Company profile

Ticker
FCEL
Exchange
CEO
Jason B. Few
Employees
Incorporated in
Location
Fiscal year end
Former names
Energy Research Corp
SEC CIK
IRS number
60853042

FCEL stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

9 Sep 19
9 Dec 19
31 Oct 20

News

Company financial data Financial data

Quarter (USD) Jul 19 Apr 19 Jan 19 Oct 18
Revenue 22.71M 9.22M 17.78M 17.88M
Net income -5.31M -19.53M -17.55M -14.1M
Diluted EPS -0.18 -2.06 -0.33 5.95
Net profit margin -23.38% -212% -98.68% -78.82%
Operating income -1.07M -17.62M -15.24M -11.87M
Net change in cash 1.13M -12.86M -11.54M -9.37M
Cash on hand 16.02M 14.89M 27.75M 39.29M
Cost of revenue 14.75M 12.86M 19.99M 16.74M
Annual (USD) Oct 18 Oct 17 Oct 16 Oct 15
Revenue 89.44M 95.67M 108.25M 163.08M
Net income -47.33M -53.9M -50.96M -29.36M
Diluted EPS -0.75 -1.14 -1.82 -1.33
Net profit margin -52.92% -56.34% -47.07% -18.00%
Operating income -44.63M -44.94M -46.35M -28.89M
Net change in cash -10M -34.89M 25.34M -24.86M
Cash on hand 39.29M 49.29M 84.19M 58.85M
Cost of revenue 86.34M 92.93M 108.61M 150.3M

Financial data from company earnings reports

Financial report summary

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Risks
  • 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.
  • We have debt outstanding and may incur additional debt in the future, which may adversely affect our financial condition and future financial results.
  • We are required to maintain effective internal control over financial reporting. Our management has 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, 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, 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 currently face and will continue to face significant competition.
  • Unanticipated increases or decreases in business growth may result in adverse financial consequences for us.
  • Our plans are dependent on market acceptance of our products.
  • 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.
  • 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 the 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.
  • We depend on third party suppliers for the development and supply of key raw materials and components for our products.
  • 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.
  • 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.
  • 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. In addition, increased information technology security threats and more sophisticated computer crime pose a risk to our systems, networks, products and services.
  • 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.
  • Provisions of Delaware and Connecticut law and of our certificate of incorporation and by-laws and our outstanding securities may make a takeover more difficult.
  • 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.
  • Future sales of substantial amounts of our common stock could affect the market price of our common stock.
  • We may be subject to actions for rescission or damages or other penalties in connection with certain sales of shares of our common stock in the open market.
  • We may not be able to make cash payments to redeem the Series D Preferred Shares.
  • Holders of the Series D Preferred Shares have rights that may restrict our ability to operate our business.
Management Discussion
  • This Quarterly Report on Form 10-Q (including exhibits and any information incorporated by reference herein) contains both historical and forward-looking statements that involve risks, uncertainties and assumptions. The statements contained in this report that are not purely historical are forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, including statements regarding our expectations, beliefs, intentions and strategies for the future.  When used in this report, the words “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “believes,” “predicts,” “should,” “will,” “could,” “would,” “may,” “forecast,” and similar expressions and variations of such words are intended to identify forward-looking statements.  Such statements relate to, among other things, the following: (i) the development and commercialization by FuelCell Energy, Inc. and its subsidiaries of fuel cell technology and products and the market for such products; (ii) expected operating results such as revenue growth and earnings; (iii) future funding under Advanced Technologies contracts; (iv) future financing for projects including publicly issued bonds, equity and debt investments by investors and commercial bank financing; (v) the expected cost competitiveness of our technology; and (vi) our ability to achieve our sales plans and cost reduction targets and execute on our backlog.
Content analysis ?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. senior Avg
New words: accessible, agreeable, ATM, attained, automatically, bailee, binding, Brookhaven, call, clause, concurrently, constrained, curve, daily, deleted, earliest, expedient, faith, forbearance, forgo, forward, gave, group, hindsight, insignificant, Jason, leaving, move, optimize, oversight, package, quoted, reset, role, ROU, satisfactory, segregated, suitable, weekly, withdrew, York
Removed: absolute, adjustable, affiliated, anniversary, announced, announcement, arithmetic, Arthur, Asia, Asian, Bottone, broader, built, characterized, consummation, creation, CTTA, dissolution, dividing, EAR, earned, eleventh, establishing, evaluating, exercisable, factory, hindered, historically, hold, inclusive, invoice, ITAR, memorandum, MOU, pari, passu, paying, proportionate, provisional, ranking, refinanced, sixteenth, terminating, winding, writing

Patents

APP
Utility
System for Fast Draining of an Airfan Heat Exchanger and Methods of Using the Same
5 Dec 19
A system for fast draining an airfan heat exchanger includes an airfan heat exchanger comprising a housing, a pressurized gas source fluidly coupled to the airfan heat exchanger and configured to hold a purging gas at a predetermined pressure, and a controller configured to control delivery of the purging gas to the airfan heat exchanger.
APP
Utility
External Mixer-eductor-oxidizer and Module Connections Thereof
21 Nov 19
A fuel cell system includes a fuel cell module having an enclosure configured to house a fuel cell stack that comprises a plurality of fuel cells; and a mixer-eductor-oxidizer that is at least partially external to the enclosure of the fuel cell module, the mixer-eductor-oxidizer being configured to process oxidant supply gas and deliver oxidant gas to a cathode side of the fuel cell stack.
APP
Utility
Pressure Balancing of Anode and Cathode in a Fuel Cell System
21 Nov 19
A fuel cell system includes a fuel cell having an anode configured to receive anode feed gas and output anode exhaust, and a cathode configured to receive cathode feed gas and output cathode exhaust.
GRANT
Utility
System for rebalancing a pressure differential in an anode exhaust system of a fuel cell with a relational water seal
19 Nov 19
A fuel cell system includes at least one fuel cell module and at least one relational water seal configured to limit a magnitude of a pressure differential in the fuel cell system in an anode under-pressurization situation in which the second pressure exceeds the first pressure by at least a first predetermined amount.
GRANT
Utility
Hydrogen and carbon monoxide generation using an REP with partial oxidation
5 Nov 19
A system for producing at least one of hydrogen or carbon monoxide includes at least one fuel cell, including an anode and a cathode separated by an electrolyte matrix.