Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jul. 31, 2016 | Sep. 06, 2016 | |
Document and Entity Information | ||
Entity Registrant Name | FUELCELL ENERGY INC | |
Entity Central Index Key | 886,128 | |
Document Type | 10-Q | |
Document Period End Date | Jul. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --10-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 33,540,364 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jul. 31, 2016 | Oct. 31, 2015 |
Current assets: | ||
Cash and cash equivalents, unrestricted | $ 94,150 | $ 58,852 |
Restricted cash and cash equivalents - short term | 9,436 | 6,288 |
Accounts receivable, net | 29,290 | 60,790 |
Inventories | 78,204 | 65,754 |
Project Assets, Current | 15,632 | 5,260 |
Other current assets | 7,252 | 6,954 |
Total current assets | 233,964 | 203,898 |
Restricted cash and cash equivalents - long-term | 25,225 | 20,600 |
Long-term project assets | 18,370 | 6,922 |
Property, plant and equipment, net | 30,485 | 29,002 |
Goodwill | 4,075 | 4,075 |
Intangible Assets | 9,592 | 9,592 |
Other assets, net | 7,917 | 3,142 |
Total assets | 329,628 | 277,231 |
Current liabilities: | ||
Current portion of long-term debt | 13,995 | 7,358 |
Accounts payable | 16,002 | 15,745 |
Accrued liabilities | 19,720 | 19,175 |
Deferred revenue | 17,999 | 31,787 |
Preferred stock obligation of subsidiary | 824 | 823 |
Total current liabilities | 68,540 | 74,888 |
Long-term deferred revenue | 21,101 | 22,646 |
Long-term preferred stock obligation of subsidiary | 12,763 | 12,088 |
Long-term debt and other liabilities | 42,603 | 12,998 |
Total liabilities | 145,007 | 122,620 |
Redeemable preferred stock (liquidation preference of $64,020 at July 31, 2016 and October 31, 2015) | 59,857 | 59,857 |
Shareholders' equity | ||
Common stock ($0.0001 par value); 75,000,000 and 39,583,333 shares authorized as of July 31, 2016 and October 31, 2015, respectively; 333,527,673 and 25,964,710 shares issued and outstanding at July 31, 2016 and October 31, 2015, respectively. | 3 | 3 |
Additional paid-in capital | 1,002,784 | 934,488 |
Accumulated deficit | (876,768) | (838,673) |
Accumulated other comprehensive loss | (535) | (509) |
Treasury stock, Common, at cost (21,527 and 5,845 shares as of July 31, 2016 and October 31, 2015, respectively) | (179) | (78) |
Deferred Compensation Equity | 179 | 78 |
Total shareholders' equity | 125,484 | 95,309 |
Noncontrolling interest in subsidiaries | (720) | (555) |
Total equity | 124,764 | 94,754 |
Total liabilities and equity | $ 329,628 | $ 277,231 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2016 | Oct. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Liquidation Preference, Value | $ 64,020 | $ 64,020 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 75,000,000 | 39,583,333 |
Common stock, shares issued | 33,527,673 | 25,964,710 |
Common stock, shares outstanding | 33,527,673 | 25,964,710 |
Treasury stock, shares | 21,527 | 5,845 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | |
Revenues: | ||||
Product sales | $ 13,681 | $ 31,130 | $ 54,178 | $ 84,769 |
Service agreements and license revenues | 4,480 | 7,017 | 21,373 | 15,506 |
Advanced technologies contract revenues | 3,555 | 3,209 | 8,228 | 11,351 |
Total revenues | 21,716 | 41,356 | 83,779 | 111,626 |
Costs of revenues: | ||||
Cost of product sales | 13,740 | 28,849 | 53,247 | 77,308 |
Cost of service agreements and license revenues | 4,284 | 5,719 | 22,123 | 13,720 |
Cost of advanced technologies contract revenues | 3,258 | 3,193 | 8,298 | 10,966 |
Total costs of revenues | 21,282 | 37,761 | 83,668 | 101,994 |
Gross profit | 434 | 3,595 | 111 | 9,632 |
Operating expenses: | ||||
Administrative and selling expenses | 5,458 | 6,101 | 18,939 | 18,002 |
Research and development expenses | 5,299 | 4,597 | 15,720 | 12,656 |
Total costs and expenses | 10,757 | 10,698 | 34,659 | 30,658 |
Loss from operations | (10,323) | (7,103) | (34,548) | (21,026) |
Interest expense | (1,373) | (905) | (3,200) | (2,195) |
Other income (expense), net | 749 | 1,464 | (110) | 2,621 |
Loss before provision for income taxes | (10,947) | (6,544) | (37,858) | (20,600) |
Provision for income taxes | (120) | (84) | (402) | (179) |
Net Loss | (11,067) | (6,628) | (38,260) | (20,779) |
Net loss attributable to noncontrolling interest | 57 | 89 | 165 | 280 |
Net loss attributable to FuelCell Energy, Inc. | (11,010) | (6,539) | (38,095) | (20,499) |
Preferred stock dividends | (800) | (800) | (2,400) | (2,400) |
Net loss attributable to common shareholders | $ (11,810) | $ (7,339) | $ (40,495) | $ (22,899) |
Loss per share basic and diluted | ||||
Net loss per share attributable to common shareholders | $ (0.38) | $ (0.29) | $ (1.41) | $ (0.94) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 31,015,658 | 24,884,103 | 28,680,596 | 24,312,330 |
Consolidated Statements of Ope5
Consolidated Statements of Operations Consolidated Statements of Operations Parentheticals - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | |
Product sales | $ 13,681 | $ 31,130 | $ 54,178 | $ 84,769 |
Service agreements and license revenues | 4,480 | 7,017 | 21,373 | 15,506 |
Advanced technologies contract revenues | 3,555 | 3,209 | 8,228 | 11,351 |
Related Party [Member] | ||||
Product sales | 12,000 | 27,800 | 37,300 | 66,100 |
Service agreements and license revenues | 2,300 | 3,200 | 6,900 | 8,100 |
Advanced technologies contract revenues | $ 0 | $ 0 | $ 0 | $ 600 |
Statement of Comprehensive Loss
Statement of Comprehensive Loss Statement - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | |
Net Loss | $ (11,067) | $ (6,628) | $ (38,260) | $ (20,779) |
Foreign currency translation adjustments | (228) | (64) | (26) | (404) |
Total Comprehensive loss | $ (11,295) | $ (6,692) | $ (38,286) | $ (21,183) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (38,260) | $ (20,779) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation | 2,530 | 2,317 |
Gain from change in fair value of embedded derivatives | (16) | (36) |
Depreciation | 3,583 | 2,998 |
Interest expense on preferred stock and debt obligations | 2,193 | 1,392 |
Unrealized foreign exchange losses (gains) | 41 | (1,807) |
Other non-cash transactions, net | 303 | (182) |
Decrease (increase) in operating assets: | ||
Accounts receivable | 26,590 | 9,039 |
Inventories | (12,450) | (19,676) |
Project assets | (15,459) | (10,855) |
Other assets | 108 | (2,966) |
Increase (decrease) in operating liabilities: | ||
Accounts payable | (196) | (3,762) |
Accrued liabilities | (145) | 4,545 |
Deferred revenue | (15,333) | 4,291 |
Net cash used in operating activities | (46,511) | (35,481) |
Cash flows from investing activities: | ||
Capital expenditures | (3,962) | (3,840) |
Project asset expenditures | (6,505) | 0 |
Net cash used in investing activities | (10,467) | (3,840) |
Cash flows from financing activities: | ||
Repayment of debt | (9,549) | (1,386) |
Proceeds from debt | 44,781 | 6,326 |
Payment of deferred finance costs | (994) | 0 |
Increase in restricted cash and cash equivalents | (7,773) | (2,445) |
Payment of preferred dividends and return of capital | (3,125) | (3,154) |
Cash received for common stock issued for stock plans | 177 | 133 |
Proceeds from sale of common stock, warrants adn pre-funded warrants, net | 68,785 | 22,061 |
Net cash provided by financing activities | 92,302 | 21,535 |
Effects on cash from changes in foreign currency rates | (26) | (404) |
Net increase (decrease) in cash and cash equivalents | 35,298 | (18,190) |
Cash and cash equivalents-beginning of period | 58,852 | 83,710 |
Cash and cash equivalents-end of period | 94,150 | 65,520 |
Supplemental cash flow disclosures: | ||
Cash interest paid | 1,295 | 480 |
Noncash financing and investing activity: | ||
Common stock issued for Employee Stock Purchase Plan in settlement of prior year accrued employee contributions | 105 | 168 |
Accrued purchase of fixed assets, cash paid in subsequent period | $ 453 | $ 0 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 9 Months Ended |
Jul. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Basis of Presentation | Nature of Business and Basis of Presentation FuelCell Energy, Inc. and subsidiaries (the “Company”, “FuelCell Energy”, “we”, “us”, or “our”) is a leading integrated fuel cell company with a growing global presence. We design, manufacture, install, operate and service ultra-clean, efficient and reliable stationary fuel cell power plants. Our Direct FuelCell power plants continuously produce base load electricity and usable high quality heat around the clock for commercial, industrial, government and utility customers. We have commercialized our stationary carbonate fuel cells and are also pursuing the complementary development of planar solid oxide fuel cells and other fuel cell technologies. Our operations are funded primarily through cash generated from product sales, service and advanced technologies contracts, license fee and royalty income and sales of equity and debt securities. In order to produce positive cash flow from operations, we need to be successful at increasing annual order volume and production and in our cost reduction efforts. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. Accordingly, they do not contain all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, all normal and recurring adjustments necessary to fairly present our financial position and results of operations as of and for the nine months ended July 31, 2016 have been included. All intercompany accounts and transactions have been eliminated. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. The balance sheet as of October 31, 2015 has been derived from the audited financial statements at that date, but it does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. These financial statements should be read in conjunction with our financial statements and notes thereto for the year ended October 31, 2015 , which are contained in our Annual Report on Form 10-K previously filed with the Securities and Exchange Commission. The results of operations for the interim periods presented are not necessarily indicative of results that may be expected for any other interim period or for the full fiscal year. Use of Estimates The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities. Estimates are used in accounting for, among other things, revenue recognition, excess, slow-moving and obsolete inventories, product warranty costs, accruals for service agreements, allowance for uncollectible receivables, depreciation and amortization, impairment of goodwill, indefinite-lived intangible assets and long-lived assets, income taxes, and contingencies. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Due to the inherent uncertainty involved in making estimates, actual results in future periods may differ from those estimates. Related Parties POSCO Energy (“POSCO”), is a related party and owned approximately 8% of the outstanding common shares of the Company as of July 31, 2016. Revenues from POSCO Energy for the three months ended July 31, 2016 and 2015 represent 65% and 75% , respectively, of consolidated revenues, and revenues from POSCO Energy for the nine months ended July 31, 2016 and 2015 represent 52% and 65% , respectively, of consolidated revenues. NRG Energy, Inc. ("NRG") is a related party and owned approximately 4% of the outstanding common shares of the Company as of July 31, 2016. NRG Yield is a dividend growth-oriented company formed by NRG Energy, Inc. that owns, operates and acquires a diversified portfolio of contracted renewable and conventional generation and thermal infrastructure assets in the United States. Revenues from NRG and NRG Yield for the three months ended July 31, 2016 and 2015 represent 0.3% and 0.4% , respectively, of consolidated revenues, and revenues for the nine months ended July 31, 2016 and 2015 represent 0.2% and 2.2% , respectively, of consolidated revenues. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 9 Months Ended |
Jul. 31, 2016 | |
Recent Accounting Pronouncements [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, “Leases” which, for operating leases, requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The standard also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, on a generally straight-line basis. The ASU is effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the effects that the adoption of ASU 2016-02 will have on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU simplifies the presentation of debt issuance costs by requiring that such costs be presented in the balance sheet as a direct deduction from the carrying value of the associated debt instrument, consistent with debt discounts. The amendments in this ASU are effective for fiscal years beginning after December 15, 2015 and for interim periods therein. Adoption of this ASU is not expected to have a material impact on the Company's consolidated financial position. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” This topic provides for five principles which should be followed to determine the appropriate amount and timing of revenue recognition for the transfer of goods and services to customers. The principles in this ASU should be applied to all contracts with customers regardless of industry. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, with two transition methods of adoption allowed. Early adoption for reporting periods prior to December 15, 2016 is not permitted. In March 2015, the FASB voted to defer the effective date by one year, but allow early adoption as of the original adoption date. We are evaluating the financial statement impacts of the guidance in this ASU and determining which transition method we will utilize. In May 2016, the FASB issued ASU 2016-12, "Revenue from Contracts with Customers (Topic 606)." This topic provides narrow-scope improvements and practical expedient regarding collectability, presentation of sales tax collected from customers, non-cash consideration, contract modifications at transition, completed contracts at transition and other technical corrections. |
Accounts Receivable
Accounts Receivable | 9 Months Ended |
Jul. 31, 2016 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable as of July 31, 2016 and October 31, 2015 consisted of the following: July 31, 2016 October 31, 2015 Commercial Customers: Amount billed $ 9,344 $ 19,331 Unbilled recoverable costs (2) 15,201 37,949 24,545 57,280 Advanced Technology (including U.S. Government (1) ): Amount billed 639 433 Unbilled recoverable costs 4,106 3,077 4,745 3,510 Accounts receivable, net $ 29,290 $ 60,790 (1) Total U.S. Government accounts receivable outstanding as of July 31, 2016 and October 31, 2015 were $3.3 million and $2.6 million , respectively. (2) Unbilled recoverable costs of $4.8 million is included within long-term Other Assets as of July 31, 2016. We bill customers for power plant and module kit sales based on certain contractual milestones being reached. We bill service agreements based on the contract price and billing terms of the contracts. Generally, our advanced technology contracts are billed based on actual recoverable costs incurred, typically in the month subsequent to incurring costs. Some advanced technology contracts are billed based on contractual milestones or costs incurred. Unbilled recoverable costs relate to revenue recognized on customer contracts that have not been billed. Accounts receivable are presented net of an allowance for doubtful accounts of $0.2 million and $0.5 million as of July 31, 2016 and October 31, 2015 , respectively. Commercial Customers accounts receivable (including Unbilled recoverable costs) included amounts due from POSCO Energy of $8.7 million and $34.4 million as of July 31, 2016 and October 31, 2015 , respectively and amounts due from NRG and NRG Yield of $0.02 million as of October 31, 2015. There were no amounts outstanding from NRG and NRG Yield as of July 31, 2016. |
Inventories
Inventories | 9 Months Ended |
Jul. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventory as of July 31, 2016 and October 31, 2015 consisted of the following: July 31, October 31, Raw materials $ 28,739 $ 29,103 Work-in-process (1) 49,465 36,651 Inventories $ 78,204 $ 65,754 (1) Included in work-in-process as of July 31, 2016 and October 31, 2015 was $26.6 million and $13.3 million , respectively, of completed standard components. Raw materials consist mainly of various nickel powders and steels, various other components used in producing cell stacks and purchased components for balance of plant. Work-in-process inventory is comprised of material, labor, and overhead costs incurred to build balance of plant components, fuel cell stacks and modules, which are subcomponents of a power plant. |
Project assets (Notes)
Project assets (Notes) | 9 Months Ended |
Jul. 31, 2016 | |
Project assets [Abstract] | |
Project assets [Text Block] | Project Assets Project assets as of July 31, 2016 and October 31, 2015 consisted of the following: July 31, 2016 October 31, 2015 Current project assets $ 15,632 $ 5,260 Long-term project assets 18,370 6,922 Total Project assets $ 34,002 $ 12,182 The current portion of project assets as of July 31, 2016 of $15.6 million includes project assets that are under construction by the Company under a power purchase agreement ("PPA") and the related expenditures are classified as operating activities in the Consolidated Statement of Cash Flows. This balance will fluctuate based on timing of construction, expected commercial operation dates and sale of the projects to third parties. The Company expects to sell current project assets to third parties upon achievement of commercial operations. The long-term portion of project assets as of July 31, 2016 of $18.4 million relates to 4.2 megawatts (MW) of project assets that the Company has already developed or is developing which will either be sold in a period of greater than one year or will be retained on the balance sheet. This balance includes assets built or being built under PPAs which will be or already have been retained through a sale-leaseback transaction. The long-term portion of project assets has been partially offset by project related grant awards. Project construction costs incurred after classification as a long-term project assets are reported as investing activities in the Consolidated Statement of Cash Flows. The proceeds received for the sale and subsequent leaseback of project assets are classified as cash flows from financing activities within the Consolidated Statement of Cash Flows and are classified as a financing obligation within Long-term debt and other liabilities on the Consolidated Balance Sheets (refer to Note 13 for more information). |
Other Current Assets (Notes)
Other Current Assets (Notes) | 9 Months Ended |
Jul. 31, 2015 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Other Current Assets [Text Block] | Other Current Assets Other current assets as of July 31, 2016 and October 31, 2015 consisted of the following: July 31, 2016 October 31, 2015 Advance payments to vendors (1) $ 1,187 $ 2,281 Deferred finance costs (2) 446 198 Notes receivable 892 585 Prepaid expenses and other (3) 4,727 3,890 Other current assets $ 7,252 $ 6,954 (1) Advance payments to vendors relate to payments for inventory purchases ahead of receipt. (2) Primarily represents the current portion of direct deferred finance costs related to securing a $40.0 million loan facility with NRG which is being amortized over the five-year life of the facility and direct deferred finance costs relating to the Hercules loan and security agreement entered into in April 2016 which is being amortized over the 30 month life of the loan. (3) Primarily relates to other prepaid vendor expenses including insurance, rent and lease payments. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Notes) | 9 Months Ended |
Jul. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Intangible Assets As of July 31, 2016 and October 31, 2015, the Company had goodwill of $4.1 million and intangible assets of $9.6 million associated with the December 2012 Versa acquisition. The intangible asset represents indefinite lived in-process research and development for which the fair value was determined utilizing the cost approach which estimated the costs to replicate cumulative research and development efforts associated with the development of solid oxide fuel cells (SOFC) stationary power generation and had a 10 percent obsolescence factor applied to account for improvements that could be made on the current technology. The Company completed its annual impairment analysis of goodwill and in-process research and development asset as of July 31, 2016. To determine the fair value of the reporting unit that holds goodwill and to determine the fair value of the in-process research and development asset, the Company used a discounted cash flow model and a multi-period excess earnings model, respectively. The estimated fair value of the reporting unit and in-process research and development intangible asset substantially exceeds the respective carrying values and therefore no impairments have been recognized as of July 31, 2016. |
Other Assets
Other Assets | 9 Months Ended |
Jul. 31, 2016 | |
Other Assets, Noncurrent [Abstract] | |
Other Assets, net | Other Assets Other assets as of July 31, 2016 and October 31, 2015 consisted of the following: July 31, 2016 October 31, 2015 Long-term stack residual value (1) $ 327 $ 2,509 Deferred finance costs (2) 814 354 Long-term unbilled recoverable costs (3) 4,810 — Other (4) 1,966 279 Other assets $ 7,917 $ 3,142 (1) Relates to estimated residual value for module exchanges performed under the Company's service agreements where the useful life extends beyond the contractual term of the service agreement and the Company obtains title for the module from the customer upon expiration or non-renewal of the service agreement. If the Company does not obtain rights to title from the customer, the full cost of the module is expensed at the time of the module exchange. The decrease from October 31, 2015 represents the residual value being recognized as cost of service agreements due to contract term extensions. (2) Represents the long-term portion of direct deferred finance costs relating to securing a $40.0 million loan facility with NRG which is being amortized over the five-year life of the facility and the long-term portion of direct deferred finance costs relating to sale-leaseback transactions entered into with PNC Energy Capital, LLC which are being amortized over the ten-year term and direct deferred finance costs relating to the Hercules loan and security agreement entered into in April 2016 which is being amortized over the 30 month life of the loan. (3) Represents unbilled recoverable costs that relate to revenue recognized on customer contracts that will be billed in future periods in excess of twelve months from July 31, 2016. (4) The Company entered into an agreement with one of its customers on June 29, 2016 which includes a fee for the purchase of the plants at the end of the term of the agreement. The option fee is payable in installments over the term of the agreement and the total paid as of July 31, 2016 is $0.9 million . The increase as of July 31, 2016 also includes deposits for projects in development. |
(Notes)
(Notes) | 9 Months Ended |
Jul. 31, 2016 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities as of July 31, 2016 and October 31, 2015 consisted of the following: July 31, 2016 October 31, 2015 Accrued payroll and employee benefits $ 4,930 $ 3,914 Accrued product warranty cost (1) 609 964 Accrued material purchases (2) 4,908 7,568 Accrued service agreement costs (3) 5,874 3,437 Accrued taxes, legal, professional and other 3,399 3,292 Accrued liabilities $ 19,720 $ 19,175 (1) Activity in the accrued product warranty costs for the nine months ended July 31, 2016 included additions for estimates of future warranty obligations of $0.2 million on contracts in the warranty period and reductions related to actual warranty spend of $0.6 million as contracts progress through the warranty period or are beyond the warranty period. (2) The Company acts as a procurement agent for POSCO Energy under an Integrated Global Supply Chain Agreement whereby the Company procures materials on POSCO's behalf for their Asian production facility. This liability represents amounts received for the purchase of materials on behalf of POSCO. Amounts due to vendors is recorded as Accounts payable. (3) Activity in service agreement costs represents an increase in loss accruals on service contracts of $2.0 million from $0.8 million as of October 31, 2015 to $2.8 million as of July 31, 2016. The increase primarily relates to renewals of legacy service contracts. The accruals for performance guarantees also increased from $2.6 million as of October 31, 2015 to $3.1 million as of July 31, 2016 based on the minimum output falling below the contract requirements for certain contracts offset by guarantee payments to customers. |
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) | 9 Months Ended |
Jul. 31, 2016 | |
Equity [Abstract] | |
Shareholders' Equity (Deficit) | Shareholders’ Equity Changes in shareholders’ equity Changes in shareholders’ equity were as follows for the nine months ended July 31, 2016: Total Shareholders’ Equity Noncontrolling interest Total Equity Balance as of October 31, 2015 $ 95,309 $ (555 ) $ 94,754 Share-based compensation 2,530 — 2,530 July 2016 sale of common stock and pre-funded warrants, net 34,762 — 34,762 Fiscal 2016 open market sales of common stock 33,529 — 33,529 Taxes paid upon vesting of restricted stock awards net of stock issued under benefit plans (125 ) — (125 ) Preferred dividends – Series B (2,400 ) — (2,400 ) Other comprehensive income - foreign currency translation adjustments (26 ) — (26 ) Net loss (38,095 ) (165 ) (38,260 ) Balance as of July 31, 2016 $ 125,484 $ (720 ) $ 124,764 July 2016 Securities Offering On July 12, 2016 Company closed on a registered public offering of securities to a single institutional investor pursuant to a placement agent agreement with J.P. Morgan Securities LLC. The Company received net proceeds from the transaction of $34.8 million , after deducting underwriter discounts and offering expenses of $2.6 million . The transaction consisted of 1,474,000 shares of common stock, 7,680,000 Series A Warrants and 4,926,000 prefunded Series B Warrants. The Series A warrants have an exercise price of $5.83 per share and are initially exercisable beginning on the date that is six months and one day after the issue date and will expire on the fifth anniversary of the initial exercisability date. The Series B warrants are fully pre-funded warrants and are immediately exercisable. The Series B warrants have an exercise price of $0.0001 per share and will expire on the fifth anniversary of the issue date. The pre-funded Series B warrants were offered to the investor, whose purchase of shares of common stock in this offering would otherwise result in the investor, together with its affiliates and certain related parties, beneficially owning more than 4.99% of FuelCell Energy’s outstanding common stock following the consummation of this offering. In lieu of purchasing shares of common stock that would result in its ownership of the Company in excess of 4.99% , the investor purchased the Series B warrants. Such Series B warrants grant the investor the right to acquire additional shares of FuelCell Energy common stock at a point in time of its choosing within five years of the issue date of the Series B warrants. The following table outlines the warrant activity during the third quarter of Fiscal 2016: Series A Warrants Series B Prefunded Warrants Balance as of July 12, 2016 (date of issuance) 7,680,000 4,926,000 Warrants exercised — — Warrants expired — — Balance as of July 31, 2016 7,680,000 4,926,000 The warrants and pre-funded warrants continue to qualify for permanent equity accounting treatment. Other Common Stock Sales and Outstanding Warrants The Company may sell common stock on the open market from time to time. The proceeds of these sales may be used for general corporate purposes or to pay obligations related to the Company's outstanding Series 1 and Series B preferred shares. During the nine months ended July 31, 2016, the Company sold 5,484,272 shares of the Company's common stock at prevailing market prices through periodic trades on the open market and raised approximately $33.5 million , net of fees. On July 30, 2014, the Company issued a warrant to NRG in conjunction with the entry into a Securities Purchase Agreement for the sale of common stock. Pursuant to the warrant agreement, NRG has the right to purchase up to 0.2 million shares of the Company's common stock at an exercise price of $40.20 per share. The warrants continue to qualify for permanent equity accounting treatment and expire on July 30, 2017. |
Loss Per Share
Loss Per Share | 9 Months Ended |
Jul. 31, 2016 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Loss Per Share The calculation of basic and diluted loss per share was as follows: Three Months Ended July 31, Nine Months Ended July 31, 2016 2015 2016 2015 Numerator Net loss $ (11,067 ) $ (6,628 ) $ (38,260 ) $ (20,779 ) Net loss attributable to noncontrolling interest 57 89 165 280 Preferred stock dividend (800 ) (800 ) (2,400 ) (2,400 ) Net loss attributable to common shareholders $ (11,810 ) $ (7,339 ) $ (40,495 ) $ (22,899 ) Denominator Weighted average basic common shares 31,015,658 24,884,103 28,680,596 24,312,330 Effect of dilutive securities (1) — — — — Weighted average diluted common shares 31,015,658 24,884,103 28,680,596 24,312,330 Basic loss per share $ (0.38 ) $ (0.29 ) $ (1.41 ) $ (0.94 ) Diluted loss per share (1) $ (0.38 ) $ (0.29 ) $ (1.41 ) $ (0.94 ) (1) Diluted loss per share was computed without consideration to potentially dilutive instruments as their inclusion would have been antidilutive. Potentially dilutive instruments include stock options, unvested restricted stock awards, convertible preferred stock and warrants. As of July 31, 2016 and 2015, potentially dilutive securities excluded from the diluted loss per share calculation are as follows: July 31, 2016 July 31, 2015 July 2016 Offering - Series A Warrants 7,680,000 — July 2016 Offering - Series B Warrants 4,926,000 — July 2014 Offering - NRG Warrants 166,666 166,666 Outstanding options to purchase common stock 247,776 254,124 Total potentially dilutive securities 13,020,442 420,790 |
Restricted Cash
Restricted Cash | 9 Months Ended |
Jul. 31, 2016 | |
Restricted Cash and Investments [Abstract] | |
Restricted cash | Restricted Cash As of July 31, 2016, there was $34.7 million of restricted cash and cash equivalents pledged as collateral for letters of credit for certain banking requirements and contractual commitments, compared to $26.9 million of restricted cash and cash equivalents pledged as of October 31, 2015. The restricted cash balance for both periods presented includes $15.0 million which has been placed in a Grantor's Trust account to secure certain obligations under a 15 -year service agreement and has been classified as long-term. The restricted cash balance as of July 31, 2016 also includes $9.1 million to support obligations of the power purchase and service agreements related to PNC Energy Capital, LLC sale-leaseback transactions. As of July 31, 2016 and October 31, 2015, outstanding letters of credit totaled $7.9 million and $8.7 million , respectively. These expire on various dates through April 2019 . |
Debt and Finance Obligation (No
Debt and Finance Obligation (Notes) | 9 Months Ended |
Jul. 31, 2015 | |
Debt [Abstract] | |
Debt and Finance Obligation | Debt and Finance Obligation Debt as of July 31, 2016 and October 31, 2015, consisted of the following: July 31, 2016 October 31, 2015 Revolving credit facility $ — $ 2,945 Connecticut Development Authority Note 2,647 2,817 Connecticut Clean Energy and Finance Investment Authority Note 6,052 6,052 NRG Energy, Inc. Loan Agreement 10,963 3,763 PNC Energy Capital, LLC Finance Obligation 6,770 — State of Connecticut Loan 10,000 — Hercules Loan and Security Agreement 15,283 — Capitalized lease obligations 808 726 Total debt $ 52,523 $ 16,303 Current portion of long-term debt and finance obligation (13,995 ) (7,358 ) Long-term debt $ 38,528 $ 8,945 On August 1, 2014, the Company entered into a revolving credit facility with JPMorgan Chase Bank, N.A. (the "Bank") which had a total borrowing capacity of $4.0 million . The credit facility expired on November 28, 2015 in conjunction with the Export-Import Bank charter expiration and the outstanding balance was paid back on November 24, 2015. In April 2008, the Company entered into a 10-year loan agreement with the Connecticut Development Authority to finance equipment purchases associated with manufacturing capacity expansion allowing for a maximum amount borrowed of $4.0 million . The interest rate is 5.0 percent and the loan is collateralized by the assets procured under this loan as well as $4.0 million of additional machinery and equipment. Repayment terms require monthly interest and principal payments through May 2018. On March 5, 2013 the Company closed on a long-term loan agreement with the Connecticut Clean Energy and Finance Investment Authority (CEFIA, now known as the CT Green Bank) totaling $5.9 million in support of the Bridgeport Fuel Cell Park project. The loan agreement carries an interest rate of 5.0 percent . Interest only payments commenced in January 2014 and principal payments will commence on the eighth anniversary of the project's provisional acceptance date, which is December 20, 2021, payable in forty eight equal monthly installments. Outstanding amounts are secured by future cash flows from the Bridgeport Fuel Cell Park service agreement. On July 30, 2014, the Company's subsidiary, FuelCell Energy Finance, LLC (“FuelCell Finance”) entered into a Loan Agreement (the “Loan Agreement”) with NRG Energy, Inc. ("NRG"). Pursuant to the Loan Agreement, NRG has extended a $40.0 million revolving construction and term financing facility to FuelCell Finance for the purpose of accelerating project development by the Company and its subsidiaries. FuelCell Finance and its subsidiaries may draw on the facility to finance the construction of projects through the commercial operating date of the power plants. FuelCell Finance has the option to continue the financing term for each project after the commercial operating date for a maximum term of five years per project. The interest rate is 8.5 percent per annum for construction-period financing and 8.0 percent thereafter. Fees that were paid by FuelCell Finance to NRG for making the loan facility available and related legal fees incurred were capitalized and are being amortized straight-line over the life of the related loan agreement, which is five years. During fiscal year 2015, our project finance subsidiary, UCI Fuel Cell LLC borrowed $3.8 million which was subsequently paid off in December 2015 in conjunction with the PNC sale-leaseback transaction. During the nine months ended July 31, 2016, our project finance subsidiaries borrowed a total of $11.0 million which is secured by project assets held by these subsidiaries. The term of the loans are up to five years but may be repaid early should the projects be sold or refinanced at the option of the Company. In 2015, the Company entered into an agreement with PNC Energy Capital, LLC. (“PNC”). Under this agreement, the Company’s project finance subsidiaries may enter into up to $30.0 million of lease agreements for commissioned projects whereby the lease is structured as a sale-leaseback facility for projects where we have entered into a PPA with the end-user of power and site host. On December 23, 2015 the Company closed on its first project with PNC through a sale-leaseback of the UCI Fuel Cell, LLC power plant which initiated commercial operations in December 2015. Proceeds from the transaction totaled approximately $8.8 million and were partially used to settle outstanding construction period debt to NRG as referenced below. The Company has determined the power plant is considered integral equipment and the Company has accounted for the transaction under the financing method. Under the financing method, the Company does not recognize as income any of the sale proceeds received from the lessor that contractually constitutes payment to acquire the assets subject to these arrangements. Instead, the sale proceeds received are accounted for as financing obligations and leaseback payments made by the Company are allocated between interest expense and a reduction to the financing obligation. Interest on the financing obligation is calculated using the Company’s incremental borrowing rate at the inception of the arrangement on the outstanding financing obligation. Judgment is required to determine the appropriate borrowing rate for the arrangement and in determining any gain or loss on the transaction that would be recorded at the end of the lease term. The outstanding finance obligation balance as of July 31, 2016 is $6.8 million which represents a reduction from the original proceeds due to lease payments made. On November 9, 2015, the Company closed on a definitive Assistance Agreement with the State of Connecticut and received a disbursement of $10.0 million to be used for the first phase of the expansion project to expand the existing 65,000 square foot manufacturing facility in Torrington, Connecticut by approximately 102,000 square feet for a total size of 167,000 square feet. In conjunction with this financing, the Company entered into a $10.0 million Promissory Note and related security agreement securing the loan with equipment liens and a mortgage on its Danbury, Connecticut location. Pursuant to the terms of the loan, payment of principal is deferred for the first four years. Interest at a fixed rate of 2.0% is payable beginning December 2015. The financing is payable over 15 years , and is predicated on certain terms and conditions, including the forgiveness of up to half of the loan principal if certain job retention and job creation targets are reached. In April 2016, the Company entered into a loan and security agreement with Hercules Capital, Inc. (“Hercules”) for an aggregate principal amount of up to $25.0 million , subject to certain terms and conditions. The Company made an initial term loan advance on the date of closing of $15.0 million . The Company may make an additional loan advance of $5.0 million between the later of October 15, 2016 or the date certain milestones are met and December 15, 2016 (“Tranche II”). FCE may also make a loan advance of $5.0 million beginning on the later of January 1, 2017 or the date certain milestones are met and June 15, 2017 (“Tranche III”). The loan is a 30 month secured facility and the term loan interest is currently 9.5% . Interest is paid on a monthly basis. During the first year of the loan, interest only payments are to be made and may be extended for up to 24 months upon the Company achieving certain milestones. Currently, principal and interest payments are to commence on May 1, 2017. The loan balance and all accrued and unpaid interest is due and payable by October 1, 2018. Per the terms of the loan and security agreement, there is an end of term charge of $1.7 million which is being accreted over the 30 month term using the effective interest rate method. As collateral for obligations under the loan and security agreement, the Company granted Hercules a security interest in FuelCell Energy, Inc.'s existing and hereafter-acquired assets except for intellectual property and certain other excluded assets. Collateral does not include assets held by FuelCell Energy Finance, LLC or any project subsidiary thereof. The Company may continue to collateralize and finance its project subsidiaries through other lenders and partners. The loan contains a financial covenant whereby the Company is required to maintain an unrestricted cash balance of at least (a) 75% of the outstanding Loan balance plus (b) the amount of accounts payable (as defined under GAAP) not paid within 90 days of the date payment was issued. The Company leases computer equipment under master lease agreements. Lease payment terms are generally thirty-six months from the date of acceptance for leased equipment. |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 9 Months Ended |
Jul. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Lease agreements As of July 31, 2016 and October 31, 2015, the Company had equipment financing and capital lease obligations of $0.8 million and $0.7 million, respectively. Lease payment terms are generally thirty-six months from the date of acceptance for leased equipment. The Company also leases certain computer and office equipment and manufacturing facilities in Torrington and Danbury, Connecticut under operating leases expiring on various dates through 2030. A lease modification was entered into for the manufacturing facility in Torrington which has extended the term of the lease for an additional period of fifteen years from January 1, 2016 through December 31, 2030. The term can be further extended for up to three additional periods of five years each at the Company's option subject to certain notification and other provisions outlined in the lease. Rent payments for any additional five year extension of the lease shall be the greater of the fair market rent or the base annual rental being paid during the calendar year previous to the extension period. The Company has the right to purchase the facility and premises as defined within the lease for a price of $4.8 million at any time during the fifteen year term, but no later than December 31, 2030 by giving the landlord a minimum of six months prior written notice. Non-cancelable minimum payments applicable to operating and capital leases as of July 31, 2016 were as follows (in thousands): Operating Leases Capital Leases Due Year 1 $ 1,310 $ 444 Due Year 2 882 248 Due Year 3 751 102 Due Year 4 363 14 Due Year 5 341 — Thereafter 3,766 — Total $ 7,413 $ 808 Service Agreements Under the provisions of our service agreements, we provide services to maintain, monitor, and repair customer power plants to meet minimum operating levels. Under the terms of our service agreements, the power plant must meet a minimum operating output during the term. If minimum output falls below the contract requirement, we may be subject to performance penalties and/or may be required to repair or replace the customer’s fuel cell module. An estimate is not recorded for a potential performance guarantee liability until a performance issue has occurred on a particular power plant. At that point, the actual power plant’s output is compared against the minimum output guarantee and an accrual is recorded. The review of power plant performance is updated for each reporting period to incorporate the most recent performance of the power plant and minimum output guarantee payments made to customers, if any. The Company has provided for an accrual for performance guarantees, based on actual fleet performance, which totaled $3.1 million and $2.6 million as of July 31, 2016 and October 31, 2015, respectively, and is recorded in Accrued Liabilities. Our loss accrual on service agreements, excluding the accrual for performance guarantees, totaled $2.8 million and $0.8 million as of July 31, 2016 and October 31, 2015, respectively and is recorded in Accrued Liabilities. Our accrual estimates are performed on a contract by contract basis and include cost assumptions based on what we anticipate the service requirements will be to fulfill obligations for each contract. The increase in the loss accrual relates to renewals of legacy service contracts. Power Purchase Agreements Under the terms of our PPAs, customers agree to purchase power from our fuel cell power plants at negotiated rates. Electricity rates are generally a function of the customers’ current and future electricity pricing available from the grid. We are responsible for all operating costs necessary to maintain, monitor and repair the power plants. Under certain agreements, we are also responsible for procuring fuel, generally natural gas, to run the power plants. Plant Expansion On November 9, 2015, the Company closed on a definitive Assistance Agreement with the State of Connecticut and received a disbursement of $10.0 million to be used for the first phase of the expansion of our Torrington, Connecticut manufacturing facility. In conjunction with this financing, the Company entered into a $10.0 million Promissory Note and related security agreements securing the loan with equipment liens and a mortgage on its Danbury, Connecticut location. Pursuant to the terms of the loan, payment of principal is deferred for the first four years. Interest at a fixed rate of 2.0% is payable beginning December 2015. The financing is payable over 15 years , and is predicated on certain terms and conditions, including the forgiveness of up to 50% of the loan principal if certain job retention and job creation targets are reached. In addition, the Company could receive up to $10.0 million of tax credits if certain terms and conditions are met. The Company may sell the credits depending on its future tax position. The first phase of the facility expansion is underway and expected to be completed in late calendar 2017. The second phase of our manufacturing expansion, for which we could be eligible to receive an additional $10.0 million in low-cost financing from the State of Connecticut, will commence as demand supports. This includes adding manufacturing equipment to increase annual capacity from the current 100 megawatts to at least 200 megawatts. Plans for this phase also include the installation of a megawatt scale tri-generation fuel cell plant to power and heat the facility as well as provide hydrogen for the manufacturing process of the fuel cell components, and the creation of an Advanced Technology Center for technology testing and prototype manufacturing. In addition, the final stage of the fuel cell module manufacturing will be relocated to the Torrington facility from its current location at the Danbury, Connecticut headquarters, which will reduce logistics costs. The total cost of both phases of the expansion could be up to $65.0 million over a five year period. Other As of July 31, 2016, the Company has unconditional purchase commitments aggregating $48.7 million , for materials, supplies and services in the normal course of business. Under certain sales and financing agreements the Company is contractually committed to provide compensation for any losses that our customers and finance partners may suffer in certain limited circumstances resulting from reductions in the U.S. Investment Tax Credit. Such obligations would arise as a result of reductions to the value of the underlying fuel cell projects as assessed by the U.S. Internal Revenue Service (IRS). The Company does not believe that any payments under these contracts are probable based on the facts known at the reporting date. The maximum potential future payments that the Company could have to make under this obligation would depend on the difference between the fair values of the fuel cell projects sold or financed and the values the IRS would determine as the fair value for the systems for purposes of claiming the Investment Tax Credit. The value of the Investment Tax Credit in the Company’s agreements is based on guidelines provided by the statutory regulations from the IRS. The Company and its customers use fair values determined with the assistance of independent third-party appraisals. We are involved in legal proceedings, claims and litigation arising out of the ordinary conduct of our business. Although we cannot assure the outcome, management presently believes that the result of such legal proceedings, either individually, or in the aggregate, will not have a material adverse effect on our consolidated financial statements, and no material amounts have been accrued in our consolidated financial statements with respect to these matters. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 9 Months Ended |
Jul. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On September 6, 2016, the Company closed on a sale leaseback with PNC for the Riverside Fuel Cell, LLC power plant which entered into commercial operations in September 2016. Proceeds received from PNC totaled approximately $9.9 million and were partially used to settle outstanding construction period debt to NRG of approximately $1.4 million . A portion of these proceeds will be held in reserve by PNC until the Company satisfies certain conditions which are expected to occur during the fourth fiscal quarter of 2016. Under the terms of the sale leaseback transaction, the Company will make fixed lease payments to PNC for a period of 10 years and have the option of repurchasing the plant early or at the end of the term. While the Company received financing for the full value of the power plant asset, revenue will not be recognized on the sale leaseback transaction. Instead, revenue will be recognized monthly through the sale of electricity under a power purchase agreement. Refer to Note 13 for additional disclosure of the Company’s financing agreements with PNC and NRG. |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable as of July 31, 2016 and October 31, 2015 consisted of the following: July 31, 2016 October 31, 2015 Commercial Customers: Amount billed $ 9,344 $ 19,331 Unbilled recoverable costs (2) 15,201 37,949 24,545 57,280 Advanced Technology (including U.S. Government (1) ): Amount billed 639 433 Unbilled recoverable costs 4,106 3,077 4,745 3,510 Accounts receivable, net $ 29,290 $ 60,790 (1) Total U.S. Government accounts receivable outstanding as of July 31, 2016 and October 31, 2015 were $3.3 million and $2.6 million , respectively. (2) Unbilled recoverable costs of $4.8 million is included within long-term Other Assets as of July 31, 2016. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | The components of inventory as of July 31, 2016 and October 31, 2015 consisted of the following: July 31, October 31, Raw materials $ 28,739 $ 29,103 Work-in-process (1) 49,465 36,651 Inventories $ 78,204 $ 65,754 (1) Included in work-in-process as of July 31, 2016 and October 31, 2015 was $26.6 million and $13.3 million , respectively, of completed standard components. |
Project assets (Tables)
Project assets (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
Project assets [Abstract] | |
Project assets [Table Text Block] | Project assets as of July 31, 2016 and October 31, 2015 consisted of the following: July 31, 2016 October 31, 2015 Current project assets $ 15,632 $ 5,260 Long-term project assets 18,370 6,922 Total Project assets $ 34,002 $ 12,182 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | Other current assets as of July 31, 2016 and October 31, 2015 consisted of the following: July 31, 2016 October 31, 2015 Advance payments to vendors (1) $ 1,187 $ 2,281 Deferred finance costs (2) 446 198 Notes receivable 892 585 Prepaid expenses and other (3) 4,727 3,890 Other current assets $ 7,252 $ 6,954 (1) Advance payments to vendors relate to payments for inventory purchases ahead of receipt. (2) Primarily represents the current portion of direct deferred finance costs related to securing a $40.0 million loan facility with NRG which is being amortized over the five-year life of the facility and direct deferred finance costs relating to the Hercules loan and security agreement entered into in April 2016 which is being amortized over the 30 month life of the loan. (3) Primarily relates to other prepaid vendor expenses including insurance, rent and lease payments. |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
Other Assets, Noncurrent [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | Other assets as of July 31, 2016 and October 31, 2015 consisted of the following: July 31, 2016 October 31, 2015 Long-term stack residual value (1) $ 327 $ 2,509 Deferred finance costs (2) 814 354 Long-term unbilled recoverable costs (3) 4,810 — Other (4) 1,966 279 Other assets $ 7,917 $ 3,142 (1) Relates to estimated residual value for module exchanges performed under the Company's service agreements where the useful life extends beyond the contractual term of the service agreement and the Company obtains title for the module from the customer upon expiration or non-renewal of the service agreement. If the Company does not obtain rights to title from the customer, the full cost of the module is expensed at the time of the module exchange. The decrease from October 31, 2015 represents the residual value being recognized as cost of service agreements due to contract term extensions. (2) Represents the long-term portion of direct deferred finance costs relating to securing a $40.0 million loan facility with NRG which is being amortized over the five-year life of the facility and the long-term portion of direct deferred finance costs relating to sale-leaseback transactions entered into with PNC Energy Capital, LLC which are being amortized over the ten-year term and direct deferred finance costs relating to the Hercules loan and security agreement entered into in April 2016 which is being amortized over the 30 month life of the loan. (3) Represents unbilled recoverable costs that relate to revenue recognized on customer contracts that will be billed in future periods in excess of twelve months from July 31, 2016. (4) The Company entered into an agreement with one of its customers on June 29, 2016 which includes a fee for the purchase of the plants at the end of the term of the agreement. The option fee is payable in installments over the term of the agreement and the total paid as of July 31, 2016 is $0.9 million . The increase as of July 31, 2016 also includes deposits for projects in development. |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities as of July 31, 2016 and October 31, 2015 consisted of the following: July 31, 2016 October 31, 2015 Accrued payroll and employee benefits $ 4,930 $ 3,914 Accrued product warranty cost (1) 609 964 Accrued material purchases (2) 4,908 7,568 Accrued service agreement costs (3) 5,874 3,437 Accrued taxes, legal, professional and other 3,399 3,292 Accrued liabilities $ 19,720 $ 19,175 (1) Activity in the accrued product warranty costs for the nine months ended July 31, 2016 included additions for estimates of future warranty obligations of $0.2 million on contracts in the warranty period and reductions related to actual warranty spend of $0.6 million as contracts progress through the warranty period or are beyond the warranty period. (2) The Company acts as a procurement agent for POSCO Energy under an Integrated Global Supply Chain Agreement whereby the Company procures materials on POSCO's behalf for their Asian production facility. This liability represents amounts received for the purchase of materials on behalf of POSCO. Amounts due to vendors is recorded as Accounts payable. (3) Activity in service agreement costs represents an increase in loss accruals on service contracts of $2.0 million from $0.8 million as of October 31, 2015 to $2.8 million as of July 31, 2016. The increase primarily relates to renewals of legacy service contracts. The accruals for performance guarantees also increased from $2.6 million as of October 31, 2015 to $3.1 million as of July 31, 2016 based on the minimum output falling below the contract requirements for certain contracts offset by guarantee payments to customers. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
Class of Warrant or Right [Line Items] | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | The following table outlines the warrant activity during the third quarter of Fiscal 2016: Series A Warrants Series B Prefunded Warrants Balance as of July 12, 2016 (date of issuance) 7,680,000 4,926,000 Warrants exercised — — Warrants expired — — Balance as of July 31, 2016 7,680,000 4,926,000 |
Schedule of Stockholders Equity [Table Text Block] | Changes in shareholders’ equity were as follows for the nine months ended July 31, 2016: Total Shareholders’ Equity Noncontrolling interest Total Equity Balance as of October 31, 2015 $ 95,309 $ (555 ) $ 94,754 Share-based compensation 2,530 — 2,530 July 2016 sale of common stock and pre-funded warrants, net 34,762 — 34,762 Fiscal 2016 open market sales of common stock 33,529 — 33,529 Taxes paid upon vesting of restricted stock awards net of stock issued under benefit plans (125 ) — (125 ) Preferred dividends – Series B (2,400 ) — (2,400 ) Other comprehensive income - foreign currency translation adjustments (26 ) — (26 ) Net loss (38,095 ) (165 ) (38,260 ) Balance as of July 31, 2016 $ 125,484 $ (720 ) $ 124,764 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | As of July 31, 2016 and 2015, potentially dilutive securities excluded from the diluted loss per share calculation are as follows: July 31, 2016 July 31, 2015 July 2016 Offering - Series A Warrants 7,680,000 — July 2016 Offering - Series B Warrants 4,926,000 — July 2014 Offering - NRG Warrants 166,666 166,666 Outstanding options to purchase common stock 247,776 254,124 Total potentially dilutive securities 13,020,442 420,790 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The calculation of basic and diluted loss per share was as follows: Three Months Ended July 31, Nine Months Ended July 31, 2016 2015 2016 2015 Numerator Net loss $ (11,067 ) $ (6,628 ) $ (38,260 ) $ (20,779 ) Net loss attributable to noncontrolling interest 57 89 165 280 Preferred stock dividend (800 ) (800 ) (2,400 ) (2,400 ) Net loss attributable to common shareholders $ (11,810 ) $ (7,339 ) $ (40,495 ) $ (22,899 ) Denominator Weighted average basic common shares 31,015,658 24,884,103 28,680,596 24,312,330 Effect of dilutive securities (1) — — — — Weighted average diluted common shares 31,015,658 24,884,103 28,680,596 24,312,330 Basic loss per share $ (0.38 ) $ (0.29 ) $ (1.41 ) $ (0.94 ) Diluted loss per share (1) $ (0.38 ) $ (0.29 ) $ (1.41 ) $ (0.94 ) (1) Diluted loss per share was computed without consideration to potentially dilutive instruments as their inclusion would have been antidilutive. Potentially dilutive instruments include stock options, unvested restricted stock awards, convertible preferred stock and warrants. As of July 31, 2016 and 2015, potentially dilutive securities excluded from the diluted loss per share calculation are as follows: July 31, 2016 July 31, 2015 July 2016 Offering - Series A Warrants 7,680,000 — July 2016 Offering - Series B Warrants 4,926,000 — July 2014 Offering - NRG Warrants 166,666 166,666 Outstanding options to purchase common stock 247,776 254,124 Total potentially dilutive securities 13,020,442 420,790 |
Debt and Finance Obligation (Ta
Debt and Finance Obligation (Tables) | 9 Months Ended |
Jul. 31, 2016 | |
Debt [Abstract] | |
Schedule of Debt [Table Text Block] | Debt as of July 31, 2016 and October 31, 2015, consisted of the following: July 31, 2016 October 31, 2015 Revolving credit facility $ — $ 2,945 Connecticut Development Authority Note 2,647 2,817 Connecticut Clean Energy and Finance Investment Authority Note 6,052 6,052 NRG Energy, Inc. Loan Agreement 10,963 3,763 PNC Energy Capital, LLC Finance Obligation 6,770 — State of Connecticut Loan 10,000 — Hercules Loan and Security Agreement 15,283 — Capitalized lease obligations 808 726 Total debt $ 52,523 $ 16,303 Current portion of long-term debt and finance obligation (13,995 ) (7,358 ) Long-term debt $ 38,528 $ 8,945 |
Commitments and Contingencies32
Commitments and Contingencies (Tables) | 9 Months Ended |
Jul. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments [Table Text Block] | Non-cancelable minimum payments applicable to operating and capital leases as of July 31, 2016 were as follows (in thousands): Operating Leases Capital Leases Due Year 1 $ 1,310 $ 444 Due Year 2 882 248 Due Year 3 751 102 Due Year 4 363 14 Due Year 5 341 — Thereafter 3,766 — Total $ 7,413 $ 808 |
Nature of Business and Basis 33
Nature of Business and Basis of Presentation (Details) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | |
Common stock ownership percentage | 4.99% | 4.99% | ||
POSCO Energy [Member] | ||||
Common stock ownership percentage | 8.00% | 8.00% | ||
significant customer revenue percentage | 65.00% | 75.00% | 52.00% | 65.00% |
NRG Energy [Member] | ||||
Common stock ownership percentage | 4.00% | 4.00% | ||
significant customer revenue percentage | 0.30% | 0.40% | 0.20% | 2.20% |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Jul. 31, 2016 | Oct. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Contract Receivable | $ 9,344 | $ 19,331 | |
Unbilled Contracts Receivable | [1] | 15,201 | 37,949 |
Commercial Customers accounts receivable | 24,545 | 57,280 | |
Government Contract Receivable | 639 | 433 | |
Government Contract Receivable, Unbilled Amounts | 4,106 | 3,077 | |
U.S. Government accounts receivable total | [2] | 4,745 | 3,510 |
Accounts Receivable, Net, Current | 29,290 | 60,790 | |
Allowance for Doubtful Accounts Receivable, Current | 200 | 500 | |
Long-term Investments and Receivables, Net | [3] | 4,810 | 0 |
POSCO Energy [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Receivable, Related Parties, Current | 8,700 | 34,400 | |
NRG Energy, Inc. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Receivable, Related Parties, Current | 0 | ||
Government [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
U.S. Government accounts receivable total | $ 3,300 | $ 2,600 | |
[1] | Unbilled recoverable costs of $4.8 million is included within long-term Other Assets as of July 31, 2016. | ||
[2] | Total U.S. Government accounts receivable outstanding as of July 31, 2016 and October 31, 2015 were $3.3 million and $2.6 million, respectively. | ||
[3] | Represents unbilled recoverable costs that relate to revenue recognized on customer contracts that will be billed in future periods in excess of twelve months from July 31, 2016. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jul. 31, 2016 | Oct. 31, 2015 | |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 28,739 | $ 29,103 | |
Work in process | [1] | 49,465 | 36,651 |
Inventory, Net | 78,204 | 65,754 | |
Completed Standard Component | $ 26,600 | $ 13,300 | |
[1] | Included in work-in-process as of July 31, 2016 and October 31, 2015 was $26.6 million and $13.3 million, respectively, of completed standard components. |
Project assets (Details)
Project assets (Details) - USD ($) $ in Thousands | Jul. 31, 2016 | Oct. 31, 2015 |
Project assets [Abstract] | ||
Project Assets, Current | $ 15,632 | $ 5,260 |
Long-term project assets | 18,370 | 6,922 |
project assets current and noncurrent | $ 34,002 | $ 12,182 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2016 | Oct. 31, 2015 | |
Prepaid Expense and Other Assets, Current [Abstract] | |||
Advance payments to vendors | [1] | $ 1,187 | $ 2,281 |
Debt issuance costs | [2] | 446 | 198 |
Notes receivable | 892 | 585 | |
Prepaid expenses and other | [3] | 4,727 | 3,890 |
Total | $ 7,252 | $ 6,954 | |
[1] | Advance payments to vendors relate to payments for inventory purchases ahead of receipt. | ||
[2] | epresents the current portion of direct deferred finance costs related to securing a $40.0 million loan facility with NRG which is being amortized over the five-year life of the facility and direct deferred finance costs relating to the Hercules loan and security agreement entered into in April 2016 which is being amortized over the 30 month life of the loan. | ||
[3] | Primarily relates to other prepaid vendor expenses including insurance, rent and lease payments. |
Goodwill and Intangible Asset38
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2016 | Oct. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 4,075 | $ 4,075 |
Intangible Assets, Gross (Excluding Goodwill) | $ 9,600 | $ 9,592 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2016 | Oct. 31, 2015 | |
Long-term stack residual value | [1] | $ 327 | $ 2,509 |
Debt issuance costs | [2] | 814 | 354 |
Long-term Investments and Receivables, Net | [3] | 4,810 | 0 |
Other | [4] | 1,966 | 279 |
Other assets, net | 7,917 | 3,142 | |
Contractual Obligation | 900 | $ 0 | |
NRG Energy [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000 | ||
[1] | Relates to estimated residual value for module exchanges performed under the Company's service agreements where the useful life extends beyond the contractual term of the service agreement and the Company obtains title for the module from the customer upon expiration or non-renewal of the service agreement. If the Company does not obtain rights to title from the customer, the full cost of the module is expensed at the time of the module exchange. | ||
[2] | Represents the long-term portion of direct deferred finance costs relating to securing a $40.0 million loan facility with NRG which is being amortized over the five-year life of the facility and the long-term portion of direct deferred finance costs relating to sale-leaseback transactions entered into with PNC Energy Capital, LLC which are being amortized over the ten-year term and direct deferred finance costs relating to the Hercules loan and security agreement entered into in April 2016 which is being amortized over the 30 month life of the loan. | ||
[3] | Represents unbilled recoverable costs that relate to revenue recognized on customer contracts that will be billed in future periods in excess of twelve months from July 31, 2016. | ||
[4] | The Company entered into an agreement with one of its customers on June 29, 2016 which includes a fee for the purchase of the plants at the end of the term of the agreement. The option fee is payable in installments over the term of the agreement and the total paid as of July 31, 2016 is $0.9 million. The increase as of July 31, 2016 also includes deposits for projects in development. |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Jul. 31, 2016 | Oct. 31, 2015 | ||
Accrued Liabilities, Current [Abstract] | |||
Accrued payroll and employee benefits | $ 4,930 | $ 3,914 | |
Reserve for product warranty costs | [1] | 609 | 964 |
Accrued material purchase | [2] | 4,908 | 7,568 |
Reserve for service agreement costs | [3] | 5,874 | 3,437 |
Accrued taxes, legal, professional and other | 3,399 | 3,292 | |
Accrued Liabilities, Current | 19,720 | 19,175 | |
Product Warranty Accrual, Warranties Issued | 200 | ||
Product Warranty Accrual, Payment and Adjustments | 600 | ||
Loss on Contracts | 2,000 | ||
loss reserve on service agreements | 2,800 | 800 | |
reserve for performance guarantees | $ 3,100 | $ 2,600 | |
[1] | Activity in the accrued product warranty costs for the nine months ended July 31, 2016 included additions for estimates of future warranty obligations of $0.2 million on contracts in the warranty period and reductions related to actual warranty spend of $0.6 million as contracts progress through the warranty period or are beyond the warranty period. | ||
[2] | The Company acts as a procurement agent for POSCO Energy under an Integrated Global Supply Chain Agreement whereby the Company procures materials on POSCO's behalf for their Asian production facility. This liability represents amounts received for the purchase of materials on behalf of POSCO. Amounts due to vendors is recorded as Accounts payable. | ||
[3] | Activity in service agreement costs represents an increase in loss accruals on service contracts of $2.0 million from $0.8 million as of October 31, 2015 to $2.8 million as of July 31, 2016. The increase primarily relates to renewals of legacy service contracts. The accruals for performance guarantees also increased from $2.6 million as of October 31, 2015 to $3.1 million as of July 31, 2016 based on the minimum output falling below the contract requirements for certain contracts offset by guarantee payments to customers. |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | Jul. 12, 2016 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stockholders' equity (decifit), Including Portion Attributable to Noncontrolling Interest | $ 94,754 | ||||
Stock Granted During Period, Value, Share-based Compensation, Net of Forfeitures | 2,530 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (125) | ||||
Dividends, Preferred Stock | $ (800) | $ (800) | (2,400) | $ (2,400) | |
Foreign currency translation adjustments | (228) | (64) | (26) | (404) | |
Net Loss | (11,067) | $ (6,628) | (38,260) | (20,779) | |
Stockholders' equity (deficit), Including Portion Attributable to Noncontrolling Interest | $ 124,764 | 124,764 | |||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | 2,600 | ||||
Proceeds from Issuance of Common Stock | $ 68,785 | $ 22,061 | |||
Common stock ownership percentage | 4.99% | 4.99% | |||
Parent [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stockholders' equity (decifit), Including Portion Attributable to Noncontrolling Interest | $ 95,309 | ||||
Stock Granted During Period, Value, Share-based Compensation, Net of Forfeitures | 2,530 | ||||
Stock Issued During Period, Value, New Issues | 33,529 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (125) | ||||
Dividends, Preferred Stock | (2,400) | ||||
Foreign currency translation adjustments | (26) | ||||
Net Loss | (38,095) | ||||
Stockholders' equity (deficit), Including Portion Attributable to Noncontrolling Interest | $ 125,484 | 125,484 | |||
Noncontrolling Interest [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stockholders' equity (decifit), Including Portion Attributable to Noncontrolling Interest | (555) | ||||
Net Loss | (165) | ||||
Stockholders' equity (deficit), Including Portion Attributable to Noncontrolling Interest | $ (720) | $ (720) | |||
Common Stock and Pre-Funded Warrants [Member] | |||||
Stock Issued During Period, Shares, New Issues | 1,474,000 | ||||
Common Stock and Pre-Funded Warrants [Member] | Parent [Member] | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock Issued During Period, Value, New Issues | $ 34,762 | ||||
Common Stock [Member] | Common Stock [Member] | |||||
Stock Issued During Period, Shares, New Issues | 5,484,272 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Proceeds from Issuance of Common Stock | $ 33,500 | ||||
NRG Energy [Member] | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 200,000 | 200,000 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 40.20 | $ 40.20 | |||
Series A Warrant [Member] | |||||
Class of Warrant or Right, Outstanding | 7,680,000 | 0 | 7,680,000 | 0 | 7,680,000 |
Common stock issued during period, warrants exercised | 0 | ||||
Warrants expired | 0 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.83 | $ 5.83 | |||
Series B Warrant [Member] | |||||
Class of Warrant or Right, Outstanding | 4,926,000 | 0 | 4,926,000 | 0 | 4,926,000 |
Common stock issued during period, warrants exercised | 0 | ||||
Warrants expired | 0 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.0001 | $ 0.0001 |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | Jul. 12, 2016 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 247,776 | 254,124 | 247,776 | 254,124 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 13,020,442 | 420,790 | ||||
Numerator [Abstract] | ||||||
Net Loss | $ (11,067) | $ (6,628) | $ (38,260) | $ (20,779) | ||
Net Income (Loss) Attributable to Noncontrolling Interest | 57 | 89 | 165 | 280 | ||
Dividends, Preferred Stock | (800) | (800) | (2,400) | (2,400) | ||
Net loss attributable to common shareholders | $ (11,810) | $ (7,339) | $ (40,495) | $ (22,899) | ||
Demoninator [Abstract] | ||||||
Weighted Average Number of Shares Outstanding, Diluted | 31,015,658 | 24,884,103 | 28,680,596 | 24,312,330 | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | [1] | 0 | 0 | 0 | 0 | |
Weighted Average Number of Shares Outstanding, Basic | 31,015,658 | 24,884,103 | 28,680,596 | 24,312,330 | ||
Earnings Per Share, Basic | $ (0.38) | $ (0.29) | $ (1.41) | $ (0.94) | ||
Earnings Per Share, Diluted | [1] | $ (0.38) | $ (0.29) | $ (1.41) | $ (0.94) | |
Series A Warrant [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Class of Warrant or Right, Outstanding | 7,680,000 | 0 | 7,680,000 | 0 | 7,680,000 | |
Series B Warrant [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Class of Warrant or Right, Outstanding | 4,926,000 | 0 | 4,926,000 | 0 | 4,926,000 | |
NRG Energy, Inc. [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 166,666 | 166,666 | 166,666 | 166,666 | ||
[1] | Diluted loss per share was computed without consideration to potentially dilutive instruments as their inclusion would have been antidilutive. Potentially dilutive instruments include stock options, unvested restricted stock awards, convertible preferred stock and warrants. As of July 31, 2016 and 2015, potentially dilutive securities excluded from the diluted loss per share calculation are as follows: July 31, 2016 July 31, 2015July 2016 Offering - Series A Warrants7,680,000 —July 2016 Offering - Series B Warrants4,926,000 —July 2014 Offering - NRG Warrants166,666 166,666Outstanding options to purchase common stock247,776 254,124 Total potentially dilutive securities13,020,442 420,790 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2016 | Oct. 31, 2015 | |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash and cash equivalents | $ 34,700 | $ 26,900 |
Restricted cash and cash equivalents - long-term | 25,225 | 20,600 |
Reserves for obligations | $ 9,100 | |
Letter of Credit Date of Expiration | Apr. 1, 2019 | |
Letters of Credit Outstanding, Amount | $ 7,900 | $ 8,700 |
Dominion Bridgeport FuelCell Park [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash and cash equivalents - long-term | $ 15,000 | |
Debt Instrument, Term | 15 years |
Debt and Finance Obligation (De
Debt and Finance Obligation (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Jul. 31, 2016 | Sep. 06, 2016 | Oct. 31, 2015 | Mar. 05, 2013 | |
Debt Instrument [Line Items] | ||||
Long-term Line of Credit | $ 0 | $ 2,945 | ||
Capital Lease Obligations | 808 | 726 | ||
Total debt | 52,523 | 16,303 | ||
Current portion of long-term debt and finance obligation | 13,995 | 7,358 | ||
Long-term debt | $ 38,528 | 8,945 | ||
Proceeds received from sale of project assets | $ 9,900 | |||
Lease Payment Terms | 36 months | |||
Hercules Capital, Inc. [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 15,283 | 0 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000 | |||
Proceeds from Issuance of Debt | $ 15,000 | |||
Term of loan | 30 months | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 9.50% | |||
Other Deductions and Charges | $ 1,700 | |||
Debt Instrument, Covenant Description | The loan contains a financial covenant whereby the Company is required to maintain an unrestricted cash balance of at least (a) 75% of the outstanding Loan balance plus (b) the amount of accounts payable (as defined under GAAP) not paid within 90 days of the date payment was issued. | |||
PNC Energy Capital, LLC [Member] | ||||
Debt Instrument [Line Items] | ||||
Capital Lease Obligations | $ 6,770 | 0 | ||
Proceeds from Loans | 3,800 | |||
Proceeds received from sale of project assets | 8,800 | |||
Lease Agreements for Projects | 30,000 | |||
State of Connecticut [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Construction Loan, Noncurrent | $ 10,000 | 0 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |||
Debt Instrument, Term | 15 years | |||
NRG Energy [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000 | |||
JPMorgan Chase Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,000 | |||
Connecticut Development Authority Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Line of Credit | 2,647 | 2,817 | ||
Collateralized Agreements | 4,000 | |||
Debt Instrument, Face Amount | $ 4,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||
Connecticut Clean Energy Fund [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Line of Credit | $ 6,052 | 6,052 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,900 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||
NRG Energy, Inc. [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Line of Credit | 10,963 | $ 1,400 | $ 3,763 | |
First Tranche [Member] | Hercules Capital, Inc. [Member] | ||||
Debt Instrument [Line Items] | ||||
Loan Advance | 5,000 | |||
Second Tranche [Member] | Hercules Capital, Inc. [Member] | ||||
Debt Instrument [Line Items] | ||||
Loan Advance | $ 5,000 | |||
Maximum [Member] | NRG Energy [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 8.50% | |||
Minimum [Member] | NRG Energy [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 8.00% |
Commitments and Contingencies45
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2016 | Oct. 31, 2015 | |
loss reserve on service agreements | $ 2,800 | $ 800 |
reserve for performance guarantees | 3,100 | 2,600 |
Long-term Debt and Capital Lease Obligations, Repayments of Principal in Next Twelve Months | 1,310 | |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 444 | |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 882 | |
Capital Leases, Future Minimum Payments Due in Two Years | 248 | |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 751 | |
Capital Leases, Future Minimum Payments Due in Three Years | 102 | |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 363 | |
Capital Leases, Future Minimum Payments Due in Four Years | 14 | |
Capital Lease Obligations | $ 808 | $ 726 |
Lease Payment Terms | 36 months | |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | $ 341 | |
Capital Leases, Future Minimum Payments Due in Five Years | 0 | |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 3,766 | |
Capital Leases, Future Minimum Payments Due Thereafter | 0 | |
Operating Leases, Future Minimum Payments Due | 7,413 | |
Capital Leases, Future Minimum Payments Due | 808 | |
Tax Adjustments, Settlements, and Unusual Provisions | 10,000 | |
Debt Instrument, Unused Borrowing Capacity, Amount | 10,000 | |
Planned expenditures both phases | 65,000 | |
Recorded Unconditional Purchase Obligation | 48,700 | |
Land under Purchase Options, Not Recorded | $ 4,800 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Sep. 06, 2016 | Jul. 31, 2016 | Oct. 31, 2015 |
Subsequent Event [Line Items] | |||
Proceeds received from sale of project assets | $ 9,900 | ||
Long-term Line of Credit | $ 0 | $ 2,945 | |
NRG Energy, Inc. [Member] | |||
Subsequent Event [Line Items] | |||
Long-term Line of Credit | $ 1,400 | $ 10,963 | $ 3,763 |