Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jan. 31, 2017 | Mar. 06, 2017 | |
Document and Entity Information | ||
Entity Registrant Name | FUELCELL ENERGY INC | |
Entity Central Index Key | 886,128 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --10-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 42,477,565 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jan. 31, 2017 | Oct. 31, 2016 |
Current assets: | ||
Cash and cash equivalents, unrestricted | $ 57,646 | $ 84,187 |
Restricted cash and cash equivalents - short term | 9,439 | 9,437 |
Accounts receivable, net | 25,619 | 24,593 |
Inventories | 82,268 | 73,806 |
Other current assets | 5,509 | 10,181 |
Total current assets | 180,481 | 202,204 |
Restricted cash and cash equivalents - long-term | 34,211 | 24,692 |
Long-term project assets | 50,530 | 47,111 |
Property, plant and equipment, net | 39,315 | 36,640 |
Goodwill | 4,075 | 4,075 |
Intangible Assets | 9,592 | 9,592 |
Other assets, net | 10,020 | 16,415 |
Total assets | 328,224 | 340,729 |
Current liabilities: | ||
Current portion of long-term debt | 9,428 | 5,010 |
Accounts payable | 9,508 | 18,475 |
Accrued liabilities | 18,388 | 20,900 |
Deferred revenue | 8,101 | 6,811 |
Preferred stock obligation of subsidiary | 822 | 802 |
Total current liabilities | 46,247 | 51,998 |
Long-term deferred revenue | 20,459 | 20,974 |
Long-term preferred stock obligation of subsidiary | 13,207 | 12,649 |
Long-term debt and other liabilities | 82,772 | 80,855 |
Total liabilities | 162,685 | 166,476 |
Redeemable preferred stock (liquidation preference of $64,020 at January 31, 2017 and October 31, 2016) | 59,857 | 59,857 |
Shareholders' equity | ||
Common stock ($0.0001 par value); 75,000,000 shares authorized as of January 31, 2017 and October 31, 2016, respectively; 41,219,345 and 35,174,424 shares issued and outstanding at January 31, 2017 and October 31, 2016, respectively. | 4 | 4 |
Additional paid-in capital | 1,009,607 | 1,004,566 |
Accumulated deficit | (903,315) | (889,630) |
Accumulated other comprehensive loss | (614) | (544) |
Treasury stock, Common, at cost (21,527 shares as of January 31, 2017 and October 31, 2016) | (179) | (179) |
Deferred compensation | 179 | 179 |
Total shareholders' equity | 105,682 | 114,396 |
Total liabilities and shareholders' equity | $ 328,224 | $ 340,729 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2017 | Oct. 31, 2016 |
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 | 7,500,000 |
Common stock, shares issued | 41,219,345 | 35,174,424 |
Common stock, shares outstanding | 41,219,345 | 35,174,424 |
Treasury stock, shares | 21,527 | 21,527 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Revenues: | ||
Product | $ 1,807 | $ 25,073 |
Service and license | 6,936 | 6,207 |
Generation | 2,085 | 113 |
Advanced technologies | 6,174 | 2,089 |
Total revenues | 17,002 | 33,482 |
Costs of revenues: | ||
Product | 4,055 | 24,389 |
Service and license | 6,266 | 6,619 |
Generation | 1,115 | 232 |
Advanced technologies | 3,753 | 2,408 |
Total costs of revenues | 15,189 | 33,648 |
Gross profit (loss) | 1,813 | (166) |
Operating expenses: | ||
Administrative and selling expenses | 6,004 | 6,040 |
Research and development expenses | 5,392 | 5,311 |
Restructuring Charges | 1,345 | 0 |
Total costs and expenses | 12,741 | 11,351 |
Loss from operations | (10,928) | (11,517) |
Interest expense | (2,267) | (845) |
Other income (expense), net | (409) | 688 |
Loss before provision for income taxes | (13,604) | (11,674) |
Provision for income taxes | (81) | (105) |
Net Loss | (13,685) | (11,779) |
Net loss attributable to noncontrolling interest | 0 | 67 |
Net loss attributable to FuelCell Energy, Inc. | (13,685) | (11,712) |
Preferred stock dividends | (800) | (800) |
Net loss attributable to common shareholders | $ (14,485) | $ (12,512) |
Loss per share basic and diluted | ||
Net loss per share attributable to common shareholders | $ (0.39) | $ (0.48) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 37,613,216 | 26,246,271 |
Consolidated Statements of Ope5
Consolidated Statements of Operations Consolidated Statements of Operations Parentheticals - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Product | $ 1,807 | $ 25,073 |
Service and license | 6,936 | 6,207 |
Related Party [Member] | ||
Product | 100 | 12,800 |
Service and license | $ 1,600 | $ 2,300 |
Statement of Comprehensive Loss
Statement of Comprehensive Loss Statement - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Net Loss | $ (13,685) | $ (11,779) |
Foreign currency translation adjustments | (70) | (218) |
Total Comprehensive loss | $ (13,755) | $ (11,997) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (13,685) | $ (11,779) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation | 1,013 | 858 |
Loss (gain) from change in fair value of embedded derivatives | 42 | (84) |
Depreciation | 2,057 | 1,151 |
Interest expense on preferred stock and debt obligations | 1,470 | 430 |
Unrealized foreign exchange losses (gains) | 340 | (845) |
Other non-cash transactions, net | 127 | 203 |
(Increase) decrease in operating assets: | ||
Accounts receivable | (2,575) | 16,493 |
Inventories | (8,462) | 5,478 |
Project assets | 0 | (8,939) |
Other assets | 1,261 | 120 |
(Decrease) increase in operating liabilities: | ||
Accounts payable | (5,060) | (1,141) |
Accrued liabilities | (2,150) | 9,972 |
Deferred revenue | 775 | (3,321) |
Net cash used in (provided by) operating activities | (24,847) | 8,596 |
Cash flows from investing activities: | ||
Capital expenditures | (6,377) | (1,314) |
Project asset expenditures | (3,053) | (2,044) |
Cash Acquired from Acquisition | 633 | 0 |
Net cash used in investing activities | (8,797) | (3,358) |
Cash flows from financing activities: | ||
Repayment of debt | (5,071) | (8,916) |
Proceeds from debt | 17,891 | 20,102 |
Payment of deferred finance costs | (119) | 0 |
Payment of preferred dividends and return of capital | (1,033) | (1,033) |
Cash received for common stock issued for stock plans | 49 | 0 |
Proceeds from sale of common stock, warrants adn pre-funded warrants, net | 4,977 | 13,306 |
Net cash provided by financing activities | 16,694 | 23,459 |
Effects on cash from changes in foreign currency rates | (70) | (218) |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect | (17,020) | 28,479 |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents-beginning of period | 118,316 | 85,740 |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents-end of period | 101,296 | 114,219 |
Supplemental cash flow disclosures: | ||
Cash interest paid | 756 | 359 |
Noncash financing and investing activity: | ||
Common stock issued for Employee Stock Purchase Plan in settlement of prior year accrued employee contributions | 50 | 105 |
noncash acquisition project assets | 2,386 | 0 |
Accrued purchase of fixed assets | 1,101 | 0 |
Noncash or Part Noncash Acquisition, Debt Assumed | 2,289 | 0 |
Accrued purchase of project assets | 741 | 0 |
Accrued grant awards | 0 | 1,099 |
Accrued Sale of Common Stock | $ 159 | $ 475 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 3 Months Ended |
Jan. 31, 2017 | |
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 its 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 SureSource power plants predictably generate electricity and usable high quality heat 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 sales of equity instruments to strategic investors or in public markets, corporate and project level debt financing and local or state government loans or grants. 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 three months ended January 31, 2017 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, 2016 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, 2016 , 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. Certain reclassifications have been made to conform to the current year presentation. The Company has adopted Accounting Standards Update ("ASU") 2015-03, Interest – Imputation of Interest, and retrospective application is required which resulted in a reclassification in our Consolidated Balance Sheet at October 31, 2016 of $0.3 million of debt issuance costs from Current assets to be a direct deduction of Current portion of debt and a reclassification of $1.1 million of debt issuance costs from Other assets, net to be a direct deduction of Long-term debt and Other liabilities. The Company has also early adopted ASU 2016-18, "Statement of Cash Flows (Topic 230) Restricted Cash" and has applied a retrospective transition method. Accordingly, Restricted Cash and Cash Equivalents has been reclassified as a component of Cash, Cash Equivalents, and Restricted Cash in the Consolidated Statement of Cash Flows for the prior year period presented. The Company has also included an additional caption, Generation, in the Revenue and Cost of Revenues sections of the Statements of Operations to include revenues generated from the Company's project assets (refer to the Revenue Recognition section below for more information). The prior year amounts associated with the power purchase agreements have been reclassified to the new caption. Revenue Recognition We earn revenue from (i) the sale and installation of fuel cell power plants (ii) the sale of component part kits, modules and spare parts to customers, (iii) site engineering and construction services, (iv) performance under long-term service agreements, (v) the sale of electricity and other value streams under power purchase agreements ("PPAs") and project assets retained by the Company, (vi) license fees and royalty income from manufacturing and technology transfer agreements, and (vii) customer-sponsored advanced technology projects. Given the growing revenue related to PPAs and project assets retained by the Company, beginning in the first quarter of 2017, the Company has begun classifying such revenues in a separate line item called Generation, and prior period amounts have been reclassified. As further clarification, revenue elements are classified as follows: Product; Includes the sale and installation of fuel cell power plants, the sale of component part kits, modules and spare parts to customers, and site engineering and construction services, Service and license; Includes performance under long-term service agreements for power plants owned by third parties and license fees and royalty income from manufacturing and technology transfer agreements, Generation; Includes the sale of electricity under power purchase agreements and project assets retained by the Company, revenue received from the sale of other value streams from these assets including the sale of heat, steam and renewable energy credits. Advanced Technologies ; Includes revenue from customer-sponsored advanced technology projects that is recorded as advanced technologies revenues in the consolidated statements of operations. The Company periodically enters into arrangements with customers that involve multiple elements of the above items. We assess such contracts to evaluate whether there are multiple deliverables, and whether the consideration under the arrangement is being appropriately allocated to each of the deliverables. Our revenue is primarily generated from customers located throughout the U.S., Europe and Asia and from agencies of the U.S. Government. For customer contracts for complete SureSource power plants, with which the Company has adequate cost history and estimating experience, and that management believes it can reasonably estimate total contract costs, revenue is recognized under the percentage of completion method of accounting. The use of percentage of completion accounting requires significant judgment relative to estimating total contract costs, including assumptions relative to the length of time to complete the contract, the nature and complexity of the work to be performed, anticipated increases in wages and prices for subcontractor services and materials, and the availability of subcontractor services and materials. Our estimates are based upon the professional knowledge and experience of our engineers, project managers and other personnel, who review each long-term contract on a quarterly basis to assess the contract's schedule, performance, technical matters and estimated cost at completion. When changes in estimated contract costs are identified, such revisions may result in current period adjustments to operations applicable to performance in prior periods. Revenues are recognized based on the percentage of the contract value that incurred costs to date bear to estimated total contract costs, after giving effect to estimates of costs to complete based on most recent information. For customer contracts for new or significantly customized products, where management does not believe it has the ability to reasonably estimate total contract costs, revenue is recognized using the completed contract method and therefore all revenue and costs for the contract are deferred and not recognized until installation and acceptance of the power plant is complete. We recognize anticipated contract losses as soon as they become known and estimable. Actual results could vary from initial estimates and estimates will be updated as conditions change. Site engineering and construction services revenue is recognized on a percentage of completion basis as costs are incurred. Revenue from fuel cell kits, modules and spare parts sales is recognized upon shipment or title transfer under the terms of the customer contract. Terms for certain contracts provide for a transfer of title and risk of loss to our customers at our factory locations upon completion of our contractual requirement to produce products and prepare the products for shipment. A shipment in place may occur in the event that the customer is not ready to take delivery of the products on the contractually specified delivery dates. Revenue from service agreements is generally recorded ratably over the term of the service agreement, as our performance of routine monitoring and maintenance under these service agreements is generally expected to be incurred on a straight-line basis. For service agreements where we expect to have a module exchange at some point during the term (generally service agreements in excess of five years), the costs of performance are not expected to be incurred on a straight-line basis, and therefore, a portion of the initial contract value related to the module exchange is deferred and is recognized upon such module replacement event. The Company receives license fees and royalty income from POSCO Energy as a result of manufacturing and technology transfer agreements entered into in 2007, 2009 and 2012. The Cell Technology Transfer Agreement we entered into on October 31, 2012 provides POSCO Energy with a technology license to manufacture SureSource power plants in South Korea and the exclusive market access to sell power plants throughout Asia. Under PPAs and project assets retained by the Company, revenue from the sale of electricity and other value streams is recognized as electricity is provided to the customer. These revenues are classified as a component of generation revenues. Revenue from advanced technology projects is recognized as direct costs are incurred plus allowable overhead less cost share requirements, if any. Advanced technology programs are often multi-year projects or structured in phases with subsequent phases dependent on reaching certain milestones prior to additional funding being authorized. Government contracts are typically structured with cost-reimbursement and/or cost-shared type contracts or cooperative agreements. We are reimbursed for reasonable and allocable costs up to the reimbursement limits set by the contract or cooperative agreement, and on certain contracts we are reimbursed only a portion of the costs incurred. 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 6% of the outstanding common shares of the Company as of January 31, 2017. Revenues from POSCO Energy for the three months ended January 31, 2017 and 2016 represent 10% and 45% , respectively, of consolidated revenues. NRG Energy, Inc. ("NRG") is a related party and owned approximately 3% of the outstanding common shares of the Company as of January 31, 2017. 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 January 31, 2017 and 2016 represent 0.4% and 0.2% , respectively, of consolidated revenues. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements (Notes) | 3 Months Ended |
Jan. 31, 2017 | |
Recent Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recent Accounting Pronouncements Recently Adopted Accounting Guidance In October 2016, the FASB issued Accounting Standards Update ("ASU") 2016-18, "Statement of Cash Flows (Topic 230) Restricted Cash". The amendments require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company early-adopted ASU 2016-18 as of October 31, 2016 using the retrospective transition method. Accordingly, the Consolidated Statement of Cash Flows for the three months ended January 31, 2016 has been revised to include Restricted Cash and Cash Equivalents as a component of Cash, Cash Equivalents, and Restricted Cash. 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 Company has adopted ASU 2015-03 and retrospective application is required which resulted in a reclassification in our Consolidated Balance Sheet as of October 31, 2016 of $0.3 million of debt issuance costs from Current assets to be a direct deduction of Current portion of debt and a reclassification of $1.1 million of debt issuance costs from Other assets, net to be a direct deduction of Long-term debt and Other liabilities. In January 2017, the FASB issued ASU 2017-01, “Business Combinations.” ASU 2017-01 was issued to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company has elected to early adopt ASU 2017-01. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recent Accounting Guidance Not Yet Effective In February 2016, the FASB issued 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 (first quarter of fiscal 2020 for the Company). Early adoption is permitted. The Company has both operating and capital leases (Refer to Note 17. Commitments and Contingences) as well as sale-leasebacks accounted for under the finance method and may have other arrangements that contain embedded leases as characterized in this ASU. We expect this will result in the recognition of right-of-use assets and lease liabilities not currently recorded on our consolidated financial statements under existing accounting guidance, however we are still evaluating all of the Company’s contractual arrangements and the impact that adoption of ASU 2016-02 will have on the Company’s consolidated financial statements. 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, 2016, 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 to fiscal year, and interim periods within those fiscal years beginning after December 15, 2017 (first quarter of fiscal 2019 for the Company), but allow adoption as of the original adoption date. The Company has numerous different revenue sources including the sale and installation of fuel cell power plants, site engineering and construction services, sale of modules and spare parts, extended warranty service agreements, sale of electricity under power purchase agreements, license fees and royalty income from manufacturing and technology transfer agreements and customer-sponsored advanced technology projects. This requires application of various revenue recognition methods under current accounting guidance. Although we anticipate that upon adoption of this new ASU the timing of revenue recognition for certain of our revenue sources might change, we are still 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 expedients regarding collectability, presentation of sales tax collected from customers, non-cash consideration, contract modifications at transition, completed contracts at transition and other technical corrections. We have initiated a review of the contracts for our significant revenue streams to understand the impact of the adoption of this ASU. |
Restructuring (Notes)
Restructuring (Notes) | 3 Months Ended |
Jan. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring On November 30, 2016, a business restructuring was announced to reduce costs and align production levels with current levels of demand in a manner that is consistent with the Company’s long-term strategic plan. The Company is reducing materials spend as well as implementing various cost control initiatives. The workforce was reduced at both the North American production facility in Torrington, Connecticut, as well as at corporate offices in Danbury and remote locations. A total of 96 positions, or approximately 17% of the global workforce, was impacted. The production rate has been reduced to twenty-five megawatts annually, from the prior rate of fifty megawatts annually, in order to position for delays in anticipated order flow. This production level is anticipated to be temporary and will be reevaluated as order flow dictates, with any future increases being undertaken from what is now a lower cost basis. A restructuring expense relating to eliminated positions of $1.3 million has been recorded for the three months ended January 31, 2017, which has been presented on a separate caption in the Consolidated Statement of Operations. |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Jan. 31, 2017 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable as of January 31, 2017 and October 31, 2016 consisted of the following: January 31, 2017 October 31, 2016 Commercial Customers: Amount billed $ 6,928 $ 5,411 Unbilled recoverable costs (2) 11,596 13,651 18,524 19,062 Advanced Technology (including U.S. Government (1) ): Amount billed 2,427 2,463 Unbilled recoverable costs 4,668 3,068 7,095 5,531 Accounts receivable, net $ 25,619 $ 24,593 (1) Total U.S. Government accounts receivable outstanding as of January 31, 2017 and October 31, 2016 were $2.0 million and $2.2 million , respectively. (2) Additional unbilled recoverable costs of $7.0 million and $5.7 million are included within long-term Other Assets as of January 31, 2017 and October 31, 2016, respectively. We bill customers for power plant 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 as of January 31, 2017 and October 31, 2016 . Uncollectible accounts receivable are charged against the allowance for doubtful accounts when all collection efforts have failed and it is deemed unlikely that the amount will be recovered. Accounts receivable from commercial customers (including unbilled recoverable costs) included amounts due from POSCO Energy of $4.3 million and $5.0 million as of January 31, 2017 and October 31, 2016 , respectively and amounts due from NRG and NRG Yield of $0.1 million as of October 31, 2016. There were no amounts outstanding from NRG and NRG Yield as of January 31, 2017. |
Inventories
Inventories | 3 Months Ended |
Jan. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The components of inventory as of January 31, 2017 and October 31, 2016 consisted of the following: January 31, October 31, Raw materials $ 27,010 $ 25,286 Work-in-process (1) 55,258 48,520 Inventories $ 82,268 $ 73,806 (1) Included in work-in-process as of January 31, 2017 and October 31, 2016 was $47.4 million and $40.6 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. Raw materials and work in process are net of a valuation allowance of approximately $0.2 million as of January 31, 2017 and October 31, 2016. |
Project assets (Notes)
Project assets (Notes) | 3 Months Ended |
Jan. 31, 2017 | |
Project assets [Abstract] | |
Project assets [Text Block] | Project Assets Project assets as of January 31, 2017 and October 31, 2016 is $50.5 million and $47.1 million , respectively. Project assets at January 31, 2017 include $34.5 million which represents four completed, commissioned installations where we have a PPA with the end-user of power and site host. These assets are the subject of sale-leaseback arrangements with PNC, which are recorded under the financing method of accounting for a sale-leaseback. Under the finance method, the Company does not recognize the proceeds received from the lessor as a sale of such assets. This balance also includes assets aggregating $13.7 million which are being constructed by the Company under PPAs which have been executed or are expected to be executed in 2017. In November 2016, the Company's wholly-owned subsidiary, FuelCell Energy Finance, LLC ("FuelCell Finance") entered into a membership interest purchase agreement with GW Power LLC ("Seller") whereby FuelCell Finance purchased all of the outstanding membership interests in New Britain Renewable Energy, LLC (“NBRE”) from Seller. The Seller assigned the NBRE interest to FuelCell Finance free and clear of all liens other than a pledge in favor of Webster Bank, National Association. The Company adopted ASU 2017-01 which resulted in the transaction being accounted for as an asset acquisition of a power plant with a fair value of $2.3 million which has been classified as a long-term project asset in support of an Energy Purchase Agreement. Project construction costs incurred for the long-term project assets are reported as investing activities in the Consolidated Statement of Cash Flows. The proceeds received from 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) | 3 Months Ended |
Jan. 31, 2017 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Other Current Assets [Text Block] | Other Current Assets Other current assets as of January 31, 2017 and October 31, 2016 consisted of the following: January 31, 2017 October 31, 2016 Advance payments to vendors (1) $ 719 $ 1,247 Deferred finance costs (2) 129 152 Notes receivable (3) — 1,007 Prepaid expenses and other (4) 4,661 7,775 Other current assets $ 5,509 $ 10,181 (1) Advance payments to vendors relate to payments for inventory purchases ahead of receipt. (2) Represents the current portion of direct deferred finance costs relate primarily to securing a $40.0 million loan facility with NRG which is being amortized over the five-year life of the facility. (3) Note receivable was included in the consideration paid for the acquired fuel cell power plant discussed in Note 6. (4) Primarily relates to other prepaid vendor expenses including insurance, rent and lease payments. |
Other Assets
Other Assets | 3 Months Ended |
Jan. 31, 2017 | |
Other Assets, Noncurrent [Abstract] | |
Other Assets, net | Other Assets Other assets as of January 31, 2017 and October 31, 2016 consisted of the following: January 31, 2017 October 31, 2016 Long-term accounts receivable (1) $ — $ 8,353 Long-term stack residual value (2) 657 — Deferred finance costs (3) $ 193 $ 225 Long-term unbilled recoverable costs (4) 7,046 5,714 Other (5) 2,124 2,123 Other assets $ 10,020 $ 16,415 (1) The balance as of October 31, 2016 represents receivables, which were subsequently collected and relate to project and stack replacement reserve accounts to a sale-leaseback transaction. As of January 31, 2017, the funds are recorded as long-term restricted cash. (2) 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 increase from October 31, 2016 represents residual value for two module replacements performed during the three months ended January 31, 2017. (3) Represents the long-term portion of direct deferred finance costs relating to the Company's loan facility with NRG which is being amortized over the five-year life of the facility. (4) 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 January 31, 2017. (5) 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 January 31, 2017 is $0.9 million . Also included within other are long-term security deposits. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Jan. 31, 2017 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities as of January 31, 2017 and October 31, 2016 consisted of the following: January 31, 2017 October 31, 2016 Accrued payroll and employee benefits $ 3,771 $ 4,183 Accrued contract loss 109 — Accrued product warranty cost (1) 585 516 Accrued material purchases (2) 7,106 6,908 Accrued service agreement costs (3) 4,167 6,030 Accrued taxes, legal, professional and other 2,650 3,263 Accrued liabilities $ 18,388 $ 20,900 (1) Activity in the accrued product warranty costs for the three months ended January 31, 2017 included additions for estimates of future warranty obligations of $0.4 million on contracts in the warranty period and reductions related to actual warranty spend of $0.3 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 its 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 decrease in loss accruals on service contracts of $1.7 million from $2.7 million as of October 31, 2016 to $1.0 million as of January 31, 2017. The decrease primarily relates to module exchanges performed during the three months ended January 31, 2017. The accruals for performance guarantees also decreased from $3.3 million as of October 31, 2016 to $3.1 million as of January 31, 2017 for guarantee payments to customers offset by additional accruals for the minimum output falling below the contract requirements for certain contracts. |
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) | 3 Months Ended |
Jan. 31, 2017 | |
Equity [Abstract] | |
Shareholders' Equity (Deficit) | Shareholders’ Equity Changes in shareholders’ equity Changes in shareholders’ equity were as follows for the three months ended January 31, 2017: Total Shareholders’ Equity Balance as of October 31, 2016 $ 114,396 Share-based compensation 1,013 Sale of common stock, net 4,779 Stock issued under benefit plans net of taxes paid upon vesting of restricted stock awards 49 Preferred dividends – Series B (800 ) Other comprehensive income - foreign currency translation adjustments (70 ) Net loss (13,685 ) Balance as of January 31, 2017 $ 105,682 Common Stock Sales The Company may sell common stock on the open market from time to time under an effective shelf registration statement. The proceeds of these sales is used for general corporate purposes or to pay obligations related to the Company's outstanding Series 1 and Series B preferred shares. During the three months ended January 31, 2017, the Company sold 2.2 million shares of the Company's common stock at prevailing market prices through periodic trades on the open market and raised approximately $4.9 million , net of fees. Outstanding Warrants On July 12, 2016, the 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. In conjunction with the offering the Company issued 7,680,000 Series A Warrants, all of which remain outstanding as of January 31, 2017, at an exercise price of $5.83 per share. The Company also issued 4,926,000 prefunded Series B Warrants. There were 3,826,000 prefunded Series B Warrants outstanding as of October 31, 2016, all of which have been exercised during the three months ended January 31, 2017. The remaining Series A Warrants continue to qualify for permanent equity accounting treatment. 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 | 3 Months Ended |
Jan. 31, 2017 | |
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 January 31, 2017 2016 Numerator Net loss $ (13,685 ) $ (11,779 ) Net loss attributable to noncontrolling interest — 67 Preferred stock dividend (800 ) (800 ) Net loss attributable to common shareholders $ (14,485 ) $ (12,512 ) Denominator Weighted average basic common shares 37,613,216 26,246,271 Effect of dilutive securities (1) — — Weighted average diluted common shares 37,613,216 26,246,271 Basic loss per share $ (0.39 ) $ (0.48 ) Diluted loss per share (1) $ (0.39 ) $ (0.48 ) (1) Due to the net loss to common shareholders in each of the periods presented above, diluted loss per share was computed without consideration to potentially dilutive instruments as their inclusion would have been antidilutive. As of January 31, 2017 and 2016, potentially dilutive securities excluded from the diluted loss per share calculation are as follows: January 31, 2017 January 31, 2016 July 2016 Offering - Series A Warrants 7,680,000 — July 2014 Offering - NRG Warrants 166,666 166,666 Outstanding options to purchase common stock 245,820 253,815 Unvested Restricted Stock Awards 904,041 451,088 5% Series B Cumulative Convertible Preferred Stock 454,043 454,043 Series 1 Preferred Shares to satisfy conversion requirements 2,385,001 655,569 Total potentially dilutive securities 11,835,571 1,981,181 Refer to Note 12, Redeemable Preferred Stock, which is included in our Annual Report on Form 10-K for the year ended October 31, 2016 for information on the calculation of the common shares upon conversion. |
Restricted Cash
Restricted Cash | 3 Months Ended |
Jan. 31, 2017 | |
Restricted Cash and Investments [Abstract] | |
Restricted cash | Restricted Cash As of January 31, 2017, there was $43.6 million of restricted cash and cash equivalents pledged as collateral for letters of credit for certain banking requirements and contractual commitments, compared to $34.1 million of restricted cash and cash equivalents pledged as of October 31, 2016. 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 January 31, 2017 also includes $17.6 million to support obligations related to PNC Energy Capital, LLC sale-leaseback transactions. As of January 31, 2017 and October 31, 2016, outstanding letters of credit totaled $7.9 million . These expire on various dates through April 2019 . |
Debt and Finance Obligation (No
Debt and Finance Obligation (Notes) | 3 Months Ended |
Jan. 31, 2017 | |
Debt [Abstract] | |
Debt and Finance Obligation | Debt and Finance Obligation Debt as of January 31, 2017 and October 31, 2016, consisted of the following: January 31, 2017 October 31, 2016 Connecticut Development Authority Note $ 2,530 $ 2,589 CT Green Bank Note 6,052 6,050 NRG Energy, Inc. Loan Agreement — 1,755 PNC Energy Capital, LLC Finance Obligation 47,252 41,603 State of Connecticut Loan 10,000 10,000 Hercules Loan and Security Agreement 20,760 20,521 New Britain Renewable Energy Term Loan 2,140 — Capitalized lease obligations 774 660 Deferred finance costs (1,459 ) (1,408 ) Total debt $ 88,049 $ 81,770 Current portion of long-term debt and finance obligation (9,428 ) (5,010 ) Long-term debt $ 78,621 $ 76,760 The Company has a 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. The Company has a long-term loan agreement with 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. In July 2014, the Company, through its wholly-owned subsidiary 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 for the purpose of accelerating project development by the Company and its subsidiaries. We may draw on the facility to finance the construction of projects through the commercial operating date of the power plants. 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. 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, whereby the Company’s project finance subsidiaries may enter into sale-leaseback agreements for commissioned projects where we have entered into a PPA with the site host/end-user of produced power. Under the financing method of accounting for a sale-leaseback, 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. The outstanding finance obligation balance as of January 31, 2017 is $47.3 million and the increase from October 31, 2016 includes a sale-leaseback transaction which was completed in December 2016 and the recognition of interest expense offset by lease payments. In November 2015, the Company closed on a definitive Assistance Agreement with the State of Connecticut and received a disbursement of $10.0 million 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 percent 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 drew down during fiscal year 2016 $20.0 million . FCE may also make an additional draw down of $5.0 million beginning on the later of January 1, 2017 or the date certain milestones are met, and June 15, 2017 . The loan is a 30 month secured facility and the term loan interest is currently 9.5 percent . 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 November 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. In November 2016, in connection with the acquisition of NBRE, debt with Webster was assumed as a part of the transaction in the amount of $2.3 million . The term loan interest is 5.0 percent and payments are due on a quarterly basis commencing in January 2017. The balance outstanding as of January 31, 2017 was $2.1 million . 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. Direct deferred finance costs relate primarily 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. |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 3 Months Ended |
Jan. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Lease agreements As of January 31, 2017 and October 31, 2016, the Company had equipment financing and capital lease obligations of $0.8 million and $0.7 million , respectively. 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. Non-cancelable minimum payments applicable to operating and capital leases as of January 31, 2017 were as follows (in thousands): Operating Leases Capital Leases Due Year 1 $ 1,406 $ 386 Due Year 2 1,138 263 Due Year 3 784 120 Due Year 4 319 5 Due Year 5 373 — Thereafter 3,289 — Total $ 7,309 $ 774 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 $3.3 million as of January 31, 2017 and October 31, 2016, respectively, and is recorded in Accrued Liabilities. Our loss accrual on service agreements, excluding the accrual for performance guarantees, totaled $1.0 million and $2.7 million as of January 31, 2017 and October 31, 2016, 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 decrease primarily relates to module exchanges performed during the three months ended January 31, 2017. 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. As lessee of the power plants, 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. We are typically not required to produce minimum amounts of power under our PPA agreements and we typically have the right to terminate PPA agreements by giving written notice to the customer, subject to certain exit costs. Expansion of Torrington Facility and Related Financing In December 2015, the Company commenced the first phase of its 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. Initially, this additional space will be used to enhance and streamline logistics functions through consolidation of satellite warehouse locations and will provide the space needed to reconfigure the existing production process to improve manufacturing efficiencies. 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. In conjunction with this financing, the Company entered into a $10.0 million Promissory Note and related security agreements The second phase of our manufacturing expansion, for which we will be eligible subject to certain conditions to receive an additional $10.0 million in low-cost financing from the State of Connecticut, will commence as demand supports. The first phase of the expansion is expected to result in expenditures of up to $23.0 million that will be partially off-set by the $10.0 million of first phase funding received from the State of Connecticut. Other As of January 31, 2017, the Company has unconditional purchase commitments aggregating $43.7 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. |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 3 Months Ended |
Jan. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Accounts receivable as of January 31, 2017 and October 31, 2016 consisted of the following: January 31, 2017 October 31, 2016 Commercial Customers: Amount billed $ 6,928 $ 5,411 Unbilled recoverable costs (2) 11,596 13,651 18,524 19,062 Advanced Technology (including U.S. Government (1) ): Amount billed 2,427 2,463 Unbilled recoverable costs 4,668 3,068 7,095 5,531 Accounts receivable, net $ 25,619 $ 24,593 (1) Total U.S. Government accounts receivable outstanding as of January 31, 2017 and October 31, 2016 were $2.0 million and $2.2 million , respectively. (2) Additional unbilled recoverable costs of $7.0 million and $5.7 million are included within long-term Other Assets as of January 31, 2017 and October 31, 2016, respectively. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Jan. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | The components of inventory as of January 31, 2017 and October 31, 2016 consisted of the following: January 31, October 31, Raw materials $ 27,010 $ 25,286 Work-in-process (1) 55,258 48,520 Inventories $ 82,268 $ 73,806 (1) Included in work-in-process as of January 31, 2017 and October 31, 2016 was $47.4 million and $40.6 million , respectively, of completed standard components. |
Other Current Assets (Tables)
Other Current Assets (Tables) | 3 Months Ended |
Jan. 31, 2017 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | Other current assets as of January 31, 2017 and October 31, 2016 consisted of the following: January 31, 2017 October 31, 2016 Advance payments to vendors (1) $ 719 $ 1,247 Deferred finance costs (2) 129 152 Notes receivable (3) — 1,007 Prepaid expenses and other (4) 4,661 7,775 Other current assets $ 5,509 $ 10,181 (1) Advance payments to vendors relate to payments for inventory purchases ahead of receipt. (2) Represents the current portion of direct deferred finance costs relate primarily to securing a $40.0 million loan facility with NRG which is being amortized over the five-year life of the facility. (3) Note receivable was included in the consideration paid for the acquired fuel cell power plant discussed in Note 6. (4) Primarily relates to other prepaid vendor expenses including insurance, rent and lease payments. |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Jan. 31, 2017 | |
Other Assets, Noncurrent [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | Other assets as of January 31, 2017 and October 31, 2016 consisted of the following: January 31, 2017 October 31, 2016 Long-term accounts receivable (1) $ — $ 8,353 Long-term stack residual value (2) 657 — Deferred finance costs (3) $ 193 $ 225 Long-term unbilled recoverable costs (4) 7,046 5,714 Other (5) 2,124 2,123 Other assets $ 10,020 $ 16,415 (1) The balance as of October 31, 2016 represents receivables, which were subsequently collected and relate to project and stack replacement reserve accounts to a sale-leaseback transaction. As of January 31, 2017, the funds are recorded as long-term restricted cash. (2) 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 increase from October 31, 2016 represents residual value for two module replacements performed during the three months ended January 31, 2017. (3) Represents the long-term portion of direct deferred finance costs relating to the Company's loan facility with NRG which is being amortized over the five-year life of the facility. (4) 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 January 31, 2017. (5) 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 January 31, 2017 is $0.9 million . Also included within other are long-term security deposits. |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Jan. 31, 2017 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities as of January 31, 2017 and October 31, 2016 consisted of the following: January 31, 2017 October 31, 2016 Accrued payroll and employee benefits $ 3,771 $ 4,183 Accrued contract loss 109 — Accrued product warranty cost (1) 585 516 Accrued material purchases (2) 7,106 6,908 Accrued service agreement costs (3) 4,167 6,030 Accrued taxes, legal, professional and other 2,650 3,263 Accrued liabilities $ 18,388 $ 20,900 (1) Activity in the accrued product warranty costs for the three months ended January 31, 2017 included additions for estimates of future warranty obligations of $0.4 million on contracts in the warranty period and reductions related to actual warranty spend of $0.3 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 its 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 decrease in loss accruals on service contracts of $1.7 million from $2.7 million as of October 31, 2016 to $1.0 million as of January 31, 2017. The decrease primarily relates to module exchanges performed during the three months ended January 31, 2017. The accruals for performance guarantees also decreased from $3.3 million as of October 31, 2016 to $3.1 million as of January 31, 2017 for guarantee payments to customers offset by additional accruals for the minimum output falling below the contract requirements for certain contracts. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Jan. 31, 2017 | |
Class of Warrant or Right [Line Items] | |
Schedule of Stockholders Equity [Table Text Block] | Changes in shareholders’ equity were as follows for the three months ended January 31, 2017: Total Shareholders’ Equity Balance as of October 31, 2016 $ 114,396 Share-based compensation 1,013 Sale of common stock, net 4,779 Stock issued under benefit plans net of taxes paid upon vesting of restricted stock awards 49 Preferred dividends – Series B (800 ) Other comprehensive income - foreign currency translation adjustments (70 ) Net loss (13,685 ) Balance as of January 31, 2017 $ 105,682 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended |
Jan. 31, 2017 | |
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 January 31, 2017 and 2016, potentially dilutive securities excluded from the diluted loss per share calculation are as follows: January 31, 2017 January 31, 2016 July 2016 Offering - Series A Warrants 7,680,000 — July 2014 Offering - NRG Warrants 166,666 166,666 Outstanding options to purchase common stock 245,820 253,815 Unvested Restricted Stock Awards 904,041 451,088 5% Series B Cumulative Convertible Preferred Stock 454,043 454,043 Series 1 Preferred Shares to satisfy conversion requirements 2,385,001 655,569 Total potentially dilutive securities 11,835,571 1,981,181 |
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 January 31, 2017 2016 Numerator Net loss $ (13,685 ) $ (11,779 ) Net loss attributable to noncontrolling interest — 67 Preferred stock dividend (800 ) (800 ) Net loss attributable to common shareholders $ (14,485 ) $ (12,512 ) Denominator Weighted average basic common shares 37,613,216 26,246,271 Effect of dilutive securities (1) — — Weighted average diluted common shares 37,613,216 26,246,271 Basic loss per share $ (0.39 ) $ (0.48 ) Diluted loss per share (1) $ (0.39 ) $ (0.48 ) (1) Due to the net loss to common shareholders in each of the periods presented above, diluted loss per share was computed without consideration to potentially dilutive instruments as their inclusion would have been antidilutive. As of January 31, 2017 and 2016, potentially dilutive securities excluded from the diluted loss per share calculation are as follows: January 31, 2017 January 31, 2016 July 2016 Offering - Series A Warrants 7,680,000 — July 2014 Offering - NRG Warrants 166,666 166,666 Outstanding options to purchase common stock 245,820 253,815 Unvested Restricted Stock Awards 904,041 451,088 5% Series B Cumulative Convertible Preferred Stock 454,043 454,043 Series 1 Preferred Shares to satisfy conversion requirements 2,385,001 655,569 Total potentially dilutive securities 11,835,571 1,981,181 Refer to Note 12, Redeemable Preferred Stock, which is included in our Annual Report on Form 10-K for the year ended October 31, 2016 for information on the calculation of the common shares upon conversion. |
Debt and Finance Obligation (Ta
Debt and Finance Obligation (Tables) | 3 Months Ended |
Jan. 31, 2017 | |
Debt [Abstract] | |
Schedule of Debt [Table Text Block] | Debt as of January 31, 2017 and October 31, 2016, consisted of the following: January 31, 2017 October 31, 2016 Connecticut Development Authority Note $ 2,530 $ 2,589 CT Green Bank Note 6,052 6,050 NRG Energy, Inc. Loan Agreement — 1,755 PNC Energy Capital, LLC Finance Obligation 47,252 41,603 State of Connecticut Loan 10,000 10,000 Hercules Loan and Security Agreement 20,760 20,521 New Britain Renewable Energy Term Loan 2,140 — Capitalized lease obligations 774 660 Deferred finance costs (1,459 ) (1,408 ) Total debt $ 88,049 $ 81,770 Current portion of long-term debt and finance obligation (9,428 ) (5,010 ) Long-term debt $ 78,621 $ 76,760 |
Commitments and Contingencies30
Commitments and Contingencies (Tables) | 3 Months Ended |
Jan. 31, 2017 | |
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 January 31, 2017 were as follows (in thousands): Operating Leases Capital Leases Due Year 1 $ 1,406 $ 386 Due Year 2 1,138 263 Due Year 3 784 120 Due Year 4 319 5 Due Year 5 373 — Thereafter 3,289 — Total $ 7,309 $ 774 |
Nature of Business and Basis 31
Nature of Business and Basis of Presentation (Details) | 3 Months Ended | |
Jan. 31, 2017 | Jan. 31, 2016 | |
POSCO Energy [Member] | ||
Common stock ownership percentage | 6.00% | |
significant customer revenue percentage | 10.00% | 45.00% |
NRG Energy, Inc. [Member] | ||
Common stock ownership percentage | 3.00% | |
significant customer revenue percentage | 0.20% |
Restructuring (Details)
Restructuring (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jan. 31, 2017USD ($) | Jan. 31, 2016USD ($) | Oct. 31, 2016Rate | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Number of Positions Eliminated | 96 | ||
Restructuring and Related Cost, Number of Positions Eliminated, Inception to Date Percent | Rate | 17.00% | ||
Restructuring Charges | $ | $ 1,345 | $ 0 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Oct. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Contract Receivable | $ 6,928 | $ 5,411 | |
Unbilled Contracts Receivable | [1] | 11,596 | 13,651 |
Commercial Customers accounts receivable | 18,524 | 19,062 | |
Government Contract Receivable | 2,427 | 2,463 | |
Government Contract Receivable, Unbilled Amounts | 4,668 | 3,068 | |
U.S. Government accounts receivable total | [2] | 7,095 | 5,531 |
Accounts Receivable, Net, Current | 25,619 | 24,593 | |
Allowance for Doubtful Accounts Receivable, Current | 200 | ||
Long-term Investments and Receivables, Net | [3] | 7,000 | 5,700 |
POSCO Energy [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Receivable, Related Parties, Current | 4,300 | 5,000 | |
NRG Energy, Inc. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Receivable, Related Parties, Current | 100 | ||
Government [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
U.S. Government accounts receivable total | $ 2,000 | $ 2,200 | |
[1] | Additional unbilled recoverable costs of $7.0 million and $5.7 million are included within long-term Other Assets as of January 31, 2017 and October 31, 2016, respectively. | ||
[2] | Total U.S. Government accounts receivable outstanding as of January 31, 2017 and October 31, 2016 were $2.0 million and $2.2 million, respectively. | ||
[3] | Represents unbilled recoverable costs that relate to revenue recognized on customer contracts that will be billed in future periods in excess of twelve months from January 31, 2017. |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Oct. 31, 2016 | |
Inventory Disclosure [Abstract] | |||
Inventory valuation reserves | $ 200 | $ 200 | |
Raw materials | 27,010 | 25,286 | |
Work in process | [1] | 55,258 | 48,520 |
Inventory, Net | 82,268 | 73,806 | |
Completed Standard Component | $ 47,400 | $ 40,600 | |
[1] | Included in work-in-process as of January 31, 2017 and October 31, 2016 was $47.4 million and $40.6 million, respectively, of completed standard components. |
Project assets (Details)
Project assets (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Oct. 31, 2016 |
Project assets [Abstract] | ||
Project Assets without a sale-leaseback | $ 13,700 | |
Long-term project assets | 50,530 | $ 47,111 |
Sale Leaseback Transaction, Net Book Value | $ 34,500 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Oct. 31, 2016 | |
Prepaid Expense and Other Assets, Current [Abstract] | |||
Advance payments to vendors | [1] | $ 719 | $ 1,247 |
Debt issuance costs | [2] | 129 | 152 |
Notes receivable | [3] | 0 | 1,007 |
Prepaid expenses and other | [4] | 4,661 | 7,775 |
Total | $ 5,509 | $ 10,181 | |
[1] | Advance payments to vendors relate to payments for inventory purchases ahead of receipt. | ||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjEzMzJlMmU0ZWJmYzRkZGFiYTYxNzAxYzAyMjE1OWFlfFRleHRTZWxlY3Rpb246MUM0MzEyNUU0MzgzNUVEREEyNzRBRDIyODJBRkYwQkEM} | ||
[3] | Note receivable was included in the consideration paid for the acquired fuel cell power plant discussed in Note 6. | ||
[4] | Primarily relates to other prepaid vendor expenses including insurance, rent and lease payments. |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Oct. 31, 2016 | |
Replacement Reserve Escrow | [1] | $ 0 | $ 8,353 |
Long-term stack residual value | [2] | 657 | 0 |
Debt issuance costs | [3] | 193 | 225 |
Unbilled Receivables, Not Billable | [4] | 7,046 | 5,714 |
Long-term Investments and Receivables, Net | [4] | 7,000 | 5,700 |
Other | [5] | 2,124 | 2,123 |
Other assets, net | 10,020 | $ 16,415 | |
Contractual Obligation | 900 | ||
NRG Energy [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000 | ||
[1] | The balance as of October 31, 2016 represents receivables, which were subsequently collected and relate to project and stack replacement reserve accounts to a sale-leaseback transaction. As of January 31, 2017, the funds are recorded as long-term restricted cash. | ||
[2] | 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. | ||
[3] | Represents the long-term portion of direct deferred finance costs relating to the Company's loan facility with NRG which is being amortized over the five-year life of the facility. | ||
[4] | 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 January 31, 2017. | ||
[5] | 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 January 31, 2017 is $0.9 million. |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 31, 2017 | Oct. 31, 2016 | ||
Accrued Liabilities, Current [Abstract] | |||
Accrued payroll and employee benefits | $ 3,771 | $ 4,183 | |
Accrued contract and operating costs | 109 | 0 | |
Reserve for product warranty costs | [1] | 585 | 516 |
Accrued material purchase | [2] | 7,106 | 6,908 |
Accrued service and performance | [3] | 4,167 | 6,030 |
Reserve for service agreement costs | 1,000 | 2,700 | |
Accrued taxes, legal, professional and other | 2,650 | 3,263 | |
Accrued Liabilities, Current | 18,388 | 20,900 | |
Product Warranty Accrual, Warranties Issued | 400 | ||
Product Warranty Accrual, Payment and Adjustments | 300 | ||
Increase in reserve for service agreement costs | 1,700 | ||
loss reserve on service agreements | 1,000 | 2,700 | |
reserve for performance guarantees | $ 3,100 | $ 3,300 | |
[1] | Activity in the accrued product warranty costs for the three months ended January 31, 2017 included additions for estimates of future warranty obligations of $0.4 million on contracts in the warranty period and reductions related to actual warranty spend of $0.3 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 its 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 decrease in loss accruals on service contracts of $1.7 million from $2.7 million as of October 31, 2016 to $1.0 million as of January 31, 2017. The decrease primarily relates to module exchanges performed during the three months ended January 31, 2017. The accruals for performance guarantees also decreased from $3.3 million as of October 31, 2016 to $3.1 million as of January 31, 2017 for guarantee payments to customers offset by additional accruals for the minimum output falling below the contract requirements for certain contracts. |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | Oct. 31, 2016 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Dividends, Preferred Stock | $ (800) | $ (800) | |
Foreign currency translation adjustments | (70) | (218) | |
Net Loss | (13,685) | (11,779) | |
Proceeds from Issuance of Common Stock | 4,977 | $ 13,306 | |
Parent [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stockholders' equity (decifit), Including Portion Attributable to Noncontrolling Interest | 114,396 | ||
Stock Granted During Period, Value, Share-based Compensation, Net of Forfeitures | 1,013 | ||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 49 | ||
Dividends, Preferred Stock | (800) | ||
Foreign currency translation adjustments | (70) | ||
Net Loss | (13,685) | ||
Stockholders' equity (deficit), Including Portion Attributable to Noncontrolling Interest | $ 105,682 | ||
Common Stock [Member] | Common Stock [Member] | |||
Stock Issued During Period, Shares, New Issues | 2,200,000 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Proceeds from Issuance of Common Stock | $ 4,900 | ||
NRG Energy, Inc. [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock ownership percentage | 3.00% | ||
NRG Energy [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 200,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 40.20 | ||
Common Stock and Pre-Funded Warrants [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Stock Issued During Period, Value, New Issues | $ 4,779 | ||
Series A Warrant [Member] | |||
Class of Warrant or Right, Outstanding | 7,680,000 | 0 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.83 | ||
Series B Warrant [Member] | |||
Class of Warrant or Right, Outstanding | 4,926,000 | 3,826,000 |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2016 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 245,820 | 253,815 | |
Convertible Preferred Stock, Shares Issued upon Conversion | 454,043 | 454,043 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 11,835,571 | 1,981,181 | |
Numerator [Abstract] | |||
Net Loss | $ (13,685) | $ (11,779) | |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 67 | |
Dividends, Preferred Stock | (800) | (800) | |
Net loss attributable to common shareholders | $ (14,485) | $ (12,512) | |
Demoninator [Abstract] | |||
Weighted Average Number of Shares Outstanding, Diluted | 37,613,216 | 26,246,271 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | [1] | 0 | 0 |
Weighted Average Number of Shares Outstanding, Basic | 37,613,216 | 26,246,271 | |
Earnings Per Share, Basic | $ (0.39) | $ (0.48) | |
Earnings Per Share, Diluted | [1] | $ (0.39) | $ (0.48) |
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 | |
Option on Securities [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 904,041 | 451,088 | |
Series 1 Preferred Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Convertible Preferred Stock, Shares Issued upon Conversion | 2,385,001 | 655,569 | |
[1] | Due to the net loss to common shareholders in each of the periods presented above, diluted loss per share was computed without consideration to potentially dilutive instruments as their inclusion would have been antidilutive. As of January 31, 2017 and 2016, potentially dilutive securities excluded from the diluted loss per share calculation are as follows: January 31, 2017 January 31, 2016July 2016 Offering - Series A Warrants7,680,000 —July 2014 Offering - NRG Warrants166,666 166,666Outstanding options to purchase common stock245,820 253,815Unvested Restricted Stock Awards904,041 451,0885% Series B Cumulative Convertible Preferred Stock454,043 454,043Series 1 Preferred Shares to satisfy conversion requirements2,385,001 655,569 Total potentially dilutive securities11,835,571 1,981,181Refer to Note 12, Redeemable Preferred Stock, which is included in our Annual Report on Form 10-K for the year ended October 31, 2016 for information on the calculation of the common shares upon conversion. |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jan. 31, 2017 | Oct. 31, 2016 | |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash and cash equivalents | $ 43,600 | $ 34,100 |
Restricted cash and cash equivalents - long-term | 34,211 | 24,692 |
Reserves for obligations | $ 17,600 | |
Letter of Credit Date of Expiration | Apr. 1, 2019 | |
Letters of Credit Outstanding, Amount | $ 7,900 | 0 |
Dominion Bridgeport FuelCell Park [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash and cash equivalents - long-term | $ 15,000 | $ 15,000 |
Debt Instrument, Term | 15 years |
Debt and Finance Obligation (De
Debt and Finance Obligation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Oct. 31, 2016 | Nov. 30, 2016 | Mar. 05, 2013 | |
Debt Instrument [Line Items] | ||||
Capital Lease Obligations | $ 774,000 | $ 660,000 | ||
Debt Issuance Costs, Net | (1,459,000) | (1,408,000) | ||
Total debt | 88,049,000 | 81,770,000 | ||
Current portion of long-term debt and finance obligation | 9,428,000 | 5,010,000 | ||
Long-term debt | $ 78,621,000 | 76,760,000 | ||
Lease Payment Terms | 36 months | |||
Hercules Capital, Inc. [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Line of Credit | $ 20,760,000 | 20,521,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | |||
Proceeds from Issuance of Debt | 20,000,000 | |||
Term of loan | 30 months | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 9.50% | |||
Other Deductions and Charges | $ 1,700,000 | |||
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] | ||||
Long-term Line of Credit | $ 47,252,000 | 41,603,000 | ||
State of Connecticut [Member] | ||||
Debt Instrument [Line Items] | ||||
Term of loan | 15 years | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |||
NRG Energy [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000,000 | |||
Connecticut Development Authority Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Line of Credit | 2,530,000 | 2,589,000 | ||
Collateralized Agreements | 4,000,000 | |||
Debt Instrument, Face Amount | $ 4,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||
Connecticut Clean Energy Fund [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Line of Credit | $ 6,052,000 | 6,050,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,900,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||
NRG Energy, Inc. [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Line of Credit | 0 | 1,755,000 | ||
New Britain Renewable Energy Member [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable to Bank, Current | $ 2,140,000 | 0 | $ 2,300,000 | |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 5.00% | |||
CT Dept of Economic & Community Development [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 10,000,000 | $ 10,000,000 | ||
Second Tranche [Member] | Hercules Capital, Inc. [Member] | ||||
Debt Instrument [Line Items] | ||||
Loan Advance | $ 5,000,000 | |||
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 Contingencies43
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Nov. 10, 2015 | Jan. 31, 2017 | Oct. 31, 2016 | Nov. 09, 2015 |
Capital Lease Obligations | $ 774 | $ 660 | ||
Lease Payment Terms | 36 months | |||
Operating leases, due in one year | $ 1,406 | |||
Operating Leases, due in two years | 1,138 | |||
Operating leases, due in three years | 784 | |||
Operating leases, due in four years | 319 | |||
Operating leases, due in five years | 373 | |||
Operating leases, due thereafter | 3,289 | |||
Operating Leases, Future Minimum Payments Due | 7,309 | |||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 386 | |||
Capital Leases, Future Minimum Payments Due in Two Years | 263 | |||
Capital Leases, Future Minimum Payments Due in Three Years | 120 | |||
Capital Leases, Future Minimum Payments Due in Four Years | 5 | |||
Capital Leases, Future Minimum Payments Due in Five Years | 0 | |||
Capital Leases, Future Minimum Payments Due Thereafter | 0 | |||
Capital Leases, Future Minimum Payments Due | 774 | |||
loss reserve on service agreements | 1,000 | 2,700 | ||
reserve for performance guarantees | 3,100 | $ 3,300 | ||
Tax Adjustments, Settlements, and Unusual Provisions | 10,000 | |||
Planned expenditures Phase 1 | $ 23,000 | |||
Recorded Unconditional Purchase Obligation | $ 43,700 | |||
CT Dept of Economic & Community Development [Member] | ||||
Debt Instrument, Face Amount | $ 10,000 |