Slide 1: Fourth Quarter and Full Fiscal Year 2025 Financial Results & Business Update
Fourth Quarter and Full Fiscal Year 2025 Financial Results & Business Update A rendering of a 50-MW FuelCell Energy data center installation © 2025 FuelCell Energy 1 © 2025 FuelCell Energy
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. The f
Slide 3: FuelCell Energy Snapshot
FuelCell Energy Snapshot FuelCell Energy is an American clean technology and manufacturing company providing large-scale, continuous power and emissions management solutions. Who we are A global leader in electrochemical technology: 1 1 in operation for ~10 years Only fuel cell company with projects
Slide 4: Key Messages
Key Messages Focusing on data center strategy 1 AI-driven demand is creating new opportunities • Growth in electricity demand continues to outpace grid capacity expansion • Behind-the-meter solutions are in demand Scaling manufacturing capacity Higher utilization and disciplined operations support f
Slide 5: Addressing Global Electricity Demand and Bottlenecks
Addressing Global Electricity Demand and Bottlenecks Our carbonate fuel cells are uniquely positioned to address macro trends driving global electricity demand growth Long Utility Environmental & Demand Surge Gas Turbine Scarcity of Interconnection Permitting From AI/Cloud Queues Powered Land Timeli
Slide 6: FuelCell Energy’s Operating Strategy
FuelCell Energy’s Operating Strategy Use our carbonate fuel cells to capitalize on baseload power demand and leverage complementary technology innovations to drive upside Focus Scale Innovate Growing revenue and expanding product Focusing on our core carbonate and manufacturing capabilities based on
Slide 7: Commercial Update
Commercial Update © 2025 FuelCell Energy 7
Slide 8: South Korean Market
South Korean Market Fuel Cell Energy is a well-established player in the largest fuel cell market in the world Market Opportunities: 1. Current Backlog Gyeonggi Green Energy (GGE) 58 MW CGN-Yulchon Generation Co., Ltd. (CGN) 10 MW Noeul Green Energy (NGE) 20 MW Korea Southern Power Company (KOSPO) 2
Slide 9: The Case for Carbonate Fuel Cells for Data Centers
The Case for Carbonate Fuel Cells for Data Centers Proven large-scale experience with industrial applications and the only fuel cell manufacturer with 1) demonstrated utility scale platforms of over 10, 20 and 50 MW, 2) more than 7 years of continuous run-time and 3) more than 17 million MWh of powe
Slide 10: Scalable U.S. Manufacturing Supports Our Expansion
Scalable U.S. Manufacturing Supports Our Expansion Capacity utilization at Torrington expected to drive future profitability Scalable manufacturing footprint 100 MW of Existing Capacity 1 Torrington, CT factory able to ramp to an estimated annualized production capacity of up to 350 MW per year with
Slide 11: Financial Update
Financial Update © 2025 FuelCell Energy 11
Slide 12: Fiscal Year 2025 Operating Performance
Fiscal Year 2025 Operating Performance (Q4) Three (FY) Twelve Months Ended Months Ended October 31, October 31, (FYE = 10/31) (Amounts in millions, except per share amounts) 2025 2024 2025 2024 Total revenue $55.0 $49.3 $158.2 $112.1 Loss from Operations $(28.3) $(41.0) $(192.3) $(158.5) Net loss $(
Slide 13: Q4 Fiscal 2025 Financial Performance and Backlog
Q4 Fiscal 2025 Financial Performance and Backlog Gross Loss and Operating Expenses ($M)1 Revenue Breakdown ($M) Q4 2025 Total Revenue: $55.0 million $(6.6) $(10.9) $5.5 10.0% $(21.7) $12.2 22.2% $(30.1) Q4 2025 Q4 2024 13.3% Gross Loss Operating Expenses $7.3 $30.0 54.5% Backlog ($B) $1.19 $1.16 $0.
Slide 14: Cash and Liquidity
Cash and Liquidity FCEL has a strong cash balance which affords significant runway to pursue our focused strategy Cash and Equivalents & Short- Our liquidity position has enabled us to execute on our strategic initiatives through investment in manufacturing and R&D (advanced product development) Ter
Slide 15: Thank you
Thank you © 2025 FuelCell Energy 15
Slide 16: Appendix
Appendix © 2025 FuelCell Energy 16
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures Financial results are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Management also uses non-GAAP measures to analyze and make operating decisions on the business. Earnings before interest, taxes, depreciation and amo
Slide 18: 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 Three Months Ended October 31, Year Ended October 31, (Amounts in thousands) 2025 2024 2025 2024 Net loss $ (29,341) $ (39,600) (191
Slide 19: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation The following table calculates Adjusted net loss attributable to common stockholders and reconciles that figure to the GAAP financial statement measure Net loss attributable to common stockholders, and calculates Adjusted net loss per share attributable to common stoc
Slide 20: Service Business Profile for Module Replacement
Service Business Profile for Module Replacement Module Size of Plant Est. Date of Next • Completed a multi-year fleet Projects with LTSA Restack (MW) Module Restack upgrade Quantity United Illuminating - Seaside 2.8 2 Q2-2027 United Illuminating - Glastonbury 2.8 2 Q4-2026 - Replaced ~34 MW of modul
Slide 21: FuelCell Energy Owned U.S. Operating Portfolio Overview
FuelCell Energy Owned U.S. Operating Portfolio Overview On-Balance Sheet Generation Operating Portfolio as of October 31, 2025 Rated Capacity1 Actual Commercial PPA Term Project Name Power Off-Taker Location (MW) Operation Date 2 (Years) Central CT State University (”CCSU”) CCSU (CT University) New