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Fuelcell Energy (FCEL)

FuelCell Energy, Inc. 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. Its solutions are designed to enable a world empowered by clean energy, enhancing the quality of life for people around the globe. It targets large-scale power users with its megawatt-class installations globally, and currently offers 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. It develops turn-key distributed power generation solutions and operate and provide comprehensive service for the life of the power plant. Its 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. Its customer base includes utility companies, municipalities, universities, hospitals, government entities/military bases and a variety of industrial and commercial enterprises. Its leading geographic markets are currently the United States and South Korea, and it is pursuing opportunities in other countries around the world. FuelCell Energy, based in Connecticut, was founded in 1969.

Company profile

Ticker
FCEL, FCELB, 0A60
Exchange
CEO
Jason B. Few
Employees
Incorporated
Location
Fiscal year end
Former names
ENERGY RESEARCH CORP /NY/
SEC CIK
Subsidiaries
Bakersfield Fuel Cell 1, LLC • Bridgeport Fuel Cell, LLC • BRT Fuel Cell, LLC • Central CA Fuel Cell 2, LLC • Central CT Fuel Cell 1, LLC • CR Fuel Cell, LLC • Derby Fuel Cell, LLC • DFC ERG CT, LLC • Eastern Connecticut Fuel Cell Properties, LLC • Farmingdale Fuel Cell, LLC ...
IRS number
60853042

FCEL stock data

Analyst ratings and price targets

Last 3 months

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

9 Jun 22
12 Aug 22
31 Oct 22
Quarter (USD) Apr 22 Jan 22 Oct 21 Jul 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Oct 21 Oct 20 Oct 19 Oct 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 489.55M 489.55M 489.55M 489.55M 489.55M 489.55M
Cash burn (monthly) (no burn) (no burn) 10.04M 9.37M 5.65M 7.83M
Cash used (since last report) n/a n/a 34.46M 32.14M 19.39M 26.88M
Cash remaining n/a n/a 455.09M 457.41M 470.16M 462.68M
Runway (months of cash) n/a n/a 45.3 48.8 83.2 59.1

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Jul 22 Betsy B Bingham Deferred Common Stock Units Common Stock Grant Acquire A No No 0 4,836 0 29,212
15 Jul 22 Cynthia L Hansen Deferred Common Stock Units Common Stock Grant Acquire A No No 0 4,836 0 21,486
15 Jul 22 von Althann Natica Deferred Common Stock Units Common Stock Grant Acquire A No No 0 1,505 0 89,637
15 Jul 22 England James Herbert Deferred Common Stock Units Common Stock Grant Acquire A No No 0 8,417 0 145,415
16 May 22 Mark Feasel Employee Performance Share Unit Common Stock Grant Acquire A No No 0 19,566 0 19,566
16 May 22 Mark Feasel RSU Common Stock Grant Acquire A No No 0 19,565 0 19,565
16 May 22 Mark Feasel RSU Common Stock Grant Acquire A No No 0 166,986 0 166,986
38.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 260 284 -8.5%
Opened positions 31 66 -53.0%
Closed positions 55 34 +61.8%
Increased positions 94 101 -6.9%
Reduced positions 63 66 -4.5%
13F shares Current Prev Q Change
Total value 1.51B 1.24B +21.9%
Total shares 148.86M 150.14M -0.9%
Total puts 3.97M 9.08M -56.2%
Total calls 6.59M 9.5M -30.6%
Total put/call ratio 0.6 1.0 -36.9%
Largest owners Shares Value Change
BLK Blackrock 34.35M $197.84M +5.3%
Vanguard 32.28M $185.92M -0.1%
STT State Street 9.12M $52.55M +3.3%
Geode Capital Management 6.61M $38.1M +2.4%
MS Morgan Stanley 4.27M $24.57M -38.9%
D. E. Shaw & Co. 4.08M $23.51M +885.9%
Citadel Advisors 3.9M $22.45M +31.0%
NTRS Northern Trust 3.53M $20.35M -2.8%
IVZ Invesco 3.51M $20.24M -8.3%
LGEN Legal & General 3.33M $19.17M +20.4%
Largest transactions Shares Bought/sold Change
Renaissance Technologies 0 -4.59M EXIT
D. E. Shaw & Co. 4.08M +3.67M +885.9%
MS Morgan Stanley 4.27M -2.72M -38.9%
Norges Bank 0 -1.89M EXIT
Millennium Management 2.03M +1.86M +1087.8%
BLK Blackrock 34.35M +1.72M +5.3%
Susquehanna International 526.4K -1.33M -71.7%
Two Sigma Investments 1.31M +1.31M NEW
Citadel Advisors 3.9M +921.18K +31.0%
Dimensional Fund Advisors 1.61M +760.97K +90.0%

Financial report summary

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Competition
Capstone Green Energy
Risks
  • Risks Related to Our Business, Industry and Supply Chain
  • We have incurred losses and anticipate continued losses and negative cash flows.
  • Our cost reduction strategy may not succeed or may be significantly delayed, which may result in our inability to deliver improved margins.
  • We have debt and finance obligations outstanding and may incur additional debt in the future, which may adversely affect our financial condition and future financial results.
  • Unanticipated increases or decreases in business growth may result in adverse financial consequences for us.
  • We depend on third party suppliers for the development and timely supply of key raw materials and components for our products.
  • Our business and operations may be adversely affected by the 2019 novel coronavirus (COVID-19) outbreak or other similar outbreaks.
  • Risks Related to Sales of our Products
  • We derive significant revenue from contracts awarded through competitive bidding processes involving substantial costs and risks. Our contracted projects may not convert to revenue, and our project awards and sales pipeline may not convert to contracts, which may have a material adverse effect on our revenue and cash flows.
  • We have signed product sales contracts, EPCs, PPAs and long-term service agreements with customers subject to contractual, technology, operating, commodity (i.e. natural gas) and fuel pricing risks as well as market conditions that may affect our operating results.
  • We extend product warranties for our products, which 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, affect our operating results or result in claims against us.
  • We currently face and will continue to face significant competition, including from products using other energy sources that may be lower priced or have preferred environmental characteristics.
  • Our plans are dependent on market acceptance of our products.
  • 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.
  • Risks Related to Privacy, Data Protection and Cybersecurity
  • We are increasingly dependent on information technology, and disruptions, failures or security breaches of our information technology infrastructure could have a material adverse effect on our operations and the operations of our power plant platforms. In addition, increased information technology security threats and more sophisticated computer crime pose a risk to our systems, networks, products and services.
  • Tax, Accounting, Compliance and Regulatory Risks
  • 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 which was remediated in the fourth quarter of fiscal year 2020. If 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 results of operations could vary as a result of changes to our accounting policies or the methods, estimates and judgments we use in applying our accounting policies.
  • We may be affected by environmental and other governmental regulation.
  • A negative government audit could result in an adverse adjustment of our revenue and costs and could result in civil and criminal penalties.
  • 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.
  • Risks Related to Our Need for 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.
  • Risks Related to our Intellectual Property and Technology Licenses
  • We depend on our intellectual property, and our failure to protect that intellectual property could adversely affect our future growth and success.
  • The U.S. government has certain rights relating to our intellectual property, including the right to restrict or take title to certain patents.
  • Risks Related to Our Common and Preferred Stock
  • Provisions of Delaware and Connecticut law and of our certificate of incorporation and by-laws may make a takeover more difficult.
  • 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 rights of our Series B Preferred Stock could negatively impact our cash flows and 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.
  • Financial markets worldwide have experienced heightened volatility and instability which may have a material adverse impact on our Company, our customers and our suppliers.
  • Our future success will depend on our ability to attract and retain qualified management, technical, and other personnel.
  • We are subject to risks inherent in international operations.
Management Discussion
  • Management evaluates our results of operations and cash flows using a variety of key performance indicators, including revenues compared to prior periods and internal forecasts, costs of our products and results of our cost reduction initiatives, and operating cash use. These are discussed throughout the “Results of Operations” and “Liquidity and Capital Resources” sections. Results of Operations are presented in accordance with accounting principles generally accepted in the United States (“GAAP”).
  • Total revenues for the three months ended April 30, 2022 of $16.4 million reflects an increase of $2.4 million from $14.0 million for the same period in the prior year. Cost of revenues for the three months ended April 30, 2022 of $23.7 million increased $5.0 million from $18.7 million for the same period in the prior year. A discussion of the changes in product revenues, service agreements revenues, generation revenues and Advanced Technologies contract revenues follows.
  • There were no product revenues for the three months ended April 30, 2022 and April 30, 2021.  There were no product revenues for the three months ended April 30, 2022 because there were no modules delivered during that period.  We expect product revenues to increase during the quarter ending July 31, 2022 as we have built inventory and expect to deliver additional modules from the initial twelve module order we received from Korea Fuel Cell Co., Ltd. (“KFC”) (a subsidiary of POSCO Energy Co., Ltd. (“POSCO Energy”)) in the first fiscal quarter of 2022.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. senior Avg
New words: announced, Bulletin, classification, corrected, efficiency, effort, EMTEC, expenditure, external, highlight, Idaho, incidence, incorrectly, kW, Member, misstatement, National, onsite, overpayment, prospectively, refurbished, reinvest, unrecoverable, unvaccinated
Removed: EMRE, South

Patents

Utility
Flow Baffle for Molten Carbonate Fuel Cell
11 Aug 22
Molten carbonate fuel cell configurations are provided that allow for introduction of an anode input gas flow on a side of the fuel cell that is adjacent to the entry side for the cathode input gas flow while allowing the anode and cathode to operate under co-current flow and/or counter-current flow conditions.
Utility
Fluidized Catalytic Cracking Unit System with Integrated Reformer-electrolyzer-purifier
4 Aug 22
A fluidized catalytic cracking unit system includes: a fluidized catalytic cracking unit assembly including a first catalyst regenerator and a cracking unit, the cracking unit configured to output spent catalyst to the first catalyst regenerator; and a reformer-electrolyzer-purifier assembly comprising a reformer-electrolyzer-purifier cell, the reformer-electrolyzer-purifier cell comprising an anode section and a cathode section.
Utility
Solid Oxide Fuel Cell System with Carbon Capture and Increased Efficiency
4 Aug 22
A fuel cell system includes a fuel cell module having an inlet and an outlet.
Utility
Edge leveler with offset rollers
2 Aug 22
An edge leveler for leveling an edge of a plate includes a first frame, a plurality of first rollers rotatably mounted along the first frame; a second frame, and a plurality of second rollers rotatably mounted along the second frame.
Utility
High Efficiency Humidity Management System for Fuel Cells and Higher-temperature Electrochemical Systems
28 Jul 22
A humidity transfer assembly includes a pressure vessel and a humidity transfer device disposed in the pressure vessel.