a n/a 28.27M 34.83M 18.19M 11.39M
Cash remaining n/a n/a 79.01M 72.45M 89.09M 95.89M
Runway (months of cash) n/a n/a 15.5 11.5 27.1 46.6

Beta Read what these cash burn values mean

Date Owner Security Transaction Code 10b5-1 $Price #Shares $Value #Remaining
24 Nov 20 Arasimowicz Jennifer D Employee Performance Share Unit Common Stock Grant Aquire A No 0 26,769 0 26,769
24 Nov 20 Arasimowicz Jennifer D Employee Performance Share Unit Common Stock Grant Aquire A No 0 26,769 0 26,769
24 Nov 20 Arasimowicz Jennifer D RSU Common Stock Grant Aquire A No 0 28,829 0 28,829
24 Nov 20 Few Jason Employee Performance Share Unit Common Stock Grant Aquire A No 0 79,317 0 79,317
24 Nov 20 Few Jason Employee Performance Share Unit Common Stock Grant Aquire A No 0 79,317 0 79,317
24 Nov 20 Few Jason RSU Common Stock Grant Aquire A No 0 85,417 0 85,417
24 Nov 20 Bishop Michael S. Employee Performance Share Unit Common Stock Grant Aquire A No 0 26,769 0 26,769
24 Nov 20 Bishop Michael S. Employee Performance Share Unit Common Stock Grant Aquire A No 0 26,769 0 26,769
24 Nov 20 Bishop Michael S. RSU Common Stock Grant Aquire A No 0 28,829 0 28,829
24 Nov 20 Lisowski Michael Employee Performance Share Unit Common Stock Grant Aquire A No 0 26,769 0 26,769
33.7% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 131 114 +14.9%
Opened positions 34 50 -32.0%
Closed positions 17 18 -5.6%
Increased positions 31 34 -8.8%
Reduced positions 41 8 +412.5%
13F shares
Current Prev Q Change
Total value 343.47M 143.08M +140.0%
Total shares 99.3M 55.2M +79.9%
Total puts 2.29M 1.58M +44.7%
Total calls 1.25M 1.56M -19.8%
Total put/call ratio 1.8 1.0 +80.5%
Largest owners
Shares Value Change
CVI 19M $40.66M NEW
BLK Blackrock 14.06M $30.09M -7.6%
Vanguard 11.71M $25.07M +17.6%
IVZ Invesco 7.39M $15.82M +86.9%
STT State Street 4.86M $10.4M -0.6%
Hudson Bay Capital Management 3.53M $7.56M NEW
MS Morgan Stanley 3.33M $7.13M +1095.6%
Luminus Management 3.3M $7.06M NEW
Geode Capital Management 3.03M $6.49M -0.2%
Alyeska Investment 2.67M $5.72M NEW
Largest transactions
Shares Bought/sold Change
CVI 19M +19M NEW
Hudson Bay Capital Management 3.53M +3.53M NEW
IVZ Invesco 7.39M +3.44M +86.9%
Luminus Management 3.3M +3.3M NEW
MS Morgan Stanley 3.33M +3.05M +1095.6%
Alyeska Investment 2.67M +2.67M NEW
Caas Capital Management 2M +2M NEW
Vanguard 11.71M +1.76M +17.6%
D. E. Shaw & Co. 1.89M +1.54M +444.4%
Millennium Management 1.41M +1.41M NEW

Financial report summary

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Risks
  • If we do not meet the continued listing standards of The Nasdaq Global Market, our common stock could be delisted from trading, which could limit investors’ ability to make transactions in our common stock, subject us to additional trading restrictions, and trigger repurchase rights under the Amended Certificate of Designation for our 5% Series B Cumulative Convertible Perpetual Preferred Stock.
  • We have a limited number of shares of common stock available for issuance, which limits our ability to raise capital.
  • We have incurred losses and anticipate continued losses and negative cash flow.
  • Our cost reduction strategy may not succeed or may be significantly delayed, which may result in our inability to deliver improved margins.
  • Our workforce reduction may cause undesirable consequences and our results of operations may be harmed.
  • We are required to maintain effective internal control over financial reporting. Our management previously identified a material weakness in our internal control over financial reporting. If we are unable to remediate the material weakness or other control deficiencies are identified in the future, we may not be able to report our financial results accurately, prevent fraud or file our periodic reports in a timely manner, which may adversely affect investor confidence in our company and, as a result, the value of our common stock.
  • Our products compete with products using other energy sources, and if the prices of the alternative sources are lower than energy sources used by our products or attributes of other energy sources are favored over our products, sales of our products will be adversely affected.
  • Our contracted projects may not convert to revenue, and our project pipeline may not convert to contracts, which may have a material adverse effect on our revenue and cash flow.
  • We have signed product sales contracts, engineering, procurement and construction contracts (EPC), power purchase agreements (PPAs) and long-term service agreements with customers subject to contractual, technology and operating risks as well as market conditions that may affect our operating results.
  • We extend product warranties, which could affect our operating results.
  • Our products are complex and could contain defects and may not operate at expected performance levels which could impact sales and market adoption of our products or result in claims against us.
  • We derive significant revenue from contracts awarded through competitive bidding processes involving substantial costs and risks. Due to this competitive pressure, we may be unable to grow revenue and achieve profitability.
  • Unanticipated increases or decreases in business growth may result in adverse financial consequences for us.
  • We are substantially dependent on a concentrated number of customers and the loss of any one of these customers could adversely affect our business, financial condition and results of operations.
  • If our goodwill and other intangible assets, long-lived assets, inventory or project assets become impaired, we may be required to record a significant charge to earnings.
  • We have risks associated with high levels of inventory.
  • Our advanced technologies contracts are subject to the risk of termination by the contracting party and we may not realize the full amounts allocated under some contracts due to the lack of Congressional appropriations.
  • A negative government audit could result in an adverse adjustment of our revenue and costs and could result in civil and criminal penalties.
  • The U.S. government has certain rights relating to our intellectual property, including the right to restrict or take title to certain patents.
  • Our future success and growth is dependent on our market strategy.
  • We depend on third party suppliers for the development and supply of key raw materials and components for our products.
  • Our future success will depend on our ability to attract and retain qualified management, technical, and other personnel.
  • We may be affected by environmental and other governmental regulation.
  • Utility companies may resist the adoption of distributed generation and could impose customer fees or interconnection requirements on our customers that could make our products less desirable.
  • We could be liable for environmental damages resulting from our research, development or manufacturing operations.
  • Our products use inherently dangerous, flammable fuels, operate at high temperatures and use corrosive carbonate material, each of which could subject our business to product liability claims.
  • We are subject to risks inherent in international operations.
  • Exports of certain of our products are subject to various export control regulations and may require a license or permission from the U.S. Department of State, the U.S. Department of Energy or other agencies.
  • We depend on strategic relationships with third parties, and the terms and enforceability of many of these relationships are not certain.
  • Litigation could expose us to significant costs and adversely affect our business, financial condition, and results of operations.
  • Our stock price has been and could remain volatile.
  • Our By-Laws provide that the Court of Chancery of the State of Delaware is the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a judicial forum deemed favorable by the stockholder for disputes with us or our directors, officers or employees.
  • The implementation of our business plan and strategy will require additional capital.
  • We will need to raise additional capital, and such capital may not be available on acceptable terms, if at all. If we do raise additional capital utilizing equity, existing stockholders will suffer dilution. If we do not raise additional capital, our business could fail or be materially and adversely affected.
  • The rights of the Series 1 Preferred Shares and our Series B Preferred Stock could negatively impact our cash flows and the rights of our Series B Preferred Stock could dilute the ownership interest of our stockholders.
  • The Series B Preferred Stock ranks senior to our common stock with respect to payments upon liquidation, dividends, and distributions.
Management Discussion
  • Total revenues for the year ended October 31, 2019 decreased $28.7 million, or 32%, to $60.8 million from $89.4 million during the year ended October 31, 2018.  Total cost of revenues for the year ended October 31, 2019 decreased by $4.3 million, or 5%, to $82.0 million from $86.3 million during the year ended October 31, 2018. The Company's gross loss margin was 35.0% in fiscal year 2019, as compared to a gross profit margin of 3.5% in fiscal year 2018.  A discussion of the changes in product sales, service agreement and license revenues, Advanced Technologies contract revenues, and generation revenues follows. Refer to “Critical Accounting Policies and Estimates” for more information on revenue and cost of revenue classifications.
Content analysis ?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
Coll freshman Avg
New words: Absolute, Alliance, apparent, attorney, awaiting, background, care, CEO, Chamber, climate, Code, Commerce, complaint, conclusion, confirm, constantly, COVID, crowdfunding, delegated, disqualification, distract, encouraging, fear, focused, fossil, illegal, indemnification, inspect, intentionally, leverage, loyalty, LTI, maximize, mentioned, merit, null, opted, oral, partly, privacy, promoting, provisional, purportedly, Reform, resale, resold, resumption, seated, Seoul, shift, simply, Singapore, slightly, stipulated, study, supersede, taxable, thermal, thirty, tribunal, TSR, UCI, unabsorbed, unintentionally, Unvested, upfront, vigorously, void
Removed: customary, FASB, transition

Patents

GRANT
Utility
Reformer-electrolyzer-purifier (REP) assembly for hydrogen production, systems incorporating same and method of producing hydrogen
12 Jan 21
A high temperature electrolyzer assembly comprising at least one electrolyzer fuel cell including an anode and a cathode separated by an electrolyte matrix, and a power supply for applying a reverse voltage to the at least one electrolyzer fuel cell, wherein a gas feed comprising steam and one or more of CO2 and hydrocarbon fuel is fed to the anode of the at least one electrolyzer fuel cell, and wherein, when the power supply applies the reverse voltage to the at least one electrolyzer fuel cell, hydrogen-containing gas is generated by an electrolysis reaction in the anode of the at least one electrolyzer fuel cell and carbon dioxide is separated from the hydrogen-containing gas so that the at least one electrolyzer fuel cell outputs the hydrogen-containing gas and separately outputs an oxidant gas comprising carbon dioxide and oxygen.
APP
Utility
System and Method for Producing Hydrogen Using High Temperature Fuel Cells
31 Dec 20
A steam methane reformer-integrated fuel cell system includes at least one fuel cell having an anode, a cathode, and an electrolyte matrix separating the anode and the cathode.
APP
Utility
Low Pressure Carbon Dioxide Removal from the Anode Exhaust of a Fuel Cell
24 Dec 20
A fuel cell system for removing carbon dioxide from anode exhaust gas includes: a fuel cell having an anode configured to output an anode exhaust gas comprising hydrogen, carbon monoxide, carbon dioxide, and water; an anode gas oxidizer; and an absorption system configured to receive the anode exhaust gas, the absorption system including: an absorber column configured to absorb the carbon dioxide from the anode exhaust gas in a solvent and to output a resultant gas comprising hydrogen and a hydrocarbon that is at least partially recycled to the anode; and a stripper column configured to regenerate the solvent and to output a carbon dioxide-rich stream.
APP
Utility
Wet Seal Caulk with Enhanced Chemical Resistance
17 Dec 20
A caulk composition includes: at least one powder component and at least one binder component.
GRANT
Utility
Modular enclosures for fuel cell stacks that allow for individual installation and replacement of a fuel cell stack in the field
8 Dec 20
A fuel cell system includes at least one modular enclosure having a top wall, a bottom wall, and a plurality of side walls that connect the top wall and the bottom wall and close off the modular enclosure on all sides; at least one fuel cell stack disposed within the at least one modular enclosure; at least one piping manifold configured to supply at least one process gas to the at least one fuel cell stack and to receive at least one exhaust process gas from the at least one fuel cell stack; and at least one process gas seal configured to seal the at least one piping manifold.