Fuelcell Energy, Inc. · NASDAQ:FCEL
Fuelcell Energy — Q1 2021 Earnings Presentation
21 slides from Fuelcell Energy's earnings presentation, Mar 16, 2021
Slide 1: First Quarter of Fiscal 2021 Financial Results & Strategy Update
First Quarter of Fiscal 2021 Financial Results & Strategy Update March 16, 2021 FuelCell Energy Q1 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, including, without limitation, statements with respect to the Company’s anticipated financial results and statements r
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 GLOBAL CUSTOMERS Deliver clean and affordable fuel cell solutions for the supply, recovery and storage of energy SureSource fuel cell systems provide continuous baseload power and are deployed with u
Slide 4: Purpose Statement
Purpose Statement Enable The World To Live A Life Empowered By Clean Energy FuelCell Energy Q1 2021 Investor Presentation | 4
Slide 5: Today’s Messages
Today’s Messages 1 Executing against project backlog Near completion on 8.8MW of new power platforms • U.S. Navy base in Groton, CT • Biogas project in San Bernardino, CA Began early-stage construction for 24.5MW of projects in Yaphank, NY, Derby, CT, and with Toyota at the Port of Long Beach, C
Slide 6: Q1 2021 Financial Performance
Q1 2021 Financial Performance FuelCell Energy Q1 2021 Investor Presentation |
Slide 7: First Quarter of Fiscal 2021 Highlights
First Quarter of Fiscal 2021 Highlights Revenues decreased 9% to $14.9M Winter 2020 FuelCell Project with CMEEC ̶ Prior-year quarter included $4.0M in license revenue associated with the SureSourceTM 7.4 MW Location: U.S. Navy Subbase | Groton, CT Joint Development Agreement (“JDA”) with ExxonMobi
Slide 8: First Quarter of Fiscal 2021 Financial Performance and Backlog
First Quarter of Fiscal 2021 Financial Performance and Backlog Net Loss to Common Stockholders, Net Loss, Backlog as of January 31st ($B) Loss from Operations and Adjusted EBITDA1 ($M) Q1 2021 $1.364 $1.270 Q1 2020 $0.065 $0.044 $(0.2) $(3.1) $(7.4) $(14.4) $1.109 $1.062 $(41.1) $(40.2) $(46.8) $(46
Slide 9: Cash, Liquidity and Project Assets
Cash, Liquidity and Project Assets Improved Liquidity Total cash, restricted cash, and equivalents1 of $209.6M Cash and Equivalents ($M) Project Assets2 ($M) $197.5 $190.6 Completed equity offering during the quarter, resulting in net proceeds to the Company of $156.4M, facilitating: $209.6 $160.0 $
Slide 10: Operational Update
Operational Update Continuing progress against our project backlog Awaiting third-party interconnection ahead of completion of 8.8 MW of new power platforms • U.S. Navy base in Groton, CT • Biogas project in San Bernardino, CA Early-stage construction for 24.5 MW of projects • Toyota Project in
Slide 11: SureSource Enabled Microgrids Provide Power Resiliency in Any Weather
SureSource Enabled Microgrids Provide Power Resiliency in Any Weather SureSource® fuel cells have proven “Several California microgrids stand out as world-class models. stability and reliability in extreme heat These include microgrids at the University of California, San and prolonged cold Diego; M
Slide 12: Building on Multi-Featured Current Technology Strengths with Next-Gen Technologies
Building on Multi-Featured Current Technology Strengths with Next-Gen Technologies Distributed Distributed Hydrogen & Carbon Generation Hydrogen Energy Storage Capture INDUSTRY APPLICATION ● Enabling microgrid power generation ● Constructing facility in Long Beach to ● Advancing reversible solid oxi
Slide 13: Providing Flexible Hydrogen Solutions for the Global Energy Transformation
Providing Flexible Hydrogen Solutions for the Global Energy Transformation Grid Nuclear Renewable Biogas Natural Gas Solid Oxide REP Carbonate Platform Platform Capture H2 H2 H2 Hydrogen Hydrogen Hydrogen GRID GREEN BLUE HYDROGEN HYDROGEN HYDROGEN FuelCell Energy Q1 2021 Investor Presentation | 13
Slide 14: Hydrogen Generation: Solid Oxide Electrolysis Cell (SOEC) Technology
Hydrogen Generation: Solid Oxide Electrolysis Cell (SOEC) Technology Our Expertise • System currently operating at corporate office in Danbury, CT • Developing a commercial model with funding from DOE • Advanced manufacturing process utilizes proprietary designs and state-of-the-art manufacturing eq
Slide 15: Powerhouse Business Strategy: Well Positioned for LT Growth and Value Creation
Powerhouse Business Strategy: Well Positioned for LT Growth and Value Creation Grow Strengthen Penetrate Significant Market Opportunities Transform Where We Can Win Drive Operational Excellence Build a Durable Financial Foundation and • Optimization of core business: Capitalizing on Enhance Financia
Slide 16: Long Term Targets and Goals
Long Term Targets and Goals FY 2022 TARGETS KEYS TO BUSINESS PLAN ACHIEVEMENT Grow Generation Portfolio1 100% Execution on project backlog & achieving key milestones Revenue Growth1 Double-digit CAGR Winning new business around the world Adjusted EBITDA Deliver Positive Adj. EBITDA Continued c
Slide 17: Key Investment Highlights
Key Investment Highlights Strengthened balance sheet with liquidity to complete 1 project backlog and accelerate commercialization of new technologies 2 Leadership committed to project execution, achieving financial milestones, and delivering state-of-the-art fuel cell platforms to contribute to dec
Slide 18: Q&A
Q&A Fuel Cell Project: SureSourceTM 7.4 MW FuelCell Energy Q1 2021 Investor Presentation | Yaphank, NY
Slide 19: Appendix
Appendix Fuel Cell Project: SureSourceTM 7.4 MW FuelCell Energy Q1 2021 Investor Presentation | Yaphank, NY
Slide 20: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Three Months Ended January 31, (Amounts in thousands) 2021 2020 Net loss $ (45,960) $ (40,151) Depreciation and amortization (1) 5,604 4,630 Provision for income taxes - 20 Other expenses (income), net(2) 978 (531) Loss on extinguishment of preferred stock obligation
Slide 21: FuelCell Energy Operating Portfolio and Project Backlog Overview
FuelCell Energy Operating Portfolio and Project Backlog Overview Operating Generation Portfolio as of January 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