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FuelCell Energy: Q2 Results
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DANBURY - FuelCell Energy, Inc. (FCEL), a global leader in the design, manufacture, operation and service of ultra-clean, efficient and reliable fuel cell power plants, reported financial results for its second quarter ended April 30, 2015.
Financial Results
FuelCell Energy (the Company) reported total revenues for the second quarter of 2015 of $28.6 million compared to $38.3 million for the comparable prior year period. Revenue components include:
Product sales of $20.2 million for the current period compared to $27.7 million for the comparable prior year period
Service agreements and license revenues of $4.6 million for the current period compared to $7.2 million for the comparable prior year period
Advanced technologies contract revenues of $3.8 million for the current period compared to $3.4 million for the comparable prior year period
The gross profit generated in the second quarter of 2015 totaled $2.0 million and the gross margin for the period was 7.1 percent, compared to gross profit of $1.6 million and gross margin of 4.2 percent for the second quarter of 2014. The year-over-year improvement in gross margin reflects the benefit of continued manufacturing efficiencies and cost reduction actions along with a greater proportion of higher margin installation services, partially offset by a $0.7 million inventory charge. The service contract for the final legacy 250 kilowatt installation was ended prior to the contract term on mutual consent with the customer, leading to the write-off of associated spare parts inventory. Operating expenses for the current period totaled $10.8 million compared to $10.4 million for the prior year period.
Net loss attributable to common shareholders for the second quarter of 2015 totaled $10.7 million, or $0.04 per basic and diluted share, compared to $16.6 million or $0.07 per basic and diluted share for the second quarter of 2014. Net loss for the second quarter of 2014 included expenses of $5.9 million or $0.03 per basic and diluted share related to the conversion of Senior Unsecured Convertible notes in the period.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the second quarter of 2015 totaled ($7.7) million. Refer to the discussion of Non-GAAP financial measures below regarding the Company’s calculation of EBITDA. Capital spending was $1.7 million and depreciation expense was $1.0 million.
Revenue Backlog
Total backlog was $312.2 million at April 30, 2015 compared to $342.8 million at April 30, 2014. Backlog at April 30, 2015 did not include the recently announced Pepperidge Farm or Riverside projects, which will contribute approximately $40 million to backlog in the third quarter of 2015 and begin contributing to revenue in fiscal 2016.
Product sales backlog totaled $91.6 million at April 30, 2015 compared to $146.6 million at April 30, 2014
Service backlog totaled $203.7 million at April 30, 2015 compared to $181.9 million at April 30, 2014
Advanced technologies contracts backlog totaled $16.9 million at April 30, 2015 compared to $14.3 million at April 30, 2014
Cash and Liquidity
Cash, restricted cash and borrowing availability totaled $150.3 million at April 30, 2015, including:
$110.3 million of cash and cash equivalents, including $27.2 million of restricted cash
$40.0 million of borrowing availability under the NRG Energy revolving financing facility
Subsequent to quarter end, the Company closed on its first drawdown under the Loan Agreement with NRG Energy. Principal borrowed was $3.3 million.
Business Highlights
Two separate on-site combined heat and power projects recently announced, representing approximately $40 million in future revenue including equipment revenue to be recognized when the projects are sold to investors and services revenue to be recognized over the multi-year term of the project power purchase agreements.
On-balance sheet hospital project in California progressing towards commissioning and expected sale and revenue recognition in early 2016, estimated at $9 million of product sales revenue when the project is sold and approximately $13 million of service revenue earned over the term of the underlying power purchase agreement.
Asian manufacturing commencing in 2015 with partner, POSCO Energy, purchasing raw materials and componentry to support production.
Second quarter shipments included 8.4 megawatts of fuel cell kits under pre-existing multi-year contract plus 0.6 megawatts of modules to POSCO Energy, and 2.8 megawatts for a previously announced utility order in North America.
Advancing the development of numerous multi-megawatt fuel cell parks, including a 63 megawatt project in Connecticut with site control established and grid interconnection study in process.
Distributed hydrogen system operating at Torrington manufacturing plant, supporting annual savings of approximately $0.2 million from power, heat and hydrogen purchases.
Carbon Capture solution gaining traction in marketplace with multiple bids in progress.
“We are advancing the development of a 63 megawatt project, the largest in the history of the Company and announced the repeat business with two customers,” said Chip Bottone, President and Chief Executive Officer, FuelCell Energy, Inc. “We have taken tangible measures to support these and other larger scale opportunities and expect meaningful revenue growth in the coming quarters as we execute on our strong pipeline and backlog. Our prudently planned capacity expansion in North America and our partner’s fuel cell manufacturing addition in Asia are on-track and will double the global production capacity while reducing product costs simultaneously.”
About FuelCell Energy
Direct FuelCell® power plants are generating ultra-clean, efficient and reliable power at more than 50 locations worldwide. With more than 300 megawatts of power generation capacity installed or in backlog, FuelCell Energy is a global leader in providing ultra-clean baseload distributed generation to utilities, industrial operations, universities, municipal water treatment facilities, government installations and other customers around the world. The Company’s power plants have generated more than three billion kilowatt hours of ultra-clean power using a variety of fuels including renewable biogas from wastewater treatment and food processing, as well as clean natural gas.
For additional information, please visit www.fuelcellenergy.com
DANBURY - FuelCell Energy, Inc. (FCEL), a global leader in the design, manufacture, operation and service of ultra-clean, efficient and reliable fuel cell power plants, reported financial results for its second quarter ended April 30, 2015.
Financial Results
FuelCell Energy (the Company) reported total revenues for the second quarter of 2015 of $28.6 million compared to $38.3 million for the comparable prior year period. Revenue components include:
Product sales of $20.2 million for the current period compared to $27.7 million for the comparable prior year period
Service agreements and license revenues of $4.6 million for the current period compared to $7.2 million for the comparable prior year period
Advanced technologies contract revenues of $3.8 million for the current period compared to $3.4 million for the comparable prior year period
The gross profit generated in the second quarter of 2015 totaled $2.0 million and the gross margin for the period was 7.1 percent, compared to gross profit of $1.6 million and gross margin of 4.2 percent for the second quarter of 2014. The year-over-year improvement in gross margin reflects the benefit of continued manufacturing efficiencies and cost reduction actions along with a greater proportion of higher margin installation services, partially offset by a $0.7 million inventory charge. The service contract for the final legacy 250 kilowatt installation was ended prior to the contract term on mutual consent with the customer, leading to the write-off of associated spare parts inventory. Operating expenses for the current period totaled $10.8 million compared to $10.4 million for the prior year period.
Net loss attributable to common shareholders for the second quarter of 2015 totaled $10.7 million, or $0.04 per basic and diluted share, compared to $16.6 million or $0.07 per basic and diluted share for the second quarter of 2014. Net loss for the second quarter of 2014 included expenses of $5.9 million or $0.03 per basic and diluted share related to the conversion of Senior Unsecured Convertible notes in the period.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the second quarter of 2015 totaled ($7.7) million. Refer to the discussion of Non-GAAP financial measures below regarding the Company’s calculation of EBITDA. Capital spending was $1.7 million and depreciation expense was $1.0 million.
Revenue Backlog
Total backlog was $312.2 million at April 30, 2015 compared to $342.8 million at April 30, 2014. Backlog at April 30, 2015 did not include the recently announced Pepperidge Farm or Riverside projects, which will contribute approximately $40 million to backlog in the third quarter of 2015 and begin contributing to revenue in fiscal 2016.
Product sales backlog totaled $91.6 million at April 30, 2015 compared to $146.6 million at April 30, 2014
Service backlog totaled $203.7 million at April 30, 2015 compared to $181.9 million at April 30, 2014
Advanced technologies contracts backlog totaled $16.9 million at April 30, 2015 compared to $14.3 million at April 30, 2014
Cash and Liquidity
Cash, restricted cash and borrowing availability totaled $150.3 million at April 30, 2015, including:
$110.3 million of cash and cash equivalents, including $27.2 million of restricted cash
$40.0 million of borrowing availability under the NRG Energy revolving financing facility
Subsequent to quarter end, the Company closed on its first drawdown under the Loan Agreement with NRG Energy. Principal borrowed was $3.3 million.
Business Highlights
Two separate on-site combined heat and power projects recently announced, representing approximately $40 million in future revenue including equipment revenue to be recognized when the projects are sold to investors and services revenue to be recognized over the multi-year term of the project power purchase agreements.
On-balance sheet hospital project in California progressing towards commissioning and expected sale and revenue recognition in early 2016, estimated at $9 million of product sales revenue when the project is sold and approximately $13 million of service revenue earned over the term of the underlying power purchase agreement.
Asian manufacturing commencing in 2015 with partner, POSCO Energy, purchasing raw materials and componentry to support production.
Second quarter shipments included 8.4 megawatts of fuel cell kits under pre-existing multi-year contract plus 0.6 megawatts of modules to POSCO Energy, and 2.8 megawatts for a previously announced utility order in North America.
Advancing the development of numerous multi-megawatt fuel cell parks, including a 63 megawatt project in Connecticut with site control established and grid interconnection study in process.
Distributed hydrogen system operating at Torrington manufacturing plant, supporting annual savings of approximately $0.2 million from power, heat and hydrogen purchases.
Carbon Capture solution gaining traction in marketplace with multiple bids in progress.
“We are advancing the development of a 63 megawatt project, the largest in the history of the Company and announced the repeat business with two customers,” said Chip Bottone, President and Chief Executive Officer, FuelCell Energy, Inc. “We have taken tangible measures to support these and other larger scale opportunities and expect meaningful revenue growth in the coming quarters as we execute on our strong pipeline and backlog. Our prudently planned capacity expansion in North America and our partner’s fuel cell manufacturing addition in Asia are on-track and will double the global production capacity while reducing product costs simultaneously.”
About FuelCell Energy
Direct FuelCell® power plants are generating ultra-clean, efficient and reliable power at more than 50 locations worldwide. With more than 300 megawatts of power generation capacity installed or in backlog, FuelCell Energy is a global leader in providing ultra-clean baseload distributed generation to utilities, industrial operations, universities, municipal water treatment facilities, government installations and other customers around the world. The Company’s power plants have generated more than three billion kilowatt hours of ultra-clean power using a variety of fuels including renewable biogas from wastewater treatment and food processing, as well as clean natural gas.
For additional information, please visit www.fuelcellenergy.com