Fuelcell Energy, Inc. · NASDAQ:FCEL
Fuelcell Energy — Q4 2022 Earnings Presentation
21 slides from Fuelcell Energy's earnings presentation, Dec 20, 2022
Slide 1: Fourth Quarter and Fiscal Year 2022 Financial Results & Business Update
Fourth Quarter and Fiscal Year 2022 Financial Results & Business Update December 20, 2022
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: A Global Leader in Fuel Cell Technology – Operating Since 1969
FuelCell Energy: A Global Leader in Fuel Cell Technology – Operating Since 1969 FUELCELL ENERGY IS: REVENUE BREAKDOWN2 A global leader in decarbonizing power and producing hydrogen through our proprietary fuel cell FY 2022 Total Revenue: $130.5M technology, FuelCell Energy is working to: • Produce l
Slide 4: Purpose Statement
Purpose Statement An energy platform based Our purpose: on fuel cell technology Enable the world to be empowered by clean energy Our Platform Empowers a Safe, Secure and Practical Journey to Carbon Zero © 2022 FuelCell Energy Confidential 4
Slide 5: Key Messages
Key Messages 1 Advancing our strategic agenda towards achieving long-term goals • Ex Works delivery of eight modules to Korea Fuel Cell Co. (“KFC”) during the quarter, for a total of 20 modules shipped during fiscal year 2022 • Regaining full access to the Korean market as of January 1, 2023 • Achie
Slide 6: Inflation Reduction Act – Positions FuelCell Energy For Future Growth
Inflation Reduction Act – Positions FuelCell Energy For Future Growth Solid Oxide Powergen, Electrolysis and Distributed Generation Distributed Hydrogen Storage* Carbon Capture**, CCUS Image: Carbonate Fuel Cell Platform Image: Rendering of Tri-Generation Fuel Cell Image: Rendering of solid oxide fu
Slide 7: Solid Oxide Fuel Cell and Electrolysis Platform
Solid Oxide Fuel Cell and Electrolysis Platform On December 6th, we announced: • FuelCell Energy is now accepting orders for its solid oxide electrolyzer and solid oxide fuel cell platform • Trinity College is the first organization to purchase FuelCell Energy’s 250kW modular solid oxide fuel cell p
Slide 8: Solid Oxide Fuel Cell and Electrolysis Platform Advantages
Solid Oxide Fuel Cell and Electrolysis Platform Advantages Our solid oxide fuel cell (SOFC) is: Our solid oxide electrolyzer cell (SOEC) is: • Fuel flexible and hydrogen-ready: Start the energy transition ● Efficient: Designed to produce hydrogen with the greatest known today and can shift to 100% z
Slide 9: Fourth Quarter and Fiscal Year 2022 Financial Performance
Fourth Quarter and Fiscal Year 2022 Financial Performance © 2022 FuelCell Energy Confidential 9
Slide 10: Fourth Quarter and Fiscal Year 2022 Financial Performance
Fourth Quarter and Fiscal Year 2022 Financial Performance Q4 2022 Financial Highlights • Revenues increased to $39.2M from $13.9M, primarily driven by the $24.0M increase in product revenues as a result of module sales to Korea Fuel Cell Co. (“KFC”) • Loss from operations increased to $(42.7)M compa
Slide 11: Fourth Quarter of Fiscal Year 2022 Financial Performance and Backlog
Fourth Quarter of Fiscal Year 2022 Financial Performance and Backlog NET LOSS TO COMMON STOCKHOLDERS, NET LOSS, LOSS BACKLOG AS OF OCTOBER 31 ($B) FROM OPERATIONS AND ADJUSTED EBITDA1 ($M) $1.29 Q4 2021 Q4 2022 $0.041 $1.09 $0.009 $0.023 $(16.9) $1.099 $(22.6) $0.944 $(25.0) $(24.2) $(36.1) $(43.3)
Slide 12: Cash, Liquidity and Project Assets
Cash, Liquidity and Project Assets STRONG LIQUIDITY CASH AND EQUIVALENTS ($M) PROJECT ASSETS2 ($M) Total cash, restricted cash and equivalents of $481.0M1 • Unrestricted cash and cash equivalents of $458.1M1, an increase of $25.9M (or ~6%) compared to October 31, 2021 $481.0 $262.4 $460.2 $243.1 Str
Slide 13: FY2023 Projected Investments for Future Growth
FY2023 Projected Investments for Future Growth LARGE SCALE INVESTMENT TO ENABLE THE COMPANY TO COMPETE AND MEET THE MARKET NEEDS IN MEDIUM- AND LONG-TERM Total Planned Capital Expenditures of $60M to $90M for Fiscal Year 2023 Capital Expenditures ($M) $60 – $90 • Investments in our manufacturing fac
Slide 14: Strategy Review
Strategy Review © 2022 FuelCell Energy Confidential 14
Slide 15: Powerhouse Business Strategy
Powerhouse Business Strategy • Optimize the core business GROW Grow Significant Market Opportunities • Drive commercial excellence • Expand geographically and by market • Invest SCALE Scale Our Existing Platform to Support Growth • Extend process leadership • Broaden & deepen our human capital • Con
Slide 16: We Are Committed to Net Zero
We Are Committed to Net Zero Introduced our online carbon savings calculator in August 2022 Our purpose: Enable the world A new Carbon Savings Calculator for companies looking to gain greater to be empowered by clean energy insight into how the carbon dioxide (CO2) produced by their operation across
Slide 17: Key Takeaways
Key Takeaways 1 Strong balance sheet to fund projects in development and commercialization activities 2 Multiple sources of funding resulting in strengthened financial liquidity 3 Strong backlog with recurring revenues from long-term contracts. Targeting increasing product sales in the United States
Slide 18: Q&A
Q&A © 2022 FuelCell Energy Confidential 18
Slide 19: Appendix
Appendix © 2022 FuelCell Energy Confidential 19
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 $15.5 million for the three and year ende
Slide 21: FuelCell Energy Operating Portfolio and Project Backlog Overview
FuelCell Energy Operating Portfolio and Project Backlog Overview Operating Generation Portfolio as of October 31, 2022 1 RATED CAPACITY ACTUAL COMMERCIAL PPA TERM PROJECT NAME POWER OFF-TAKER LOCATION (MW) OPERATION DATE (YEARS) Central CT State University ("CCSU") CCSU (CT University) New Britian,