Fuelcell Energy, Inc. · NASDAQ:FCEL
Fuelcell Energy — Q2 2021 Earnings Presentation
19 slides from Fuelcell Energy's earnings presentation, Jun 10, 2021
Slide 1: Second Quarter of Fiscal 2021 Financial Results & Strategy Update
Second Quarter of Fiscal 2021 Financial Results & Strategy Update June 10, 2021 FuelCell Energy Q2 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 regarding future events or our future financial performance that involve certain contingencies and uncertainties, inclu
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 TOTAL FY 2020 REVENUE GLOBAL CUSTOMERS • Deliver clean and affordable fuel BREAKDOWN: $70.9M2 cell solutions for the supply, recovery and storage of energy 36% • SureSource fuel cell systems provide 36%
Slide 4: Purpose Statement
Purpose Statement Enable The World To Live A Life Empowered By Clean Energy FuelCell Energy Q2 2021 Investor Presentation 4
Slide 5: Today's Messages
Today’s Messages Executing against project backlog 1 ✓ Execution of power purchase agreement (“PPA”) for 2.8MW Shared Clean Energy Facility (SCEF) project in Derby, CT; $59.4M of new backlog ✓ Nearing completion on U.S. Navy base in Groton, CT • Close to resolution on the interconnection agreement w
Slide 6: Q2 2021 Financial Performance
Q2 2021 Financial Performance FuelCell Energy Q2 2021 Investor Presentation
Slide 7: Second Quarter of Fiscal 2021 Highlights
Second Quarter of Fiscal 2021 Highlights Winter 2020 Revenues of $14.0M compared to $18.9M for Q2 2020 FuelCell Project with CMEEC SureSourceTM 7.4 MW Location: U.S. Navy Subbase | Groton, CT • Service and License declined to $0.7M from $7.0M due to no new module exchanges in the quarter and cost es
Slide 8: Second Quarter of Fiscal 2021 Financial Performance and Backlog
Second Quarter of Fiscal 2021 Financial Performance and Backlog Net Loss to Common Stockholders, Net Loss, Backlog as of April 30th ($B) Loss from Operations and Adjusted EBITDA1 ($M) Q2 2021 $1.344 $1.324 Q2 2020 $0.057 $0.045 $(3.3) $(8.1) $1.104 $1.116 $(11.3) $(15.6) $(14.8) $(17.4) $(19.7) $(18
Slide 9: Cash, Liquidity and Project Assets
Cash, Liquidity and Project Assets Strong Liquidity Total cash, restricted cash, and equivalents1 of Cash and Equivalents ($M) Project Assets2 ($M) $171.2M $223.4 • Unrestricted cash and cash equivalents of $139.1M as of April 30, 2021, an increase of $110M compared to the end of the $190.6 $192.1 s
Slide 10: Building on Multi-Featured Current Technology Strengths with Next-Gen Technologies
Building on Multi-Featured Current Technology Strengths with Next-Gen Technologies DISTRIBUTED GENERATION DISTRIBUTED HYDROGEN & HYDROGEN & ENERGY STORAGE CARBON CAPTURE CARBON SEPARATION* INDUSTRY APPLICATION • Enabling microgrid power • Building hydrogen distribution • Working to advance FuelCell
Slide 11: Positioned to Deliver Value At Every Step In The Hydrogen Value Chain
FuelCell Energy Positioned to Deliver Value At Every Step In The Hydrogen Value Chain Providing Flexible Hydrogen Solutions Applications capable of utilizing 3 Platforms Capable of for the Global Energy Transformation FuelCell Energy technology Delivering Hydrogen • Carbonate - Tri-Gen • Carbonate -
Slide 12: 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 • Advanced manufacturing process utilizes proprietary designs and state-of-the-art manufacturing equipment • Torrington p
Slide 13: 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 • Optimization of core business: Capitalizing on our and Enhance Fina
Slide 14: Business Plan Targets and Goals
Business Plan Targets and Goals KEYS TO BUSINESS PLAN ACHIEVEMENT FY 2022 TARGETS • Execution on project backlog & achieving key milestones • Winning new business around the world Grow Generation Portfolio1 100% • Continued cost control & efficient capital deployment Revenue Growth1 Double-digit CAG
Slide 15: Key Investment Highlights
Key Investment Highlights Strengthened balance sheet with liquidity to complete project 1 backlog and accelerate commercialization of new technologies Leadership committed to project execution, achieving financial 2 milestones, and delivering state-of-the-art fuel cell platforms to contribute to dec
Slide 16: Q&A
Q&A Fuel Cell Project: SureSourceTM 7.4 MW FuelCell Energy Q2 2021 Investor Presentation Yaphank, NY
Slide 17: Appendix
Appendix Fuel Cell Project: SureSourceTM 7.4 MW FuelCell Energy Q2 2021 Investor Presentation Yaphank, NY
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 1) Includes depreciation and amortization on our Generation portfolio of $3.6 million and $8.0 million for the three and six months ended April 30, 2021, respectively, and $3.2 million and $6.4 million for the three and six months ended April 30, 2020, respectively. 2
Slide 19: FuelCell Energy Operating Portfolio and Project Backlog Overview
FuelCell Energy Operating Portfolio and Project Backlog Overview Operating Generation Portfolio as of April 30, 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,