Fuelcell Energy, Inc. · NASDAQ:FCEL
Fuelcell Energy — Q4 2021 Earnings Presentation
24 slides from Fuelcell Energy's earnings presentation, Dec 29, 2021
Slide 1: Fourth Quarter and Fiscal 2021 Financial Results & Strategy Update
Fourth Quarter and Fiscal 2021 Financial Results & Strategy Update December 29, 2021 FuelCell Energy Q4 2021 Investor Presentation
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or our future financial performance that involve certain contingencies and uncertainties, inclu
Slide 3: FuelCell Energy: A Global Leader in Fuel Cell Technology – Operating Since 1969
FuelCell Energy: A Global Leader in Fuel Cell Technology – Operating Since 1969 COMPANY OVERVIEW TOTAL FY 2021 REVENUE GLOBAL CUSTOMERS A global leader in decarbonizing power and BREAKDOWN: $69.6M 2 producing hydrogen through our proprietary fuel cell technology 37% FuelCell Energy is working to: •
Slide 4: Purpose Statement: Enable The World To Live A Life Empowered By Clean Energy
Purpose Statement Enable The World To Live A Life Empowered By Clean Energy DECARBONIZE POWER — PRODUCE HYDROGEN FuelCell Energy Q4 2021 Investor Presentation 4
Slide 5: Today's Messages
Today’s Messages 1 Advancing strategic agenda to achieve long-term goals 7.4MW Utility scale project in Yaphank, NY expected to achieve commercial operation on or before December 31, 2021 Commercial operation of 7.4MW U.S. Navy base project in Groton, CT expected to commence by mid-January 2022
Slide 6: Resolution and Agreement with POSCO Energy Unlocks Path Forward in Asia
Resolution and Agreement with POSCO Energy Unlocks Path Forward in Asia • We have differentiated technology that we believe will Why is this important for FuelCell Energy? allow us to compete in some of the world’s most important South Korea markets • Expected to enable existing POSCO Energy Custome
Slide 7: Proactively Capturing Industry Trends and Expanding Our Future Product Portfolio
Proactively Capturing Industry Trends and Expanding Our Future Product Portfolio Well Positioned to Capitalize Across Significant Energy Value Chains Energy Storage Distributed H2 Long Duration: Providing grid stability & Carbon Capture Global Distributed H2 Supply Renewable enablement Green & Blue
Slide 8: Q4 2021 Financial Performance
Q4 2021 Financial Performance FuelCell Energy Q4 2021 Investor Presentation
Slide 9: Q4 and Fiscal 2021 Financial Highlights
Q4 and Fiscal 2021 Financial Highlights Q4 2021 Financial Highlights • Revenues decreased approximately 18% to $13.9M, primarily driven by a $5.6M decrease in service agreements and license revenues, reflecting that there were no module exchanges during the quarter and a $1M reduction in service rev
Slide 10: Fourth Quarter of Fiscal 2021 Financial Performance and Backlog
Fourth Quarter of Fiscal 2021 Financial Performance and Backlog Net Loss to Common Stockholders, Net Loss, Backlog as of October 31st ($B) Loss from Operations and Adjusted EBITDA1 ($M) Q4 2020 Q4 2021 $1.285 $1.288 $0.049 $0.041 $(8.6) $1.067 $1.099 $(11.9) $(17.1) $(19.7) $(18.9) $(22.6) $(25.0) $
Slide 11: Cash, Liquidity and Project Assets
Cash, Liquidity and Project Assets Strong Liquidity Total cash, restricted cash and equivalents of $460.2M1 Cash and Equivalents ($M) Project Assets2 ($M) • Unrestricted cash and cash equivalents of $432.2M1, an $460.2 $243.1 increase of $282.3M (or ~188%) compared to October 31, $28.0 2020 $200.0 $
Slide 12: Significant Accomplishments Since Launch of Powerhouse Business Strategy
Significant Accomplishments Since Launch of Powerhouse Business Strategy In 2019, we developed “Powerhouse” strategy to Transform, Strengthen and Grow the business 01 TRANSFORM 02 STRENGTHEN 03 GROW Build a Durable Financial Drive Operational Penetrate Significant Foundation and Enhance Excellence M
Slide 13: Powerhouse Business Strategy Evolving to Next Phase for Long-Term Growth
Powerhouse Business Strategy Evolving to Next Phase for Long-Term Growth Having made substantial progress on key initiatives, we will pivot to Grow, Scale and Innovate GROW • Optimize the core business Penetrate Significant Market • Drive commercial excellence Opportunities • Expand geographically a
Slide 14: Investing for Growth
Investing for Growth Generation Portfolio Manufacturing Capability Expansion Expanding manufacturing Executing against project backlog capability for our carbonate to increase output from our (Distributed Generation, generation portfolio Distributed Hydrogen & Carbon Separation/Carbon Capture) and s
Slide 15: FY2022 Projected Investments for Future Growth
FY2022 Projected Investments for Future Growth Large scale investment to enable FuelCell Energy to compete and Capital Expenditures ($M) meet the market needs in medium- and long-term $40 – $50 Anticipated capital expenditures of $40M to $50M for fiscal year 2022 • Investments in our factories for c
Slide 16: Organizational Key Drivers to Our Strategy
Organizational Key Drivers to Our Strategy KEYS TO BUSINESS PLAN ACHIEVEMENT “We are in a unique period of time where our • Serving our customers with industry-leading support solutions are increasingly sought after to help solve energy and environmental challenges. We are • Retaining and recruiting
Slide 17: Key Investment Highlights
Key Investment Highlights 1 Strengthened balance sheet with additional liquidity to complete project backlog, accelerate commercialization of new technologies and invest in capacity expansion for solid oxide and carbonate fuel cell manufacturing 2 Leadership committed to project execution, achieving
Slide 18: Q&A
Q&A FuelCell Energy Q4 2021 Investor Presentation
Slide 19: Appendix
Appendix FuelCell Energy Q4 2021 Investor Presentation
Slide 20: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation The following table calculates EBITDA and Adjusted EBITDA and reconciles these figures to the GAAP financial statement measure Net loss. 1) Includes depreciation and amortization on our Generation portfolio of $3.7 million and $15.0 million for the three months and ye
Slide 21: FuelCell Energy Operating Portfolio and Project Backlog Overview
FuelCell Energy Operating Portfolio and Project Backlog Overview Generation Operating Portfolio as of October 31, 2021 RATED CAPACITY ACTUAL COMMERCIAL PPA TERM PROJECT NAME POWER OFF-TAKER LOCATION (MW) OPERATION DATE (1) (YEARS) Central CT State University ("CCSU") CCSU (CT University) New Britian
Slide 22: Building on Multi-Featured Current Technology Strengths with Next-Gen Technologies
Building on Multi-Featured Current Technology Strengths with Next-Gen Technologies DISTRIBUTED GENERATION DISTRIBUTED HYDROGEN & HYDROGEN & ENERGY STORAGE CARBON CAPTURE CARBON SEPARATION1 INDUSTRY APPLICATION • Enabling microgrid power • Building hydrogen distribution • Working to advance FuelCell
Slide 23: Positioned to Deliver Value At Every Step In The Hydrogen Value Chain
Positioned to Deliver Value At Every Step In The Hydrogen Value Chain Providing Flexible Hydrogen Solutions Applications capable of utilizing 3 Platforms Capable of for the Global Energy Transformation FuelCell Energy technology Delivering Hydrogen • Carbonate - Tri-Gen • Carbonate - REP & H • SOFC
Slide 24: Positioned to Serve the Evolving Energy Grid with Current & In-Development Platforms
Positioned to Serve the Evolving Energy Grid with Current & In-Development Platforms A growing source of clean, reliable power for microgrid, Carbon Capture, electrolysis and Hydrogen Energy Storage GENERATION TRANSMISSION DISTRIBUTION END USERS Combined Heat / • Long-Duration Cooling and Power Stor