Dallas, TX, 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 year
- HCCC generated $2.0 million in consolidated gross profit
- HCCC entered into a $3 million equity line of credit for growth capital
- HCCC successfully established a renewable energy division in Australia
- HCCC obtained contract awards for $5.2 million in new projects in the last four months of 2019
- HCCC increased its bid list to approximately $38 million
For 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.