Slide 1: Third Quarter 2026 Financial Results & Business Update
Third Quarter 2026 Financial Results & Business Update September 2, 2026 A rendering of a FuelCell Energy data center installation © 2026 FuelCell Energy 1
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
Slide 3: About FuelCell Energy
About FuelCell Energy FuelCell Energy is an American clean energy company delivering continuous, quick -to-deploy, scalable power to support mission -critical applications and grid resilience 1 $3.6B 1 The metrics provided are as of July 31, 2026, unless otherwise provided. 2 Represents cumulative F
Slide 4: Third Quarter 2026 Highlights
Third Quarter 2026 Highlights Commercial ▪ 75 MW Capacity Reservation: Secured the Company’s first capacity reservation agreement with a major data center operator for a planned 75 MW project in Texas, subsequent to the end of Q3. ▪ First Data Center Order: Up to 380 MW under the Fit Energy agreemen
Slide 5: Technology and AI/Data Center Strategy
Technology and AI/Data Center Strategy © 2026 FuelCell Energy 5
Slide 6: Power Built for AI and Mission-Critical Loads
Power Built for AI and Mission -Critical Loads Carbonate fuel cells: clean, continuous, combustion -free power Reliable, How it works continuous DC power converted to AC Carbonate fuel cells convert diverse fuels into electricity Exhaust heat for and heat through a chemical + absorption chilling pro
Slide 7: FuelCell Energy's Unique Value Proposition for AI Data Centers
FuelCell Energy’s Unique Value Proposition for AI Data Centers Designed to support a scalable DC -native power backbone for AI data centers — with potential capital -efficiency from day one Accelerated Time to Power Reliability at Utility Scale Community Friendly ▪ Deployable today ▪ Continuous 24/7
Slide 8: Bypassing Grid Bottlenecks: Time-to-Power in Few Months
Bypassing Grid Bottlenecks: Time -to-Power in Few Months FuelCell Energy Blocks can start shipping within 90 days following order Solves “bring your own generation” requirement Delivers faster than the alternatives Delivery: Production capacity growth: ▪ First FuelCell Energy Block can ship 90 ▪ 500
Slide 9: Supply Chain Resilience
Supply Chain Resilience Designed around globally abundant industrial materials with diversified sourcing across multiple regions Engineered for Scale with >90% U.S. -Based Supply Chain What we DON'T depend on What we build from Where it comes from No reliance on rare earth elements Abundant commodit
Slide 10: Layered Architecture for AI Workloads
Layered Architecture for AI Workloads Capable of m anaging the full spectrum of AI power variability — token generation minutes to microseconds The Challenge Carbonate Fuel Battery Energy UPS & GPU/IT Racks 1 Cell Block 2 Storage System 3 Supercaps (The AI Factory) AI loads swing across every timesc
Slide 11: Commercial & Operations Update
Commercial & Operations Update © 2026 FuelCell Energy 11
Slide 12: AI & Data Center Momentum Is Driving Pipeline Growth
AI & Data Center Momentum Is Driving Pipeline Growth High -density data center proposals make up 97% of our pipeline Demand growth: pipeline 1 by type Sales pipeline highlights Feb 1, 2026 August 1 , 2026 ▪ 4.4 GW of proposals delivered in Q3 2026, bringing YTD total to ~ 10 GW (FY2026) ▪ >6x increa
Slide 13: Up to 380 MW Order: Clean Power for Data Centers
Up to 380 MW Order: Clean Power for Data Centers 30 MW initial order underway + additional phases with milestones tied to strategic warrants Strategic Agreement: Fit Energy + FuelCell Energy Fit Ventures’ portfolio companies operate across FuelCell Energy’s value chain Up to 380 MW 1 across four pha
Slide 14: Expansion to GW-Scale Manufacturing
Expansion to GW -Scale Manufacturing Expansion of Torrington facility to 500 MW underway now; GW -scale planning advancing as demand supports it Expansion to 50 0 MW: Execution in Progress 1 GW+ New Factory: Planning in Progress 2 ▪ Torrington factory optimization ▪ Centralized core ▪ Global assembl
Slide 15: Global Execution: South Korea Repowering Revenues
Global Execution: South Korea Repowering Revenues An established player in South Korea, FuelCell Energy is strongly positioned to support growing data center demand Korea Repowering: Deliveries and Revenue FY ‘24 & 25 FY ‘26 Customer Prior 6 Quarters Actual Q1 Actual Q2 Actual Q3 Actual Q4 Estimate
Slide 16: Advancing Carbon Capture With ExxonMobil
Advancing Carbon Capture With ExxonMobil Project Pipeline Market Feedback trends Statistics FuelCell Energy’s carbonate fuel cells natively Unlike other carbon captur e technologies, capture CO 2 while simultaneously generating power, heat, and hydrogen — co -products that can lower the cost of capt
Slide 17: Financial Update
Financial Update © 2026 FuelCell Energy 17
Slide 18: Q3 Fiscal 2026 Operating Performance
Q3 Fiscal 2026 Operating Performance (Q3) Three Months Ended (FYE = 10/31) July 31 (Amounts in millions, except per share amounts) 2026 2025 Total revenue $33.0 $46.7 Loss from Operations $(46.7) $(95.4) Net loss $(45.3) $(91.9) Net loss attributable to common stockholders $(45.3) $(92.5) Net loss p
Slide 19: Q3 Fiscal 2026 Financial Performance
Q3 Fiscal 2026 Financial Performance Revenue ($M) Gross Loss and Operating Expenses ($M) $3.8 $(5.1) $(22.2) 11.4% $8 .8 26.7% $(24.5) 7.3% $2.4 54.5% $18.0 $(90.2) Product Service Q3 2025 Q3 2026 Generation Advanced Technologies Gross Loss Operating Expenses © 2026 FuelCell Energy 19
Slide 20: Q3 Fiscal 2026 Committed and Awarded Capacity Backlog
Q3 Fiscal 2026 Committed and Awarded Capacity Backlog Committed and Awarded Capacity Backlog Total Backlog ($B) As of July 31, 3.6 2.35 1.24 1.24 1.29 2025 2026 Awarded Capacity Backlog Committed Backlog Note: Committed Backlog represents definitive, non -cancelable agreements executed by the Compan
Slide 21: Cash and Liquidity
Cash and Liquidity Strong cash balance allows significant runway to pursue FuelCell Energy’s AI/Data Center strategy Cash and Equivalents ($M) Sequential Quarters ▪ $737.3 M in total cash (including restricted cash and equivalents) as of July 31, 2026 $737.3 ▪ Net proceeds of ~$ 245.5M from sale of
Slide 22: Appendix
Appendix © 2026 FuelCell Energy 22
Slide 23: Non-GAAP Financial Measures
Non -GAAP Financial Measures Financial results are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Ma nag ement also uses non -GAAP measures to analyze and make operating decisions on the business. Earnings before interest, taxes, depreciation and
Slide 24: 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 (1) Includes depreciation and amortization on our Generation portfolio of $7.0 million and $7.7 million for the three months end ed
Slide 25: 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 f inancial statement measure Net loss attributable to common stockholders and calculates Adjusted net loss per share attributable to common sto
Slide 26: Service Business Profile for Module Replacement
Service Business Profile for Module Replacement Module Size of Plant Est. Date of Next Projects with LTSA Replacement (MW) Module Replacement ▪ Near term replacement activities Quantity remain limited before 2028 United Illuminating - Glastonbury 2.8 2 Q4 -2026 United Illuminating - Seaside 2.8 2 Q1
Slide 27: FuelCell Energy Owned U.S. Generation Portfolio Overview
FuelCell Energy Owned U.S. Generation Portfolio Overview On -Balance Sheet Generation Operating Portfolio as of July 31, 2026 Rated Capacity 1 Actual Commercial PPA Term Project Name Power Off - Taker Location (MW) Operation Date 2 (Years) Central CT State University (”CCSU”) CCSU (CT University) Ne
Slide 28: Thank You
Thank You Investor Relations: ir@fce.com © 2026 FuelCell Energy 28