Fuelcell Energy, Inc. · NASDAQ:FCEL

Fuelcell Energy — Q1 2023 Earnings Presentation

18 slides from Fuelcell Energy's earnings presentation, Mar 9, 2023

  1. Slide 1: First Quarter 2023 Financial Results & Business Update

    9 March 2023 First Quarter 2023 Financial Results & Business Update Exhibit 99.2

  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

  3. Slide 3: FuelCell Energy Snapshot

    © 2023 FuelCell Energy 3 FuelCell Energy Snapshot Capacity in field >500 Employees 3 Listing: FCEL NASDAQ HQ Danbury, Connecticut >220 MW Million MWhs generated with patented technology Company Highlights2 95 Platforms in commercial operation3 >13 Continents 1 Patents are for FuelCell Energy, Inc.,

  4. Slide 4: Key Messages

    © 2023 FuelCell Energy 4 Executing current phase of solid oxide manufacturing capacity expansion plan • New leadership • Amended lease to expand Calgary facility; Long-lead process equipment ordered • Expecting to build and deliver 4 solid oxide units in 2023 • Announced intent to collaborate with a

  5. Slide 5: Q1 2023 Financial Performance

    © 2023 FuelCell Energy Q1 2023 Financial Performance 5

  6. Slide 6: Q1 Fiscal 2023 Financial Performance

    © 2023 FuelCell Energy 6 17% increase in total revenue Decreased net loss Decreased net loss per share attributable to common stockholders Decreased Adjusted EBITDA1 $37.1M $(21.1)M $(0.05) $(14.4)M $31.8M $(46.1)M $(0.11) $(13.6)M2 Q1 Fiscal 2023 Financial Performance NOTES:: 1 Reconciliation of Ad

  7. Slide 7: Q1 Fiscal 2023 Financial Performance and Backlog

    7 © 2023 FuelCell Energy Gross Profit and Operating Expenses ($M) $0.124 $0.100 $1.092 $0.934 $0.032 $0.027 $0.060 Q1 2022 Q1 2023 $1.061 $1.307 Q1 Fiscal 2023 Financial Performance and Backlog $(2.9) $5.2 $(41.9) $(27.7) 1Q22 1Q23 Q1 2022 Q1 2023 Backlog as of January 31 ($B) Gross Profit (Loss) Op

  8. Slide 8: Strong Liquidity

    © 2023 FuelCell Energy 8 Strong liquidity enhances ability to accelerate strategic initiatives through increased investment in manufacturing and R&D • $415.4M1 in total cash, restricted cash and equivalents and short-term investments Growing project assets2 of $263.3M reflects progress in backlog St

  9. Slide 9: Q1 2023 Business & Operational Updates

    © 2023 FuelCell Energy Q1 2023 Business & Operational Updates 9

  10. 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

  11. Slide 11: Grow: Consistent Operational Progress

    © 2023 FuelCell Energy 11 Grow: Consistent Operational Progress Carbonate platform project spotlights Tri-Port of Long Beach Operations Expect 2.3 MW | 1.2 tons/day H2 | 1400 gallons H2O per day Derby, CT Clean Energy Project Platform Expect 14 MW power generation Partnership with ExxonMobil Technol

  12. Slide 12: Scale and Innovate: Solid Oxide Manufacturing Plan

    © 2023 FuelCell Energy 12 Scale and Innovate Progressing current phase of solid oxide manufacturing plan John Torrance Senior Vice President, Chief Commercialization and Solid Oxide Manufacturing Officer • Joined FuelCell Energy in June 2022 • +25 years of leadership experience in manufacturing and

  13. Slide 13: Summary

    © 2023 FuelCell Energy 13 Summary 2 1 3 Strong balance sheet and pragmatic capital allocation Executing current phase of solid oxide manufacturing capacity expansion plan 4 Opportunistically evaluating options to benefit from global policy tailwinds Consistent operational progress

  14. Slide 14: Q&A

    O&A & FuelCell Energy © 2023 FuelCell Energy 4

  15. Slide 15: Thank You

    © 2023 FuelCell Energy 15 Thank You

  16. Slide 16: Appendix

    © 2023 FuelCell Energy Appendix 16

  17. Slide 17: GAAP to Non-GAAP Reconciliation

    © 2023 FuelCell Energy 17 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

  18. Slide 18: Operating Portfolio and Project Backlog Overview

    © 2023 FuelCell Energy 18 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

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