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6

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 31, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to

Commission file number: 1-14204

 

FUELCELL ENERGY, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

06-0853042

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

3 Great Pasture Road

Danbury, Connecticut

 

06810

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (203) 825-6000

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common stock, par value $0.0001 per share

 

FCEL

 

The Nasdaq Stock Market LLC

(Nasdaq Global Market)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes       No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes       No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No  

Number of shares of common stock, par value $0.0001 per share, outstanding as of September 3, 2020:  239,374,041

 

 

 

 


FUELCELL ENERGY, INC.

FORM 10-Q

Table of Contents

 

 

 

 

 

Page

 

 

 

 

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements.

 

3

 

 

 

 

 

 

 

Consolidated Balance Sheets as of July 31, 2020 and October 31, 2019.

 

3

 

 

 

 

 

 

 

Consolidated Statements of Operations and Comprehensive Loss for the three months ended July 31, 2020 and 2019.

 

4

 

 

 

 

 

 

 

Consolidated Statements of Operations and Comprehensive Loss for the nine months ended July 31, 2020 and 2019.

 

5

 

 

 

 

 

 

 

Consolidated Statements of Changes in Equity for the three and nine months ended July 31, 2020.

 

6

 

 

 

 

 

 

 

Consolidated Statements of Changes in Equity for the three and nine months ended July 31, 2019.

 

7

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the nine months ended July 31, 2020 and 2019.

 

8

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements.

 

9

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

32

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk.

 

56

 

 

 

 

 

Item 4.

 

Controls and Procedures.

 

57

 

 

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings.

 

58

 

 

 

 

 

Item 1A.

 

Risk Factors.

 

59

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds.

 

75

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities.

 

75

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures.

 

75

 

 

 

 

 

Item 5.

 

Other Information.

 

75

 

 

 

 

 

Item 6.

 

Exhibits.

 

76

 

 

 

 

 

Signatures

 

 

 

78

 

 

2


PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

 

 

FUELCELL ENERGY, INC.

Consolidated Balance Sheets

(Unaudited)

(Amounts in thousands, except share and per share amounts)

 

 

 

July 31,

 

 

October 31,

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents, unrestricted

 

$

66,284

 

 

$

9,434

 

Restricted cash and cash equivalents - short-term

 

 

6,087

 

 

 

3,473

 

Accounts receivable, net

 

 

7,364

 

 

 

3,292

 

Unbilled receivables

 

 

7,917

 

 

 

7,684

 

Inventories

 

 

51,502

 

 

 

54,515

 

Other current assets

 

 

7,640

 

 

 

5,921

 

Total current assets

 

 

146,794

 

 

 

84,319

 

Restricted cash and cash equivalents - long-term

 

 

34,909

 

 

 

26,871

 

Inventories - long-term

 

 

9,018

 

 

 

2,179

 

Project assets

 

 

160,921

 

 

 

144,115

 

Property, plant and equipment

 

 

37,301

 

 

 

41,134

 

Operating lease right-of-use assets, net

 

 

10,316

 

 

 

-

 

Goodwill

 

 

4,075

 

 

 

4,075

 

Intangible assets

 

 

20,291

 

 

 

21,264

 

Other assets

 

 

13,144

 

 

 

9,489

 

Total assets

 

$

436,769

 

 

$

333,446

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

17,692

 

 

$

21,916

 

Current portion of operating lease liabilities

 

 

888

 

 

 

-

 

Accounts payable

 

 

10,407

 

 

 

16,943

 

Accrued liabilities

 

 

14,622

 

 

 

11,452

 

Deferred revenue

 

 

10,100

 

 

 

11,471

 

Preferred stock obligation of subsidiary

 

 

932

 

 

 

950

 

Total current liabilities

 

 

54,641

 

 

 

62,732

 

Long-term deferred revenue

 

 

31,026

 

 

 

28,705

 

Long-term preferred stock obligation of subsidiary

 

 

17,565

 

 

 

16,275

 

Long-term operating lease liabilities

 

 

9,988

 

 

 

-

 

Long-term debt and other liabilities

 

 

167,367

 

 

 

90,140

 

Total liabilities

 

 

280,587

 

 

 

197,852

 

Redeemable Series B preferred stock (liquidation preference of $64,020 as of

   July 31, 2020 and October 31, 2019)

 

 

59,857

 

 

 

59,857

 

Total equity:

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock ($0.0001 par value); 337,500,000 and 225,000,000 shares

   authorized as of July 31, 2020 and October 31, 2019, respectively;

   236,172,797 and 193,608,684 shares issued and outstanding as of July 31, 2020

   and October 31, 2019, respectively

 

 

24

 

 

 

19

 

Additional paid-in capital

 

 

1,242,518

 

 

 

1,151,454

 

Accumulated deficit

 

 

(1,145,340

)

 

 

(1,075,089

)

Accumulated other comprehensive loss

 

 

(877

)

 

 

(647

)

Treasury stock, Common, at cost (44,322 and 42,496 shares as of July 31, 2020

   and October 31, 2019, respectively)

 

 

(403

)

 

 

(466

)

Deferred compensation

 

 

403

 

 

 

466

 

Total stockholders’ equity

 

 

96,325

 

 

 

75,737

 

Total liabilities and stockholders' equity

 

$

436,769

 

 

$

333,446

 

 

See accompanying notes to consolidated financial statements

 

3


 

FUELCELL ENERGY, INC.

Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(Amounts in thousands, except share and per share amounts)

 

 

 

Three Months Ended July 31,

 

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

Product

 

$

 

 

$

 

Service and license

 

 

7,113

 

 

 

11,496

 

Generation

 

 

4,722

 

 

 

5,448

 

Advanced Technologies

 

 

6,893

 

 

 

5,768

 

Total revenues

 

 

18,728

 

 

 

22,712

 

Costs of revenues:

 

 

 

 

 

 

 

 

Product

 

 

2,658

 

 

 

4,547

 

Service and license

 

 

8,833

 

 

 

1,102

 

Generation

 

 

6,327

 

 

 

5,726

 

Advanced Technologies

 

 

4,038

 

 

 

3,372

 

Total costs of revenues

 

 

21,856

 

 

 

14,747

 

Gross (loss) profit

 

 

(3,128

)

 

 

7,965

 

Operating expenses:

 

 

 

 

 

 

 

 

Administrative and selling expenses

 

 

6,607

 

 

 

7,058

 

Research and development expenses

 

 

1,027

 

 

 

1,977

 

Total costs and expenses

 

 

7,634

 

 

 

9,035

 

Loss from operations

 

 

(10,762

)

 

 

(1,070

)

Interest expense

 

 

(4,165

)

 

 

(3,536

)

Change in fair value of common stock warrant liability

 

 

(1,694

)

 

 

 

Gain on extinguishment of financing obligation

 

 

1,801

 

 

 

 

Other expense, net

 

 

(501

)

 

 

(685

)

Loss before provision for income taxes

 

 

(15,321

)

 

 

(5,291

)

Provision for income taxes

 

 

(10

)

 

 

(20

)

Net loss

 

 

(15,331

)

 

 

(5,311

)

Series B preferred stock dividends

 

 

(800

)

 

 

(810

)

Series C preferred stock deemed contributions

 

 

 

 

 

884

 

Series D preferred stock deemed dividends

 

 

 

 

 

(3,091

)

Net loss attributable to common stockholders

 

$

(16,131

)

 

$

(8,328

)

Loss per share basic and diluted:

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders

 

$

(0.07

)

 

$

(0.18

)

Basic and diluted weighted average shares outstanding

 

 

217,966,402

 

 

 

45,069,911

 

 

 

 

Three Months Ended July 31,

 

 

 

2020

 

 

2019

 

Net loss

 

$

(15,331

)

 

$

(5,311

)

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(139

)

 

 

105

 

Total comprehensive loss

 

$

(15,470

)

 

$

(5,206

)

 

See accompanying notes to consolidated financial statements.


4


 

 

FUELCELL ENERGY, INC.

Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(Amounts in thousands, except share and per share amounts)

 

 

 

Nine Months Ended July 31,

 

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

Product

 

$

 

 

$

 

Service and license

 

 

19,697

 

 

 

25,866

 

Generation

 

 

14,795

 

 

 

8,560

 

Advanced Technologies

 

 

19,380

 

 

 

15,285

 

Total revenues

 

 

53,872

 

 

 

49,711

 

Costs of revenues:

 

 

 

 

 

 

 

 

Product

 

 

7,512

 

 

 

14,362

 

Service and license

 

 

16,418

 

 

 

15,166

 

Generation

 

 

17,576

 

 

 

9,047

 

Advanced Technologies

 

 

12,046

 

 

 

9,016

 

Total costs of revenues

 

 

53,552

 

 

 

47,591

 

Gross profit

 

 

320

 

 

 

2,120

 

Operating expenses:

 

 

 

 

 

 

 

 

Administrative and selling expenses

 

 

19,041

 

 

 

23,622

 

Research and development expenses

 

 

3,323

 

 

 

12,435

 

Total costs and expenses

 

 

22,364

 

 

 

36,057

 

Loss from operations

 

 

(22,044

)

 

 

(33,937

)

Interest expense

 

 

(11,026

)

 

 

(7,807

)

Change in fair value of common stock warrant liability

 

 

(39,311

)

 

 

 

Gain on extinguishment of financing obligation

 

 

1,801

 

 

 

 

Other income (expense), net

 

 

370

 

 

 

(556

)

Loss before provision for income taxes

 

 

(70,210

)

 

 

(42,300

)

Provision benefit for income taxes

 

 

(41

)

 

 

(89

)

Net loss

 

 

(70,251

)

 

 

(42,389

)

Series A warrant exchange

 

 

 

 

 

(3,169

)

Series B preferred stock dividends

 

 

(2,531

)

 

 

(2,410

)

Series C preferred stock deemed dividends and redemption value adjustment, net

 

 

 

 

 

(6,522

)

Series D preferred stock deemed dividends and redemption accretion

 

 

 

 

 

(9,752

)

Net loss attributable to common stockholders

 

$

(72,782

)

 

$

(64,242

)

Loss per share basic and diluted:

 

 

 

 

 

 

 

 

Net loss per share attributable to common stockholders

 

$

(0.35

)

 

$

(2.97

)

Basic and diluted weighted average shares outstanding

 

 

210,389,907

 

 

 

21,608,427

 

 

 

 

Nine Months Ended July 31,

 

 

 

2020

 

 

2019

 

Net loss

 

$

(70,251

)

 

$

(42,389

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(230

)

 

 

(28

)

Total comprehensive loss

 

$

(70,481

)

 

$

(42,417

)

 

 

 

5


 

FUELCELL ENERGY, INC.

Consolidated Statements of Changes in Equity

(Unaudited)

(Amounts in thousands, except share amounts)

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional

Paid-in

Capital

 

 

Accumulated

Deficit

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Treasury

Stock

 

 

Deferred

Compensation

 

 

Total

Equity

 

Balance, October 31, 2019

 

 

193,608,684

 

 

$

19

 

 

$

1,151,454

 

 

$

(1,075,089

)

 

$

(647

)

 

$

(466

)

 

$

466

 

 

$

75,737

 

Share based compensation

 

 

 

 

 

 

 

 

488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

488

 

Orion warrant exercises

 

 

9,396,320

 

 

 

1

 

 

 

25,993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,994

 

Sale of common stock, net of fees

 

 

7,938,228

 

 

 

1

 

 

 

3,501

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,502

 

Taxes paid upon vesting of restricted stock

   awards, net of stock issued under benefit

   plans

 

 

2,585

 

 

 

 

 

 

(6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6

)

Preferred dividends — Series B

 

 

 

 

 

 

 

 

(931

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(931

)

Adjustment for deferred compensation

 

 

20,012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

 

 

(29

)

 

 

 

Effect of foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(49

)

 

 

 

 

 

 

 

 

(49

)

Net loss attributable to FuelCell Energy, Inc.

 

 

 

 

 

 

 

 

 

 

 

(40,151

)

 

 

 

 

 

 

 

 

 

 

 

(40,151

)

Balance, January 31, 2020

 

 

210,965,829

 

 

$

21

 

 

$

1,180,499

 

 

$

(1,115,240

)

 

$

(696

)

 

$

(437

)

 

$

437

 

 

$

64,584

 

Share based compensation

 

 

 

 

 

 

 

 

375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

375

 

Taxes paid upon vesting of restricted stock

   awards, net of stock issued under benefit

   plans

 

 

86,572

 

 

 

 

 

 

(32

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(32

)

Preferred dividends — Series B

 

 

 

 

 

 

 

 

(800

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(800

)

Effect of foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(42

)

 

 

 

 

 

 

 

 

(42

)

Net loss attributable to FuelCell Energy, Inc.

 

 

 

 

 

 

 

 

 

 

 

(14,769

)

 

 

 

 

 

 

 

 

 

 

 

(14,769

)

Balance, April 30, 2020

 

 

211,052,401

 

 

$

21

 

 

$

1,180,042

 

 

$

(1,130,009

)

 

$

(738

)

 

$

(437

)

 

$

437

 

 

$

49,316

 

Sale of common stock, net of fees

 

 

25,144,704

 

 

 

3

 

 

 

62,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62,331

 

Common stock issued, non-employee compensation

 

 

(8,272

)

 

 

 

 

 

112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

112

 

Reclassification of value of share based compensation

   upon approval of authorized shares for grant

 

 

 

 

 

 

 

 

434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

434

 

Share based compensation

 

 

 

 

 

 

 

 

398

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

398

 

Stock issued under benefit plans, net of taxes

   paid upon vesting of restricted stock awards

 

 

2,150

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

Preferred dividends — Series B

 

 

 

 

 

 

 

 

(800

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(800

)

Effect of foreign currency translation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(139

)

 

 

 

 

 

 

 

 

(139

)

Adjustment for deferred compensation

 

 

(18,186

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34

 

 

 

(34

)

 

 

 

Net loss attributable to FuelCell Energy, Inc.

 

 

 

 

 

 

 

 

 

 

 

(15,331

)

 

 

 

 

 

 

 

 

 

 

 

(15,331

)

Balance, July 31, 2020

 

 

236,172,797

 

 

$

24

 

 

$

1,242,518

 

 

$

(1,145,340

)

 

$

(877

)

 

$

(403

)

 

$

403

 

 

$

96,325

 

 

6


 

FUELCELL ENERGY, INC.

Consolidated Statements of Changes in Equity

(Unaudited)

(Amounts in thousands, except share amounts)

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Additional

Paid-in

Capital

 

 

Accumulated

Deficit

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Treasury

Stock

 

 

Deferred

Compensation

 

 

Total

Equity

 

Balance, October 31, 2018

 

 

7,972,686

 

 

$

1

 

 

$

1,073,463

 

 

$

(990,867

)

 

$

(403

)

 

$

(363

)

 

$

363

 

 

$

82,194

 

Share based compensation

 

 

 

 

 

 

 

 

987

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

987

 

Fee adjustment for common stock issuance

 

 

 

 

 

 

 

 

90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

90

 

Taxes paid upon vesting of restricted stock

   awards, net of stock issued under benefit plans

 

 

1,946

 

 

 

 

 

 

27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27

 

Series C convertible preferred stock conversions

 

 

127,829

 

 

 

 

 

 

1,974