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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hydrogenics Corporation New | NASDAQ:HYGS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.99 | 14.95 | 15.02 | 0 | 01:00:00 |
Recent Highlights
“This past quarter was one of the most memorable in our corporate history, as we saw major developments that clearly place Hydrogenics on the path to higher growth and profitability,” said Daryl Wilson, President and Chief Executive Officer. "In June, we booked our largest Chinese order to date. One of our first Certified Integration Partners in China – Blue-G New Energy Science and Technology Corporation – signed a multi-year, $50 million agreement with Hydrogenics for delivery of 1,000 fuel cell modules along with ongoing engineering support. Our fuel cells will be used for zero-emission buses and other applications across the country, with shipments expected to begin later this year. At the same time, we won an order for fuel cells to power several Scania hydrogen trucks owned by ASKO, Norway’s largest grocery wholesaler. These wins, along with our existing Alstom commuter train and propulsion contracts, illustrate our recognition as the go-to technology choice for heavy-duty fuel cell power modules.
“While our second quarter results were impacted by certain shipments moving to the third quarter and by the re-estimation of costs on our major propulsion project, we are more optimistic than ever regarding 2017 and beyond. Most notably, just before the end of the quarter, we concluded a $21 million private placement with the Hejili Equity Investment Limited Partnership, strengthening our balance sheet and paving the way for additional strategic development initiatives in China. We’re working with Hejili and their partners on several potential opportunities across the hydrogen spectrum – from energy storage to fuel cells to large scale power production. As strong believers in China’s commitment to clean energy, we are well positioned to assist the nation in meeting its long-term emission-reduction goals. Overall, Hydrogenics made huge steps during the quarter that will benefit our customers, partners, and investors alike for many years to come.”
Summary of Results for the Quarter June 30, 2017
March 31, 2017 backlog | Orders Received | FX | Orders Delivered/ Revenue Recognized | June 30, 2017 backlog | ||||||
OnSite Generation | $ | 28.4 | $ | 2.9 | $ | 1.1 | $ | 4.1 | $ | 28.3 |
Power Systems | 81.4 | 42.4 | 3.4 | 3.4 | 123.8 | |||||
Total | $ | 109.8 | $ | 45.3 | $ | 4.5 | $ | 7.5 | $ | 152.1 |
Notes
Conference Call DetailsHydrogenics will hold a conference call at 10:00 a.m. EDT on August 2, 2017 to review the second quarter results. The telephone number for the conference call is (877) 307-1373 or, for international callers, (678) 224-7873. A live webcast of the call will also be available on the company's website, www.hydrogenics.com.
An archived copy of the conference call and webcast will be available on the company's website, www.hydrogenics.com, approximately six hours following the call.
About HydrogenicsHydrogenics Corporation is a world leader in engineering and building the technologies required to enable the acceleration of a global power shift. Headquartered in Mississauga, Ontario, Hydrogenics provides hydrogen generation, energy storage and hydrogen power modules to its customers and partners around the world. Hydrogenics has manufacturing sites in Germany, Belgium and Canada and service centers in Russia, Europe, the US and Canada.
Forward-looking StatementsThis release contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995, and under applicable Canadian securities law. These statements are based on management’s current expectations and actual results may differ from these forward-looking statements due to numerous factors, including: our inability to increase our revenues or raise additional funding to continue operations, execute our business plan, or to grow our business; inability to address a slow return to economic growth, and its impact on our business, results of operations and consolidated financial condition; our limited operating history; inability to implement our business strategy; fluctuations in our quarterly results; failure to maintain our customer base that generates the majority of our revenues; currency fluctuations; failure to maintain sufficient insurance coverage; changes in value of our goodwill; failure of a significant market to develop for our products; failure of hydrogen being readily available on a cost-effective basis; changes in government policies and regulations; failure of uniform codes and standards for hydrogen fueled vehicles and related infrastructure to develop; liability for environmental damages resulting from our research, development or manufacturing operations; failure to compete with other developers and manufacturers of products in our industry; failure to compete with developers and manufacturers of traditional and alternative technologies; failure to develop partnerships with original equipment manufacturers, governments, systems integrators and other third parties; inability to obtain sufficient materials and components for our products from suppliers; failure to manage expansion of our operations; failure to manage foreign sales and operations; failure to recruit, train and retain key management personnel; inability to integrate acquisitions; failure to develop adequate manufacturing processes and capabilities; failure to complete the development of commercially viable products; failure to produce cost-competitive products; failure or delay in field testing of our products; failure to produce products free of defects or errors; inability to adapt to technological advances or new codes and standards; failure to protect our intellectual property; our involvement in intellectual property litigation; exposure to product liability claims; failure to meet rules regarding passive foreign investment companies; actions of our significant and principal shareholders; dilution as a result of significant issuances of our common shares and preferred shares; inability of US investors to enforce US civil liability judgments against us; volatility of our common share price; and dilution as a result of the exercise of options. Readers should not place undue reliance on Hydrogenics’ forward-looking statements. Investors are encouraged to review the section captioned “Risk Factors” in Hydrogenics’ regulatory filings with the Canadian securities regulatory authorities and the US Securities and Exchange Commission for a more complete discussion of factors that could affect Hydrogenics’ future performance. Furthermore, the forward-looking statements contained herein are made as of the date of this release, and Hydrogenics undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, unless otherwise required by law. The forward-looking statements contained in this release are expressly qualified by this.
Reconciliation of Cash Operating Costs to Operating Costs and Adjusted EBITDA to Net Loss(in thousands of US dollars)(unaudited)
Cash operating costs
Three months endedJune 30, | Six months endedJune 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
Selling, general and administrative expenses | $ | 3,333 | $ | 3,106 | $ | 6,334 | $ | 5,354 | ||||
Research and product development expenses | 1,492 | 1,445 | 2,497 | 2,568 | ||||||||
Total operating costs | $ | 4,825 | $ | 4,551 | $ | 8,831 | $ | 7,922 | ||||
Less: Amortization and depreciation | (107 | ) | (121 | ) | (213 | ) | (200 | ) | ||||
Less: DSUs recovery (expense) | (459 | ) | 76 | (724 | ) | 106 | ||||||
Less: Stock-based compensation expense (including PSUs & RSUs) | (188 | ) | (161 | ) | (340 | ) | (290 | ) | ||||
Less: Loss on disposal of assets | (3 | ) | (114 | ) | ||||||||
Cash operating costs | $ | 4,068 | $ | 4,345 | $ | 7,440 | $ | 7,538 | ||||
Adjusted EBITDA
Three months endedJune 30 | Six months endedJune 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
Net loss | $ | (5,742 | ) | $ | (3,092 | ) | $ | (8,008 | ) | $ | (5,454 | ) |
Finance loss (income) | 1,167 | 360 | 2,107 | 562 | ||||||||
Amortization and depreciation | 202 | 184 | 401 | 356 | ||||||||
DSUs expense (recovery) | 459 | (76 | ) | 724 | (106 | ) | ||||||
Stock-based compensation expense (including PSUs & RSUs) | 188 | 161 | 340 | 290 | ||||||||
Adjusted EBITDA | $ | (3,726 | ) | $ | (2,463 | ) | $ | (4,436 | ) | $ | (4,352 | ) |
Hydrogenics CorporationCondensed Interim Consolidated Balance Sheets(in thousands of US dollars)(unaudited)
June 30, 2017 | December 31, 2016 | |||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 27,161 | $ | 10,338 | ||
Restricted cash | 1,359 | 405 | ||||
Trade and other receivables | 15,019 | 9,802 | ||||
Inventories | 17,819 | 17,208 | ||||
Prepaid expenses | 1,090 | 918 | ||||
62,448 | 38,671 | |||||
Non-current assets | ||||||
Restricted cash | 704 | 535 | ||||
Investment in joint ventures | 2,822 | 1,750 | ||||
Property, plant and equipment | 3,684 | 4,095 | ||||
Intangible assets | 184 | 203 | ||||
Goodwill | 4,346 | 4,019 | ||||
11,740 | 10,602 | |||||
Total assets | $ | 74,188 | $ | 49,273 | ||
Liabilities | ||||||
Current liabilities | ||||||
Operating borrowings | $ | 2,283 | $ | 2,111 | ||
Trade and other payables | 12,152 | 7,235 | ||||
Financial liabilities | 6,177 | 3,939 | ||||
Warranty provisions | 1,437 | 1,221 | ||||
Deferred revenue | 16,400 | 10,788 | ||||
38,449 | 25,294 | |||||
Non-current liabilities | ||||||
Other non-current liabilities | 8,887 | 9,262 | ||||
Non-current warranty provisions | 561 | 841 | ||||
Non-current deferred revenue | 2,859 | 3,494 | ||||
12,307 | 13,597 | |||||
Total liabilities | 50,756 | 38,891 | ||||
Equity | ||||||
Share capital | 385,793 | 365,923 | ||||
Contributed surplus | 19,495 | 19,255 | ||||
Accumulated other comprehensive loss | (2,675 | ) | (3,623 | ) | ||
Deficit | (379,181 | ) | (371,173 | ) | ||
Total equity | 23,432 | 10,382 | ||||
Total equity and liabilities | $ | 74,188 | $ | 49,273 | ||
Hydrogenics CorporationConsolidated Interim Statements of Operations and Comprehensive Loss (in thousands of US dollars, except share and per share amounts)(unaudited)
Three months ended | Six months ended | |||||||||||
June 30, | June 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
Revenues | $ | 7,487 | $ | 9,198 | $ | 16,324 | $ | 13,527 | ||||
Cost of sales | 7,237 | 7,379 | 13,394 | 10,497 | ||||||||
Gross profit | 250 | 1,819 | 2,930 | 3,030 | ||||||||
Operating expenses | ||||||||||||
Selling, general and administrative expenses | 3,333 | 3,106 | 6,334 | 5,354 | ||||||||
Research and product development expenses | 1,492 | 1,445 | 2,497 | 2,568 | ||||||||
4,825 | 4,551 | 8,831 | 7,922 | |||||||||
Loss from operations | (4,575 | ) | (2,732 | ) | (5,901 | ) | (4,892 | ) | ||||
Finance income (loss) | ||||||||||||
Interest expense, net | (454 | ) | (438 | ) | (923 | ) | (871 | ) | ||||
Foreign currency gains (losses), net(1) | 394 | (142 | ) | 455 | (178 | ) | ||||||
Gain (Loss) from joint ventures | (101 | ) | (4 | ) | (171 | ) | 52 | |||||
Other finance gains (losses), net | (1,006 | ) | 224 | (1,468 | ) | 435 | ||||||
Finance income (loss), net | (1,167 | ) | (360 | ) | (2,107 | ) | (562 | ) | ||||
Loss before income taxes | (5,742 | ) | (3,092 | ) | (8,008 | ) | (5,454 | ) | ||||
Income tax expense | - | - | - | - | ||||||||
Net loss for the period | (5,742 | ) | (3,092 | ) | (8,008 | ) | (5,454 | ) | ||||
Items that may be reclassified subsequently to net loss | ||||||||||||
Exchange differences on translating foreign operations | 677 | (189 | ) | 948 | 197 | |||||||
Comprehensive loss for the period | $ | (5,065 | ) | $ | (3,281 | ) | $ | (7,060 | ) | $ | (5,257 | ) |
Net loss per share | ||||||||||||
Basic and diluted | $ | (0.45 | ) | $ | (0.25 | ) | $ | (0.64 | ) | $ | (0.43 | ) |
Hydrogenics CorporationConsolidated Interim Statements of Cash Flows (in thousands of US dollars) (unaudited)
Three months ended | Six months ended | |||||||||||
June 30, | June 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
Cash and cash equivalents provided by (used in): | ||||||||||||
Operating activities | ||||||||||||
Net loss for the period | $ | (5,742 | ) | $ | (3,092 | ) | $ | (8,008 | ) | $ | (5,454 | ) |
Decrease (increase) in restricted cash | (912 | ) | (223 | ) | (1,002 | ) | 7 | |||||
Items not affecting cash | ||||||||||||
Loss on disposal of assets | 3 | - | 114 | - | ||||||||
Amortization and depreciation | 202 | 184 | 401 | 356 | ||||||||
Unrealized other losses on hedging | - | 69 | - | - | ||||||||
Other finance losses (gains), net | 826 | (285 | ) | 1,246 | (416 | ) | ||||||
Unrealized foreign exchange losses (gains) | (147 | ) | (17 | ) | (133 | ) | 186 | |||||
Unrealized loss (gain) on joint ventures | 101 | 4 | 171 | (52 | ) | |||||||
Accreted non-cash and unpaid interest and amortization of deferred financing fees | 318 | 233 | 531 | 598 | ||||||||
Stock-based compensation | 188 | 161 | 340 | 290 | ||||||||
Stock-based compensation - DSU’s | 459 | (76 | ) | 724 | (106 | ) | ||||||
Net change in non-cash operating assets and liabilities | 1,865 | (2,900 | ) | 2,148 | (5,401 | ) | ||||||
Cash used in operating activities | (2,839 | ) | (5,942 | ) | (3,468 | ) | (9,992 | ) | ||||
Investing activities | ||||||||||||
Investment in joint venture | - | - | (93 | ) | - | |||||||
Proceeds from disposals of property, plant and equipment | - | - | 1,035 | - | ||||||||
Purchase of property, plant and equipment | (519 | ) | (276 | ) | (2,075 | ) | (904 | ) | ||||
Receipt of IDF government funding | 1,492 | 30 | 1,851 | 215 | ||||||||
Purchase of intangible assets | (1 | ) | (5 | ) | (1 | ) | (47 | ) | ||||
Cash provided by (used in) investing activities | 972 | (251 | ) | 717 | (736 | ) | ||||||
Financing activities | ||||||||||||
Common shares issued and stock options exercised, net of issuance costs | 19,770 | - | 19,770 | - | ||||||||
Repayment of repayable government contributions | (56 | ) | (55 | ) | (112 | ) | (109 | ) | ||||
Principal repayment of long-term debt | (244 | ) | - | (678 | ) | - | ||||||
Proceeds of operating borrowings | - | - | 190 | - | ||||||||
Repayment of operating borrowings | (1,449 | ) | - | - | (1,076 | ) | ||||||
Cash provided by (used in) financing activities | 18,021 | (55 | ) | 19,170 | (1,185 | ) | ||||||
Increase (decrease) in cash and cash equivalents during the period | 16,154 | (6,248 | ) | 16,419 | (11,913 | ) | ||||||
Cash and cash equivalents - Beginning of period | 10,608 | 17,770 | 10,338 | 23,398 | ||||||||
Effect of exchange rate fluctuations on cash and cash equivalents held | 399 | 57 | 405 | 94 | ||||||||
Cash and cash equivalents - End of period | $ | 27,161 | $ | 11,579 | $ | 27,161 | $ | 11,579 | ||||
Supplemental disclosure | ||||||||||||
Interest paid | $ | 317 | $ | 204 | $ | 615 | $ | 204 | ||||
Hydrogenics Contacts: Bob Motz, Chief Financial Officer Hydrogenics Corporation (905) 361-3660 investors@hydrogenics.com Chris Witty Hydrogenics Investor Relations (646) 438-9385 cwitty@darrowir.com
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