Fuelcell Energy, Inc. · NASDAQ:FCEL
Fuelcell Energy — Q3 2023 Earnings Presentation
20 slides from Fuelcell Energy's earnings presentation, Sep 11, 2023
Slide 1: Third Quarter 2023 Financial Results & Business Update
11 September 2023 Third Quarter 2023 Financial Results & Business Update Exhibit 99.2
Slide 2: Forward-looking statements
© 2023 FuelCell Energy 2 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, in
Slide 3: FuelCell Energy Snapshot
© 2023 FuelCell Energy 3 FuelCell Energy Snapshot What We Do A global leader in electrochemical technology 1,2 Enable a world empowered by clean energy Who We Are >500 1969 95 3 Employees Platforms in Commercial Operation 3 Founded Continents Listing: FCEL NASDAQ HQ Danbury, Connecticut 1 Patents ar
Slide 4: Key Messages
© 2023 FuelCell Energy 4 Key Messages Consistent operational progress • 16.8 MW Derby, CT projects: 4th calendar quarter of 2023 commercial operation target on track • Investing in manufacturing scale-up for solid oxide platforms 3 5 Strong balance sheet and disciplined capital allocation • Total ca
Slide 5: Q3 2023 Financial Performance
© 2023 FuelCell Energy Q3 2023 Financial Performance 5
Slide 6: Q3 Fiscal 2023 Financial Performance
© 2023 FuelCell Energy 6 41% decrease in total revenue 1 Net loss Net loss per share attributable to common stockholders Adjusted EBITDA 2 $25.5M $(23.6)M $(0.06) $(31.6)M $43.1M $(29.0)M $(0.08) $(20.8)M Q3 Fiscal 2023 Financial Performance (1) Revenue for Q3 2022 included $18M of non-recurring rev
Slide 7: Q3 Fiscal 2023 Financial Performance and Backlog
© 2023 FuelCell Energy Gross Loss and Operating Expenses ($M) Q3 Fiscal 2023 Financial Performance and Backlog $(4.2) $(8.2) $(23.8) $(33.2) 3Q22 3Q23 Q3 2022 Q3 2023 Backlog as of July 31 ($B) Gross Loss Operating Expenses Service Generation Adv. Tech. Product Q1-2023 Total Revenue: $37.1M Revenue
Slide 8: Liquidity Position
© 2023 FuelCell Energy 8 Cash balance $413.9M1 in total cash, restricted cash and equivalents and short-term investments Project assets2 $289.4M in project assets reflects progress in completing projects in backlog 1 As of 7/31/2023 2 Project assets consist of capitalized costs for fuel cell project
Slide 9: Business & Operational Updates
© 2023 FuelCell Energy Business & Operational Updates 9
Slide 10: Powerhouse Business Strategy
© 2023 FuelCell Energy 10 Powerhouse Business Strategy Our Existing Platform to Support Growth for the Future Significant Market Opportunities • Invest • Extend process leadership • Broaden & deepen our human capital • Continue product innovations • Deepen participation in the developing hydrogen ec
Slide 11: Strengthened Presence in Korea
© 2023 FuelCell Energy 11 Strengthened Presence in Korea Memorandum of understanding with Gyeonggi Green Energy (GGE) • GGE plant Total output of 58.8 MW using 21 SureSource 3000 fuel cell platforms • Largest fuel cell power platform in the world • The MOU provides a framework for negotiating the pr
Slide 12: Advancing Strategic Priorities
© 2023 FuelCell Energy 12 Derby, CT Project Advancement • Two projects being constructed in Derby, CT total 16.8 MW • Both projects are expected to achieve commercial operations in 4th quarter of calendar 2023 • Utility scale distributed power grid support ExxonMobil (EMTEC) • Focused on commerciali
Slide 13: Tri-gen: Power + water + hydrogen
© 2023 FuelCell Energy 13 Tri-gen: Power + water + hydrogen Electrolysis based on high efficiency solid oxide platform 2.8MW Platform 2.3MW Power 1,400 gal/day water Up to 1,200 kg/day H2 Modular electrolysis platform 600 kg/day H2 produced from: 1.1MW Power input, or 1.0MW Power input utilizing ext
Slide 14: FuelCell Energy Solid Oxide Advantages
© 2023 FuelCell Energy 14 FuelCell Energy Solid Oxide Advantages 250kW Power Generation 62% LHV efficiency, 65% with H2 fuel 80% combined heat and power efficiency 350 cells 17” height Two platforms available * Based on common cell stack FCE’s differentiated solid oxide technology provides significa
Slide 15: Summary
© 2023 FuelCell Energy 15 Summary Consistent progress on large projects and solid oxide capacity expansion 2 4 Strong balance sheet and disciplined capital allocation 3 Toyota Long Beach Project currently operating; waiting on final permits required to declare COD 1 Gaining traction in the Korean ma
Slide 16: Q&A
O&A & FuelCell Energy © 2023 FuelCell Energy 6
Slide 17: Thank You
© 2023 FuelCell Energy 17 Thank You
Slide 18: Appendix
© 2023 FuelCell Energy Appendix 18
Slide 19: GAAP to Non-GAAP Reconciliation
© 2023 FuelCell Energy 19 GAAP to Non-GAAP Reconciliation Financial results are presented in accordance with accounting principles generally accepted in the United States . Management also uses non-GAAP measures to analyze and make operating decisions on the business. Earnings before interest, taxes
Slide 20: FuelCell Energy Operating Portfolio and Project Backlog Overview
© 2023 FuelCell Energy 20 1 t to the Groton Project 2 The initial operating output is approximately 6.0 MW until a technical improvement plan is fully implemented. Please refer to t -Q for additional information with respect to this project, the technical improvement plan and future expectations. 3