Slide 1: Second Quarter 2024 Financial Results & Business Update
10 June 2024 Second Quarter 2024 Financial Results & Business Update Exhibit 99.2
Slide 2: Forward-looking statements
© 2024 FuelCell Energy 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, incl
Slide 3: FuelCell Energy Snapshot
© 2024 FuelCell Energy FuelCell Energy Snapshot What we do A global leader in electrochemical technology 1,2 Enable a world empowered by clean energy Who we are ~600 1969 188 3 Employees Modules in Commercial Operation 3 Founded Continents FCEL HQ 1 Patents held by FuelCell Energy, Inc., and our sub
Slide 4: Business & Operational Updates
© 2024 FuelCell Energy Business & Operational Updates 4
Slide 5: Key Messages
© 2024 FuelCell Energy Expanded relationship with ExxonMobil and its Low Carbon Solutions group • Extended term of joint development agreement • Rotterdam demonstration project advancing 2 4 3 New biogas project announced with Ameresco, Inc. in Sacramento, CA (~$12M increase in Q2 product backlog) 1
Slide 6: Key Milestones: ExxonMobil relationship
© 2024 FuelCell Energy Key Milestones • FCEL accomplished key performance criteria for jointly developed carbon capture technology • Project start-up at Esso Nederland BV Rotterdam Manufacturing Complex expected in 2026 • ExxonMobil could deploy technology at other sites around the world they refer
Slide 7: Rotterdam Technology Demonstration
© 2024 FuelCell Energy Rotterdam Technology Demonstration Breakthrough Carbon Capture Technology Ready for Field Testing • is building a direct flue gas carbon capture pilot plant at its Rotterdam Manufacturing Complex • Startup is expected in 2026 • FuelCell Energy has begun manufacturing direct fl
Slide 8: Opportunities for Biogas Applications
© 2024 FuelCell Energy Opportunities for Biogas Applications Biogas Runs on biogas Removes Contaminants Recycles Heat Reduces Flaring • 2.8 Megawatt carbonate fuel cell platform to create clean electricity from onsite biofuel • Sacramento Sewer District will represent our fourth direct Biogas projec
Slide 9: Gyeonggi Green Energy (GGE) Agreement
© 2024 FuelCell Energy Gyeonggi Green Energy (GGE) Agreement Agreement adds approximately $160M to Also includes a seven-year service agreement Agreement provides for the sale of 42 upgraded 1.4MW carbonate fuel cell modules to GGE over time for use at the Hwaseong Baran Industrial Complex scale its
Slide 10: Q2 2024 Financial Performance
© 2024 FuelCell Energy Q2 2024 Financial Performance 10
Slide 11: Q2 Fiscal 2024 Financial Performance
© 2024 FuelCell Energy Q2 Fiscal 2024 Financial Performance 1 Reconciliation of Adjusted EBITDA to most directly comparable GAAP financial measure is included in the appendix Total cash and short-term investment position (includes restricted cash and cash equivalents) $313.2M as of April 30, 2024 Q2
Slide 12: Gross Loss, Operating Expenses, Revenue Breakdown and Backlog
© 2024 FuelCell Energy Gross Loss and Operating Expenses ($M) Q2 Fiscal 2024 Financial Performance and Backlog $(6.1) $(7.1) $(29.8) $(34.3) 2Q23 2Q24 Q2 2023 Q2 2024 Backlog as of 4/30 ($B) Gross Loss Operating Expenses Q1-2023 Total Revenue: $37.1M Revenue Breakdown ($M) Q2 2024 Total Revenue: $22
Slide 13: Liquidity position
© 2024 FuelCell Energy Our liquidity position enhances our ability to accelerate strategic initiatives through investment in manufacturing and R&D • $313.2M1 in total cash (including restricted cash and equivalents) and short-term investments • Debt financing transaction for two projects in Derby, C
Slide 14: FY2024 planned investments: capex and R&D
© 2024 FuelCell Energy $6.4 $21.1 $39.3 $60 – $75 $45 $60 FY2021 FY2022 FY2023 Prior FY2024E UPDATED FY2024E $11.3 $34.5 $61.0 $60 $70 $60 $65 FY2021 FY2022 FY2023 Prior FY2024E UPDATED FY2024E $66.9 $25.6 $53.0 $15 $25 $10 $15 FY2021 FY2022 FY2023 Prior FY2024E UPDATED FY2024E Decreasing FY24 Plann
Slide 15: Thank You
© 2024 FuelCell Energy Thank You 15
Slide 16: Appendix
© 2024 FuelCell Energy Appendix 16
Slide 17: Powerhouse Business Strategy
© 2024 FuelCell Energy Powerhouse Business Strategy Our Existing Platform to Support Growth for the Future Significant Market Opportunities • Invest in commercialization • Extend process leadership • Broaden & deepen our team • Continue product innovations • Deepen participation in the developing hy
Slide 18: Service Business Profile for Module Replacement
© 2024 FuelCell Energy Service Business Profile for Module Replacement Just completed a multi-year fleet upgrade • Replaced ~30 MW of modules over the past 3 years in our service business Entering a lighter module replacement cycle based on deployment of longer stack life modules Additional opportun
Slide 19: FuelCell Energy Operating Portfolio Overview
© 2024 FuelCell Energy FuelCell Energy Operating Portfolio Overview Generation Operating Portfolio as of April 30, 2024 Riverside Regional Water Quality Control Plant Pfizer, Inc. Santa Rita Jail Bridgeport Fuel Cell Project Tulare BioMAT San Bernardino LIPA Yaphank Project Groton Project Toyota Der
Slide 20: 2023 Sustainability Report
© 2024 FuelCell Energy 2023 Sustainability Report Our Commitment 2023 Sustainability Report second, covering our sustainability progress and performance Some 2023 Sustainability Highlights Our ESG Strategy encompasses 12 broad action areas that will guide us in the coming years 20
Slide 21: GAAP to Non-GAAP Reconciliation
© 2024 FuelCell Energy GAAP to Non-GAAP Reconciliation 1) Includes depreciation and amortization on our Generation portfolio of $7.2 million and $14.0 million for the three and six months ended April 30, 2024, respectively, and $5.3 million and $9.5 million for the three and six months ended April 3