XEBEC ADSORPTION INC CA9838911027

Xebec Adsorption Inc.

1. nine_inch_nerd 25 maart 2021 16:12

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   xebecinc.com/news/xebec-announces-q4-...
   
   MONTREAL (QC), March 25, 2021 – Xebec Adsorption Inc. (TSXV: XBC) (“Xebec”), a global provider of clean energy solutions, announced today its 2020 fourth quarter and full year results, with the following highlights:
   
   Revenues increased by $7.2 million to $56.5 million for the twelve-month period ended December 31, 2020, compared to $49.3 million for the same period the prior year.
   Adjusted EBITDA of ($22.0) million for the twelve-month period ended December 31, 2020, compared to $7.0 million for the same period last year.
   Net loss of $32.0 million or ($0.33) per share compared to $2.0 million or $0.03 per share in the twelve-month period ended December 31, 2020 compared to the same period in the prior year.
   Working capital increased to $171.2 million on December 31, 2020, for a current ratio of 4.1:1, from working capital of $37.3 million and a current ratio of 3.2:1 on December 31, 2019.
   Management guidance for fiscal 2021 of consolidated revenues in the range of $110.0 to $130.0 million and an adjusted EBITDA margin in the range of 3.0% to 4.0%.
   As at December 31, 2020, the company had $168.6 million of cash compared to $22.7 million as at December 31, 2019.
   
   Financial Results
   
   Revenues decreased by $7.2 million to $6.4 million for the three-month period ended December 31, 2020, compared to $13.6 million for the same period the prior year. The decrease is mainly due to revenue adjustments in the last quarter due to extraordinary items in the Cleantech Systems business segment resulting from the impact of the COVID-19 pandemic and other operational issues, which substantially increased product, operational and installation costs. With the impact of COVID-19 lasting longer than expected and additional restrictions being re-imposed by local authorities in Q4/20, Xebec undertook a detailed accounting review of its long-term, production-type contracts for its renewable natural gas projects where revenues are recognized based on the percentage of completion method. As a result of the projected total cost of fulfilling these contracts having increased substantially, Xebec determined that previously incurred expenses represent a lower percentage of total costs than previously estimated. As such, revenues recognized to date had to be adjusted ($5.2 million) to reflect the revised percentage of completion for contracts under Xebec’s updated estimates. Furthermore, Xebec reversed revenues ($1.9 million) previously recognized based on the percentage of completion method due to the deteriorating financial position of a client where the likelihood of payment became uncertain in early 2021. Finally, two contracts that had become unprofitable were cancelled by a customer in early 2021 as a result of the delivery delays, due to COVID-19 and other related disruptions. This impact led to a $5.4 million revenue adjustment. The parts and materials used for these contracts have since been inventoried and are expected to be used for future contracts.
   Gross margin decreased from $4.1 million to ($11.4) million for the three-month period ended December 31, 2020 compared to the same period the prior year. The gross margin % decrease from 30% to (178%) is mainly due to the reversal of revenues described earlier and some of the contracts previously estimated to be profitable now projected to result in losses. The percentage of completion method requires that losses on such contracts be recognized immediately, further impacting the Company’s gross margin. Moreover, the impact of COVID-19 increased costs for projects in Italy and China, which also resulted in a gross margin deterioration.
   Selling and administrative expenses (“SG&A”) for the three-month period ended December 31, 2020, of $13.6 million were higher by $10.0 million compared to $3.6 million for the same three months of 2019. This is primarily due to several expenses that are non-recurring in nature that have been accounted for in the fourth quarter of 2020: (1) $4.8 million of transaction costs for the HyGear and Inmatec acquisitions; and (2) a $1.1 million provision for bad debt relating to uncollectible accounts receivable and a penalty for a biogas project in Europe. Additionally, $0.7 million of recurring administrative expenses resulted from the acquisitions of Titus and ACS. Finally, overall SG&A expenses increased due to an organizational scale up of employees and associated costs to support the increased level of sales, and from grants of restricted and deferred share units made to key employees.
   Net loss of $28.3 million or ($0.26) per share in the three-month period ended December 31, 2020 compared to a net loss of $0.5 million or ($0.01) per share for the same period the prior year.
   Adjusted EBITDA decreased to ($22.6) million for the three-month period ended December 31, 2020, from $2.1 million for the same period last year.
   Backlog increased by $0.8 million over the last 12 months, from $99.3 million on April 14, 2020 to $100.1 million on March 18, 2021.
   Recent Events
   
   On March 16, 2021, Xebec commented on class action lawsuit application filed in Québec
   On March 15, 2021, Xebec partnered with Coregas, one of Australia’s largest gas companies, to accelerate the development of hydrogen ecosystems in Australia and New Zealand
   On February 24, 2021, Xebec secured $59.3 million in new credit facilities from National Bank of Canada
   On February 22, 2021, Xebec completed its acquisition of Inmatec
   On February 16, 2021, Xebec launched UK hydrogen supply strategy with 15-year Gas-as-a-Service contract and construction of first Hydrogen Decentralized Production Hub in the country
   On February 11, 2021, Xebec received an order for FuelCell Energy’s Port of Long Beach Project with Toyota
   On January 7, 2021, Xebec graduated to the TSX and started trading on the exchange
   On December 31, 2020, Xebec completed its transformative acquisition of HyGear, a leading provider of local hydrogen through steam methane reforming and electrolysis
   On December 30, 2020, Xebec closed its $143.8 million bought deal public offering and $63.3 million concurrent private placement with CDPQ
   On December 17, 2020, Xebec entered the hydrogen and renewable natural gas markets in Germany with the acquisition of Inmatec, a world leader in on-site oxygen and nitrogen generation products
   On December 8, 2020, Xebec launched its hydrogen strategy with the transformative acquisition of HyGear
   On November 12, 2020, Xebec strengthened its partnership with Shenergy in China with a strategic investment
2. Happy One 25 maart 2021 18:45

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   • Happy One

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   quote:

   nine_inch_nerd schreef op 22 maart 2021 16:01:

   [...]
   
   Idem. Same thought. Afgelopen weekend een order ingelegd en vanmiddag geactiveerd. Kleine hap weer en volgen.
   

   Er wordt niet echt lekker gereageerd op de cijfers, terwijl de outlook voor 2021 er wel behoorlijk uitziet.
   Zelf koop ik denk ik nog niet bij, maar als het verder daalt overweeg ik het wel.
3. Vitavita 30 maart 2021 22:51

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   • Vitavita

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   Was wel even slikken, die boekhoudkundige correcties...eenmalige correcties.
   
   De lijken zijn uit de kast?!
   
   De goede toekomstverwachtingen zijn in tact gebleven.
   
4. nine_inch_nerd 31 maart 2021 11:32

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   • nine_inch_nerd

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   Ik heb bijgekocht tot mijn basisbedrag per fonds wat ik altijd investeer. Nu wachten!
5. Vitavita 31 maart 2021 16:19

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   • Vitavita

     Lid sinds: 26 mrt 2009

     Laatste bezoek: 13 feb 2025

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   quote:

   nine_inch_nerd schreef op 31 maart 2021 11:32:

   Ik heb bijgekocht tot mijn basisbedrag per fonds wat ik altijd investeer. Nu wachten!
   

   ...de koers zal met horten en stoten omhoog gaan.
   
   Er is best wat pijn geleden, sommige van deze beleggers stappen straks uit bij een stijging, daarnaast heb je de goedkoopjes-beleggers die voor korte termijn Xebec hebben aangeschaft.
   
   Maar uiteindelijk... ;-)
6. Happy One 1 april 2021 18:39

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   • Happy One

     Lid sinds: 19 dec 2018

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   quote:

   Vitavita schreef op 31 maart 2021 16:19:

   [...]
   
   ...de koers zal met horten en stoten omhoog gaan.
   
   Er is best wat pijn geleden, sommige van deze beleggers stappen straks uit bij een stijging, daarnaast heb je de goedkoopjes-beleggers die voor korte termijn Xebec hebben aangeschaft.
   
   Maar uiteindelijk... ;-)
   

   Over een maand krijgen de Hygear aandeelhouders hun stukken, benieuwd wat dat voor dynamiek met zich meebrengt.
   Ik verwacht eigenlijk geen grote verkopen, de overnamekoers van toen was CAD 6,03 en de hoogste koers CAD 11,55.
7. nine_inch_nerd 7 april 2021 18:30

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   • nine_inch_nerd

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     Laatste bezoek: 13 feb 2025

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