May 22, 2017 - 7:11 AM EDT
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H/Cell Energy Reports FY2017 First Quarter Results

FLEMINGTON, N.J., May 22, 2017 (GLOBE NEWSWIRE) -- H/Cell Energy Corporation (OTCQB:HCCC) (“HCCC”), a company that designs and implements clean energy solutions featuring hydrogen energy systems, has announced financial results for the first fiscal quarter ended March 31, 2017.

In the first quarter, HCCC reported revenue of $1,866,845 and a net loss of $56,124 or $0.01 per diluted share, which includes the retrospective application of common control financials.

Andrew Hidalgo, CEO of HCCC, commented, "As we are in our early stages of growth, HCCC is pleased to report record revenue growth. HCCC would have posted a positive net income had it not been for certain accounting pronouncements, which required HCCC to consolidate financials along with The Pride Group for the same reporting period, since The Pride Group was a common control acquisition. Although the acquisition of The Pride Group was concluded on January 31, 2017, HCCC had to account for their entire financial month of January 2017, even though HCCC did not own The Pride Group during that time. We see a very positive outlook ahead. At March 31, 2017, our bid list was approximately $6.5 million and our work in progress backlog was approximately $1.6 million. HCCC will continue to focus on organic growth as well as identifying strategic acquisitions in the months ahead.”

About H/Cell Energy Corporation:

H/Cell Energy Corporation is a systems integrator that focuses on the design and implementation of clean energy solutions including solar, battery technology and hydrogen energy systems. The company serves the residential, commercial and government sectors. Please visit our website at www.hcellenergy.com for more information.

Forward Looking Statements:

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on current expectations and actual results could differ materially. H/Cell Energy Corporation does not undertake an obligation to update or revise any forward-looking statement. The information set forth herein speaks only as of the date hereof.

H/CELL ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
     
  March 31, 2017 December 31, 2016
  (Unaudited) (as restated)
 ASSETS     
Current assets:    
Cash and cash equivalents $346,893  $537,867 
Accounts receivable ( net retention)  1,521,592   650,886 
Prepaid expenses  7,425   14,168 
Costs in excess of billings  80,826   91,904 
Total current assets  1,956,736   1,294,825 
     
Property and equipment, net  106,603   99,816 
Security deposits and other non-current assets  8,718   8,497 
     
 Total assets  $2,072,057  $1,403,138 
     
LIABILITIES AND STOCKHOLDERS' EQUITY     
     
Current liabilities:    
Accounts payable and accrued expenses $1,394,199  $713,237 
Billings in excess of costs  104,718   83,538 
Sales tax payable  120,617   114,085 
Total current labilities   1,619,534   910,860 
     
Commitments and Contingencies    
     
Stockholders' Equity     
Common Stock - $0.0001 par value; 25,000,000 shares authorized; 6,941,579 and 3,131,579 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively  694   313 
Preferred Stock - $0.0001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding  -   - 
Additional paid-in capital  1,288,041   1,283,422 
Accumulated deficit  (796,775)  (740,651)
Accumulated other comprehensive loss  (39,437)  (50,806)
Total stockholders' equity   452,523   492,278 
     
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY  $2,072,057  $1,403,138 


H/CELL ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - OTHER COMPREHENSIVE INCOME
(UNAUDITED)
     
  For the Three Months Ended March 31,
   2017   2016 
     
 Revenue     
 Construction income $  1,850,755  $  1,216,004 
 Related party    16,090     - 
     
 Total revenue    1,866,845     1,216,004 
     
 Cost of goods sold     
 Direct costs    1,413,820     914,262 
 Related party    15,905     - 
     
 Total cost of goods sold    1,429,725     914,262 
     
 Gross profit     437,120     301,742 
     
 Operating expenses     
 Research and development    -     2,000 
 General and administrative expenses    493,244     953,495 
     
 Total operating expenses    493,244     955,495 
     
 Loss from operations   (56,124)  (653,753)
 Income tax provision (benefit)     -      -  
     
 Net loss  $  (56,124) $  (653,753)
     
 Other comprehensive loss, net     
     
 Change in foreign currency translation adjustment     11,369     11,268 
     
 Comprehensive loss  $  (44,755) $  (642,485)
     
     
 Loss per share     
 Basic  $  (0.01) $  (0.27)
     
 Weighted average common shares outstanding     
 Basic    5,657,309     2,432,749 
H/Cell Energy Corporation
Investor Relations
908-837-9097 x-2

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Source: GlobeNewswire (May 22, 2017 - 7:11 AM EDT)

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