Fuelcell Energy, Inc. · NASDAQ:FCEL
Fuelcell Energy — Q2 2022 Earnings Presentation
19 slides from Fuelcell Energy's earnings presentation, Jun 9, 2022
Slide 1: Second Quarter 2022 Financial Results & Business Update
Second Quarter 2022 Financial Results & Business Update June 9, 2022
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: A Global Leader in Fuel Cell Technology – Operating Since 1969
FuelCell Energy: A Global Leader in Fuel Cell Technology – Operating Since 1969 FUELCELL ENERGY IS: TOTAL FY 2021 REVENUE A global leader in decarbonizing power and producing hydrogen through our proprietary fuel cell technology BREAKDOWN: $69.6M2 Working to: 37% • Produce low- to zero-carbon power
Slide 4: Purpose Statement
Purpose Statement Our purpose: Enable the world to be empowered by clean energy DECARBONIZE POWER — PRODUCE HYDROGEN © 2022 FuelCell Energy Confidential 4
Slide 5: Key Messages
Key Messages Advancing strategic agenda to achieve long-term goals 1 • Commercial operation of 7.4 MW project at the U.S. Navy Base in Groton, CT expected in the summer; commissioning process completed on one platform, and second requires additional component work before resuming commissioning • Nea
Slide 6: Q2 2022 Financial Performance
Q2 2022 Financial Performance © 2022 FuelCell Energy Confidential 6
Slide 7: Second Quarter of Fiscal 2022 Highlights
Second Quarter of Fiscal 2022 Highlights • Revenues increased approximately 17% to $16.4M, primarily driven by Service and Generation revenues, partially offset by decrease in Advanced Technologies revenues • Loss from operations increased to $(28.2)M compared to $(17.4)M, reflecting − Increased adm
Slide 8: Second Quarter of Fiscal 2022 Financial Performance and Backlog
Second Quarter of Fiscal 2022 Financial Performance and Backlog NET LOSS TO COMMON STOCKHOLDERS, NET LOSS, LOSS BACKLOG AS OF APRIL 30 ($B) FROM OPERATIONS AND ADJUSTED EBITDA1 ($M) $1.324 $1.326 $0.045 $0.060 Q2 2021 Q2 2022 $0.035 $1.116 $(11.3) $1.109 $(17.4) $(19.7) $(18.9) $(21.2) $(28.2) $(31.
Slide 9: Cash, Liquidity and Project Assets
Cash, Liquidity and Project Assets STRONG LIQUIDITY Total cash, restricted cash and equivalents of $489.6M1 CASH AND EQUIVALENTS ($M) PROJECT ASSETS2 ($M) • Unrestricted cash and cash equivalents of $467.8M1, an increase of $35.6M (or ~8%) compared to October 31, 2021 • Sale of 19.9 million shares o
Slide 10: FY2022 Projected Investments for Future Growth
FY2022 Projected Investments for Future Growth LARGE SCALE INVESTMENT TO ENABLE THE COMPANY TO COMPETE AND MEET THE MARKET NEEDS IN MEDIUM- AND LONG-TERM Planned Capital Expenditures of $30M to $40M for Fiscal Year 2022 Capital Expenditures ($M) $30 – $40 • Investments in our factories for carbonate
Slide 11: Q2 2022 Business & Operational Updates
Q2 2022 Business & Operational Updates © 2022 FuelCell Energy Confidential 11
Slide 12: Powerhouse Business Strategy
Powerhouse Business Strategy • Optimize the core business GROW Grow Significant Market Opportunities • Drive commercial excellence • Expand geographically and by market • Invest SCALE Scale Our Existing Platform to Support Growth • Extend process leadership • Broaden & deepen our human capital • Con
Slide 13: Pursuing Global Opportunities
Pursuing Global Opportunities OPTIMIZING THE CORE BUSINESS • Capitalizing on our core technological strengths in key product markets, including the use of biofuels, distributed hydrogen, combined heat & power, carbon separation and utilization, and microgrids • Focusing on increasing product sales D
Slide 14: We Are Committed to Net Zero
We Are Committed to Net Zero WE ARE ALIGNED Our purpose: Enable the world to be empowered by clean energy WE ARE COMMITTED TO NET ZERO At Fuel Cell Energy, we're doing our part by developing a plan to reduce our carbon emissions to net zero by 2050. This year, we are: • Calculating our organizationa
Slide 15: Key Takeaways
Key Takeaways 1 Transformed balance sheet since implementation of Powerhouse Business Strategy 2 Multiple sources of funding resulting in strengthened financial liquidity 3 Strong backlog with recurring revenues from long-term contracts. Targeting increasing product sales in the U.S., Asia, and Euro
Slide 16: Q&A
Q&A © 2022 FuelCell Energy Confidential 16
Slide 17: Appendix
Appendix © 2022 FuelCell Energy Confidential 17
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. 1) Includes depreciation and amortization on our Generation portfolio of $4.1 million and $7.7 million for the three and six months
Slide 19: FuelCell Energy Operating Portfolio and Project Backlog Overview
FuelCell Energy Operating Portfolio and Project Backlog Overview Generation Operating Portfolio as of April 30, 2022 1 RATED CAPACITY ACTUAL COMMERCIAL PPA TERM PROJECT NAME POWER OFF-TAKER LOCATION (MW) OPERATION DATE (YEARS) Central CT State University ("CCSU") CCSU (CT University) New Britian, CT