Dallas, TX, November 12, 2019 (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 third quarter ended September 30, 2019.
For the three months ended September 30, 2019, HCCC generated revenue of $1,701,365 and a net loss of $189,403 which included $86,217 of non-cash charges that do not affect the cash flow performance or working capital of HCCC. This amounts to a $(0.03) per share loss. For the nine months ended September 30, 2019, HCCC generated revenue of $5,333,559 and a net loss of $438,264 which included $285,251 of non-cash charges that again, do not affect the cash flow performance or working capital of HCCC. This amounts to a $(0.06) per share loss.
Andrew Hidalgo, CEO of HCCC, commented, “HCCC has been building momentum over the last few months. Recently, in several releases, we announced over $3.8 million in new contracts that we expect to be primarily completed in the fourth quarter, with some of those projects being pushed out to the first quarter of 2020. Even after being awarded several new projects, the bid list remains strong with close to $30 million of activity. Our two subsidiaries are operationally profitable year to date and have each established renewable energy efforts that has resulted in significant opportunities going forward. Corporate expenses have been more than originally budgeted this year due primarily to capital raising efforts. However, we have been successful in raising growth capital which should help us expand in 2020. Although non-cash charges have no bearing on our cash flow or working capital, we are planning to minimize non-cash charges in the future so that we can produce positive net income results overall. We are looking forward to building our business in this high growth renewable energy sector and establishing HCCC as a premier advanced clean energy company.”
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.