Dallas, TX, May 15, 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 first quarter ended March 31, 2020.
For the three months ended March 31, 2020, HCCC generated revenue of $1,667,947 and a net loss of $261,761 which includes $68,701 of non-cash charges that do not affect the cash flow performance or working capital of HCCC. This amounts to a $(0.04) per share loss. Comparatively, for the first quarter ended March 31, 2019, HCCC generated revenue of $1,704,273 and a net loss of $143,638 which included $111,153 of non-cash charges. This amounted to a $(0.02) per share loss.
Andrew Hidalgo, CEO of HCCC, commented, “As with almost all businesses, the first quarter revenue production slowed down due to the coronavirus pandemic. Even with a slowdown, HCCC was able to generate $1,667,947 in first quarter revenue. Although we concluded a number of projects in the first quarter and we have not had any backlog canceled as of yet, there has been a postponement of some projects due to the economic uncertainty. Our domestic subsidiary was affected greater than our Australian subsidiary in the first quarter as COVID-19 has impacted the Mid-Atlantic region of the U.S. in larger proportion. We are all hoping that the economy will soon recover from the setbacks due to the pandemic.”
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 Australian subsidiary, HCCC also provides 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. No information in this press release should be construed as any indication of the Company’s future revenues, results of operations, or stock price. The information set forth herein speaks only as of the date hereof.