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Some facts on the super-hyped stonk $fcel
Revenue in Q3 was $18m, a 17% decline from PY.
And with that revenue decline came a $16m loss.
Revenue in Q3 was $18m, a 17% decline from PY.
And with that revenue decline came a $16m loss.
And yes, $fcel has going concern language in multiple places in their latest 10-k. Their optimistic outlook provides them approximately 1 year of liquidity.
They also needed $6.5m in PPP funds, a fine example of waste within this program. Additionally the last raise by $fcel was at the market, a sign of a fine upstanding entity.
The last ATM raise was at $2.56 a share, about 25% of the closing price today for $fcel.
Now it gets juicier. Their primary lender, Orion, has provided them a $200m credit line. $fcel has already drawn down $80m of this, and get the pleasure of paying nearly 12% interest.
TWELVE PERCENT INTEREST
TWELVE PERCENT INTEREST
And despite the accusations that the SEC never does anything, they did manage to restrict $fcel from sale of stonk due to their misdeeds.
To complete the trifecta of failure, $fcel has has disclosed material weakness in controls. But this probably doesn't matter.
$fcel has now almost quadrupled in price in the last 5 days of trading, moving its market capitalization to $2.5b on $65m a year in revenues in a capital intensive, highly competitive industry.
Somehow this company has been flagged as green energy and is riding the Biden-wave of stonk euphoria, but you can be assured some type of equity raise is forthcoming, as well as their next dismal quarterly earnings.
Trade carefully.
$fcel
Trade carefully.
$fcel
