Skip to main content

H/Cell Energy Reports FY2019 Year End Financial Results

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

DALLAS, March 25, 2020 (GLOBE NEWSWIRE) — H/Cell Energy Corporation (OTCQB-HCCC) (“HCCC”), a company that designs and implements clean energy solutions featuring hydrogen and fuel cell technology, has announced financial results for its fiscal year ended December 31, 2019.
Fiscal Year 2019 Highlights:Both wholly-owned subsidiaries generated an operating profit for the yearHCCC generated $2.0 million in consolidated gross profitHCCC entered into a $3 million equity line of credit for growth capitalHCCC successfully established a renewable energy division in AustraliaHCCC obtained contract awards for $5.2 million in new projects in the last four months of 2019HCCC increased its bid list to approximately $38 millionFor the twelve months ended December 31, 2019, HCCC generated revenue of $6,817,324 and a net loss of $724,393, which includes $405,215 of non-cash charges that do not affect the cash flow performance or working capital of HCCC. This amounts to $(0.09) in loss per share. The results compare to revenue of $7,505,889 and a net loss of $554,010 or $(0.07) in loss per share, for the prior year ended December 31, 2018.Andrew Hidalgo, CEO of HCCC, commented, “Fiscal year 2019 was a year of investment in the growth for our business. We established a renewable energy effort in Australia, which generated expense for labor, materials and training that took away from the core revenue production as compared to last year. However, we needed to establish a renewable energy footprint in Australia and by doing so, we believe that 2020 should see significant gains in renewable energy revenue production. We have already seen an increase in bids and projects awarded in renewable energy. With our $3 million equity line of credit, subject to market conditions, we have access to capital to continue the growth anticipated for 2020. Both of our subsidiaries are operationally profitable and we are managing our corporate expenses as effectively as possible. HCCC still maintains $3.5 million in assets and approximately $275,000 in cash as of December 31, 2019. Our bid activity remains high and we see 2020 as a year that will strengthen our balance sheet.”About H/Cell Energy Corporation:H/Cell Energy Corporation is an integrator that focuses on the design and implementation of clean energy solutions including solar, battery, fuel cell and hydrogen generation systems. In addition, through its subsidiaries, HCCC also provides environmental systems and security systems integration. HCCC serves the residential, commercial and government sectors. Please visit our website at www.hcellenergy.com for more information.Forward Looking Statements:Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on current expectations and actual results could differ materially. H/Cell Energy Corporation does not undertake an obligation to update or revise any forward-looking statement. The information set forth herein speaks only as of the date hereof.Contact:H/Cell Energy Corporation
Investor Relations
3010 LBJ Freeway, Suite 1200
Dallas, Texas 75234
972-888-6009 USAH/CELL ENERGY CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS – OTHER COMPREHENSIVE INCOME

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.