Fuelcell Energy, Inc. · NASDAQ:FCEL
Fuelcell Energy — Q1 2020 Earnings Presentation
18 slides from Fuelcell Energy's earnings presentation, Mar 16, 2020
Slide 1: First Quarter of Fiscal 2020 Financial Results & Business Update
First Quarter of Fiscal 2020 Financial Results & Business Update March 16, 2020 FUELCELL ENERGY 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: 2020 Conference Appearances
2020 Conference Appearances Upcoming Conference Appearances Date Event Location May 12th Oppenheimer 5th Annual Emerging Growth Conference NYC May 20th – 21st B. Riley FBR’s 21st Annual Institutional Investor Conference Beverly Hills May 28th Cowen’s 48th Annual TMT Conference NYC FUELCELL ENERGY IN
Slide 4: A Global Leader in Fuel Cell Technology Operating Since 1969
A Global Leader in Fuel Cell Technology Operating Since 1969 COMPANY HIGHLIGHTS1 REVENUE DRIVERS Danbury, CT Headquarters SERVICE & LICENSE ADVANCED TECHNOLOGIES GENERATION PRODUCT ~300 Employees 3 Continents 57 Global plant installations >255 MW Capacity in Field % of FY 2019 Revenue $60.8M Total F
Slide 5: Enable the world to live a life empowered by clean energy
Purpose Statement Enable the world to live a life empowered by clean energy FUELCELL ENERGY INVESTOR PRESENTATION 5
Slide 6: Today’s Messages
Today’s Messages Q1 in line with management expectations; solid gross margins and cash on hand in the first quarter Advancing Powerhouse Strategy across global operating model Expect revenue growth for the balance of fiscal 2020 vs. 2019, driven by Generation revenue and Advanced Technology wo
Slide 7: Q1 2020 Financial Performance
Q1 2020 Financial Performance FUELCELL ENERGY INVESTOR PRESENTATION
Slide 8: First Quarter of Fiscal 2020 Highlights
First Quarter of Fiscal 2020 Highlights 9% decline in revenues to $16.3 million in the first quarter of fiscal 2020 versus $17.8 million in the first quarter of fiscal 2019 249% improvement in gross profit, with gross margin improving to 20.2% versus (12.4%) in the first quarter of fiscal 2019
Slide 9: First Quarter of Fiscal 2020 Financial Performance
First Quarter of Fiscal 2020 Financial Performance Net Loss, Loss from Operations and Cash, Restricted Cash, and Backlog ($B) Adjusted EBITDA ($M) Equivalents ($M) 1Q19 1Q20 $73.9 ($0.2) $(3.1) $1.36 $1.25 +9% ($12.1) $39.8 $(15.2) $(17.5) Net Loss Loss from Operations Adjusted EBITDA (1) $(40.2) 4Q
Slide 10: Powerhouse Business Strategy: Positioning FuelCell Energy for Long-Term Growth and Value Creation
Powerhouse Business Strategy: Positioning FuelCell Energy for Long-Term Growth and Value Creation TRANSFORM STRENGTHEN GROW Build a solid financial foundation Strengthen the business and maximize Capture growth by leveraging core operational efficiencies strengths and partnerships Delivered cost s
Slide 11: Focused on Execution
Focused on Execution Upcoming Project Mobilizations: Yaphank, Long Island, NY Derby, CT SureSourceTM 14.8 MW Fuel Cell Project* San Bernardino, CA Derby, Connecticut SureSourceTM 7.4 MW Fuel Cell Project* * Project renderings, not actual pictures Yaphank, New York Advanced Technology Driving I
Slide 12: Maintaining Long-Term Targets and Goals
Maintaining Long-Term Targets and Goals FY 2022 Targets Future Goals Grow Generation Portfolio (1) 100% Achieve grid parity Positive EBITDA Revenue Growth (1) Double-digit CAGR Positive free cash flow Deliver return on Deliver positive Adjusted EBITDA Adjusted EBITDA invested capital (1) As
Slide 13: Key Company Highlights
Key Company Highlights Strengthened New leadership Unrivaled On a three-year path of 1 balance sheet with 2 committed to 3 technology for ultra- 4 execution to Transform, funding secured to project execution, clean, reliable and Strengthen and Grow deliver long-term achieving financial scalable base
Slide 14: Q&A
Q&A FUELCELL ENERGY INVESTOR PRESENTATION
Slide 15: Appendix
Appendix FUELCELL ENERGY INVESTOR PRESENTATION
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation FUELCELL ENERGY INVESTOR PRESENTATION 16
Slide 17: Orion Energy Partners Funding in Place to Support Execution of Backlog
Orion Energy Partners Funding in Place to Support Execution of Backlog □ Future Projects (MW ) MW Recurring Revenue Expected to Grow by 3X 120 With Execution of Project Backlog Estimated Project Completions Recurring Revenue 100 with Increase in 2020 2021 2022 Backlog ($) Groton, CT Derby, CT Toyota
Slide 18: The Evolving Energy Grid
The Evolving Energy Grid FUEL CELL TECHNOLOGY A GROWING SOURCE OF CLEAN, RELIABLE POWER FOR MICROGRID SOLUTIONS, CARBON CAPTURE AND ENERGY STORAGE Cities and Offices Nuclear Power Plant Microgrid Combined Heat / Power Cooling and Power Long-Duration Storage of Energy Solar Power Smart Houses Thermal